Question 1

What are the withdrawal transaction charges?

Accepted Answer

The possibility to apply OUR and SHA fees to withdrawals has been made available by Freemarket.

SHA (Shared): The recipient will be charged fees from other banks handling the payment in addition to the payer paying the Freemarket fee for the withdrawal.
OUR: The payer will bear the Freemarket cost in addition to any additional fees incurred by other banks executing the payment.

The different cost charge categories will be provided for selection when making a withdrawal. The charge for the transaction will vary depending on the type selected.

Steps to be followed are outlined below:

Step one

Log into the platform.

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Step two

Head to balances and select an account to withdraw funds.

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Step three

Beneficiary selection step will follow:

a. Depending on the payment destination country, transaction Charges option will or will not be displayed: i. Payment outside the European Economic Area (EEA)1 region: SHA/OUR option will be available:

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An explanation of the different charges available will be shown when hovering over the (i) tooltip.

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ii. Payment within EEA region: SHA/OUR option will not be displayed as all payments within the EEA region will be defaulted to SHA.

Step four

After selecting the desired transaction charges, the payment will need to be confirmed and the details will be displayed. A breakdown of the service fee will be available, and the transaction charges selected.

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(1) EEA countries: Austria, Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.

Question 2

How can I conduct a batch payment?

Accepted Answer

Businesses may submit a single file and make numerous payments across a variety of currencies and payment types using Freemarket's batch payments capabilities at no extra cost. The transaction types of the payments might vary, and our clients are able to make cross-border payments effectively and efficiently.

Quickly; saving the time and cost of manually typing or pasting-in payments
Efficiently; using a format configurable from their ERP or treasury platform
Accurately; minimising the expensive mistakes associated with manual keying

Important information on batch transactions

The batch payment procedure from start to completion

To access the batch payments screen, log into your Freemarket account and select the batch option.

Choose the pre-formatted CSV file by selecting the file upload button. To ensure the accuracy of the information, many validations will be performed, including checks of the account balance in each currency, beneficiary information, ultimate originator, and the maximum withdrawal amount necessary to complete the file. If there is a mistake, the system will indicate the cause so that it may be fixed:

All cross-border transactions worth more than 100,000 GBP must be made individually, without using the bulk option. You will receive an email or text message telling you that all validations are completed using an OTP. The message will also provide the total number of transactions and a special batch number (identifier).

You will be prompted to confirm the beneficiaries every 30 days using the platform's 2FA function. This indicates that the user must approve the batch by verifying the specified code. The system will create beneficiaries with the status "unauthorised" if more beneficiaries are added to the batch payment. The recipients must be authorised to receive future payments. The other account user(s) will be alerted if the account is set up for approval workflow and asked to confirm authorisation and to approve the user.

Once the preceding steps are finished and you can see all the payments, a new transaction type will be generated. There is no ability to accept the individual transactions in the file; just to approve or reject the batch as a whole. Once the batch payment is accepted, the payment won't go through until the system has completed processing each transaction.

As soon as everything has been processed, the batch's status will change to complete. The entire batch will be accessible in finished transactions. In order to confirm that the batch has been processed and is therefore finished, an email or SMS will be issued to the user.

Appendix

1.0 Format Guide

Note: comma is not allowed on the provided CSV as it will cause an error in the file.

Important: all mandatory fields need to be populated and field format adhered to for the file to be processed with no errors. Non-mandatory fields will need to remain blank.

Question 3

How can I use the withdrawal approval function?

Accepted Answer

Using the "Withdrawal Approval Function," designated users can approve withdrawal requests made by "regular" users. Every time a withdrawal instruction needs approval, users having "Withdrawer Approver" access will be notified by email. Although the "Withdrawal Approval Function" is by default disabled, you may turn it on and off on the platform as desired for your ease.

Please be aware that, if the function is enabled, solely administrators and withdrawal approvers may authorise withdrawals.

The process is as follows: following implementation, any withdrawal instruction created (other than by a withdrawal approver) will show up in the "Transactions" tab with a "Approval pending" status. A withdrawal is automatically accepted if it is initiated by a withdrawal approver. The account's withdrawal approver(s) will then get an email containing the withdrawal's information and a link to confirm it. The "Approve" button may be found underneath the withdrawal status on the transactions page (you might need to login in to access this page). Our payment systems will produce the withdrawal as soon as the withdrawal approver chooses "Approve" to continue.

User Interface: The functionality in account settings allows you to turn on or off the workflow for withdrawal approval. If the "on" button is blanked out, you do not have the necessary rights to turn this feature on. By default, only the user who created the account will have access to these rights. However, this may be changed by getting in touch with your Relationship Manager and asking them to provide permissions to additional users.

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Click "on" to start the workflow. You must choose one or more users to have the "withdrawal approver" role by using the search bar on the overlay that will display. Once the users have been identified and assigned, click "confirm," and a notification confirming the activation of the new approvers should appear at the top right of the page.

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Note: by selecting "Change Approved Users" from the account settings menu, you may change and update withdrawal approvers at any time.

Question 4

Can I cancel an order once it has been created?

Accepted Answer

All incomplete payment orders are able to be located in the platform under the transactions page. Select the exchange or withdrawal that you would like to cancel and proceed to view the details if the transaction is correct. Make sure you are under the scheduled tab on the platform to correctly cancel the exchange. To cancel the exchange, click on ‘Cancel Exchange’ at the top right of the page. If the transaction was funded, all the funds will be returned to your account.

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Note: all cancelled transactions appear in the ‘Cancelled’ tab in the transactions page.

Question 5

How can I make a withdrawal from my account?

Accepted Answer

Once you have funds on your account, you can withdraw them any time to a beneficiary of your choice. To do this, go to the ‘Balances’ page and select the currency sum you want to transfer.

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Performing a withdrawal is the next step after selecting the currency you want to withdraw from. To withdraw funds, select "withdraw funds" in the upper right corner of the Balances tab. From here you can either withdraw a specific amount or withdraw your full balance. Once you’ve selected the amount, click continue.

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The beneficiary, or the individual who will receive the funds, must be chosen next. If you haven't already made a transfer, a new beneficiary must be created. Click "Add New Recipient" to get started.

Name the beneficiary account, then choose your location. There should be a collection of input fields for bank details. Click "Submit" after providing the beneficiary account details and the transaction's explanation.

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A confirmation notification will be sent to you once your funds have been cleared.

Question 6

Why was my withdrawal cancelled?

Accepted Answer

If you received an automated communication informing you that your transaction has been cancelled don't panic if you didn't cancel it yourself. We may have cancelled it for the reasons mentioned below.

Reason 1: If the beneficiary details are missing some information, our operations team might rescind the transfer and require the client to create the beneficiary again using the correct information. Longer processing times may be experienced if incorrect information is provided when completing the withdrawal.

Reason 2: Another explanation might be that the rate provided at the time the client made the exchange was less favourable than the one our operations team ultimately secured for the exchange. To allow the client to affirm that transferring more funds to the beneficiary account is acceptable, the transaction is consequently immediately cancelled.

What to do if your transaction has been cancelled as a Freemarket client: email our client support team to investigate.

Question 7

How can I withdraw the balance from my account?

Accepted Answer

You might receive a notification via email requesting that you withdraw the funds in your account. There's a simple fix if you have no way of doing so.

We regularly require that each and every one of our clients through a re-verification process. Our compliance team will contact you if your account has been suspended or has entered the re-verification phase and ask you to submit certain evidence for them to assess so your account may be authorised and the option to withdraw funds made available once more.

Question 8

Why hasn't the beneficiary received the funds?

Accepted Answer

There are a several stages for the payment order to successfully happen and for the funds to successfully reach the beneficiary. During the transaction the platform may state that the transaction is now complete, but the beneficiary has not received the funds, there could be a number of reasons for this, for example, we could be safeguarding the funds or have earmarked them as part of the payment order.

If the withdrawal is marked as ‘Completed’ on the platform, our operations team has given the instructions to withdraw the funds on our end to the beneficiary that you have chosen. If the funds are taking longer to reach the beneficiary, it could be due to the beneficiary’s bank processing the payment, bank holidays delaying a payment, or additional compliance checks being performed by the recipient’s bank.