Q: When is the business closed and are you open on public holidays?

Freemarket is closed on UK bank holidays . You can still access the platform, however, certain payments won’t be through until the next working day. Our FX and payments services won’t be available during these days. If you would like any assistance, call us on 020 3393 2709 or contact our Support team.

Question 1

What are the steps to register for an account with you?

Accepted Answer

Our registration process is straightforward, and we endeavour to complete all applications as soon as possible. Your account with us becomes active once we have concluded all required compliance checks, which we will notify you about.

In order to complete certain checks, we may first ask you for some basic information. You must provide information about the business you are applying for an account with in order to create an account. When registering for an account, it would be simpler and easier if you have all the information in one area since this would make the application process go more smoothly.

To expedite the process, we've given you the option and availability to search for registered firms. To activate this service, type two characters then it will appear. If you are fully regulated, submit your personal information together with any supporting documents so that our systems can cross-reference it.

You must then finish the "transaction profile" next. This aids our compliance team in understanding the nature and regularity of your company transactions for the purposes of KYC. Your assigned Relationship Manager is also given access to these insights, which enables them to provide you with the best possible support.

After completing the transaction profile, you will be prompted to provide the primary account user's personal information (this could be you or another individual at the company).

The next question will ask you to verify that you're the sole director of the company you are registering on behalf of, an authorised agent or employee, or a company director. If the director information you give does not match what is stated in the company's legal documents, the registration may be delayed, and your account may potentially be refused.

You must provide all the information about business owners or individuals who hold a controlling stake in the company in the section that follows. Please make sure that the information is accurate because you can add numerous owners or persons with control.

After providing the essential account information, you will be asked to submit additional documentation so that we can confirm your identity for AML and KYC purposes. Please be advised that expired or invalid forms of identification will be rejected, and your account won't be created until the proper documentation has been provided. The full passport number (with the chevrons) or the licence ID on the driver's licence must be uploaded after an image of your passport or driver's licence.

After you have accepted our terms and conditions and verified that the information you have supplied is accurate, you are complete. Your browser will send you to a confirmation page that includes our contact information in case you need to get in touch with us. If there are any problems or if we need further information, a Relationship Manager will reach out to you.

You will receive an email notifying you that your account has been created once our requirements have been satisfied and all required documentation has been submitted. At that point, you may begin to make instant payments.

Question 2

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.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/KrLLLl9nDH/How-to-cancel-a-transaction-Screenshot-1.png (How to cancel a transaction)

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

Question 3

How do you reconcile funds?

Accepted Answer

Our operations team must manually reconcile any payments when the funds that you have added are missing a reference; this could lead us to be delayed with your exchange and payment. We can reconcile the funds if you indicate where they need to go, therefore please let us know.

We locate the funds that have been moved to the segregated account(s) and credit the account that you have verified to us as part of our internal reconciliation procedure. The funds will be accessible on the balances tab under the currency once the amounts have been reconciled.

Once cleared, you can continue to make B2B payments.

Question 4

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.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/oIYZRLTqpa/Withdrawal-approval-1.png (Withdrawal approval)

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.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/FeMT1Fx38b/Screenshot-2019-10-29-at-12.48.35-1024x434.png (Withdraw approval)

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

Question 5

Why hasn’t my exchange happened yet?

Accepted Answer

We endeavour to fulfil all orders and reconcile trades same-day. However, there may be some occasions where this doesn’t occur.

The exchange may have been booked after the cut-off time or the funds from the bank transfer have not been allocated to the exchange (the account number was used so the funds have been added to the balance but not the exchange reference number which is why the funds were not allocated to the exchange automatically).

For more information on our exchange and execution policy click here.

Question 6

How can I create a new payment order?

Accepted Answer

You will learn how to create a cross-border payment and receive instructions on how to add funds to your account in this section.

Step one: log into your account to create the order

Start by signing into your account here. If you don't currently have an account, you can create one here for free; registration typically is quick and easy, and after your application has been approved by compliance, your account can be switched to active.

The primary dashboard, from which you can access the platform, is where you'll be when you log in. You can create new payment orders on the exchange page by clicking the New Exchange button, which will lead you there. Even though you may create a new exchange instruction without any funds in your account, we advise clients to make a transfer first. Payment orders won't be carried out until the necessary funds are available.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/kHjvyMYkYU/Creating-a-new-exchange-instruction-Screenshot-1.png (Create a new exchange instruction)

Step two: transferring funds to your Freemarket account

You must move funds to your Freemarket account by accessing the add funds page, which is situated beneath the user details in the upper right corner of the website. Select the currency of the funds you want to exchange from the add funds page, and the necessary bank information will then show up on the screen.

You'll get an email confirmation with a breakdown of the transaction as soon as the funds are in your Freemarket account. You can create an a cross-border payment at this point (via the main menu navigation time).

Step three: creating a new payment order

We should discuss two components of the order. Depending on your needs, you can buy or sell currencies here. An overview of how the Buy and Sell capabilities and procedures work may be seen below.

Then, you'll be prompted to pick the 'Transaction Type,' with the option of Buy or Sell shown to you on the screen. Choose Buy if you are buying (for example, I need to buy approximately $20,000 using the equivalent amount in GBP). Choose Sell if you want to sell (for instance, I have £15,000 and want to convert it to the equivalent in euros).

You'll then be asked to provide the amount you want to sell or buy as well as the two currencies you'll use. You can see the available funds in the selected currency instantly below after choosing the currencies you wish to trade. Here you’ll be able to see the current exchange rate for your chosen currencies.

Keep in mind that this exchange rate is indicative and not guaranteed. For additional details on this, please see our Scheduled Exchanges page.

You'll see the option to use your existing funds immediately after the "required funds" information, which indicates how much the exchange will cost you. If you sent funds before preparing your exchange instruction, as we advise, it will show up here. If you didn't, if you want your exchange to be successful, you will need to transfer funds after creating the payment order.

The "Transaction Summary" is located on the right and includes the amount you are buying or selling, the exchange rate, the processing fee, the potential gain (the amount you could save on this transaction, depending on exchange rate fluctuations), and the required transfer. Also, you can decide here whether or not you wish to use the amount you already have.

In light of the aforementioned details and in order to get ready for the trade, let's go through the process of creating and concluding an exchange.

Choose the two currencies that will be used in the exchange next.

If you wish to sell a certain currency, for example, "I have £4,500 and I want to convert it to euros," your instructions would be as follows:

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/XfeWhbsaDk/Creating-a-new-exchange-instruction-Screenshot-2.png (Creating a new exchange instruction)

If you are buying a certain amount, such as, "I need to purchase €50,000 using Sterling to settle a European invoice," your order would be formatted as follows:

Note: the minimum exchange cost is the equivalent of £5,000 in another currency.

Step four: creating a beneficiary

The beneficiary selection page will appear after you complete the next step.

From here, you can choose an existing beneficiary or add a new one to determine where the funds will go. You might be new to exchanges, so let's start by adding a new beneficiary:

Then select "Create new beneficiary."

Remember that you're able to easily click on the icons to the left of the page to return to the "Transaction" page.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/0J2HAltYaN/Creating-a-new-exchange-instruction-Screenshot-3.png (Creating a new exchange instruction)

In the field that appears, type the account name of the chosen beneficiary, then choose the beneficiary's nationality.

Further input fields that are specific to the chosen country and currency will show up once the country has been selected.

You may additionally supply a payment reference and/or a description (optional).

Finally, you should choose transaction's rationale from the drop-down menu.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/Npl2E9xGvw/Creating-a-new-exchange-instruction-Screenshot-4.png (Creating a new exchange instruction)

To carry out your exchange instruction, click "Continue" at the bottom of the page after you've completed out all the necessary fields.

You will be requested to choose your bank if you have insufficient funds to complete the exchange or haven't transferred any funds (where your funds are coming from). Choose "Other banks inc. International" if your bank is not listed.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/nFwaq3q3qf/Creating-a-new-exchange-instruction-Screenshot-6.png (Creating a new exchange instruction)

Following your selection on a bank, you will see some transfer instructions and a connection to that bank's website (if available).

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/wvoa23CKmo/Creating-a-new-exchange-instruction-Screenshot-7.png (Creating a new exchange instruction)

Alternatively, a transaction confirmation screen should show in place of the transfer instructions if you already have enough money in your account.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/eia0SkeWv4/Screenshot-2019-10-29-at-13.04.19-1024x259.png (Exchange created)

Once the transaction has been completed, you will receive a confirmation email with an exchange summary file (typically within one day, based on the currency and time of transaction). The funds have been distributed and are now in your beneficiary's account after the trade was concluded.

Question 7

What are your support hours?

Accepted Answer

Our support team is on hand to answer any queries that might arise. The team is happy to assist you or point you in the right direction.

Monday: 8am – 17:30pm
Tuesday: 8am – 17:30pm
Wednesday: 8am – 17:30pm
Thursday: 8am – 17:30pm
Friday: 8am – 17:30pm

If your request is outside of those hours, we might ask that you send an email and we will respond as soon as possible.

Question 8

How does Freemarket safeguard my money?

Accepted Answer

Freemarket holds clients’ money in safeguarding accounts with its banking partners. These funds are held separately from Freemarket’s own operational funds and working capital. Freemarket’s banking partners are required to warranty that the safeguarded funds will not be used to satisfy or offset any other obligation including those obligations imposed on Freemarket itself. This means that the funds can only be used to make payment for the underlying Payment Services User. If that instruction is unable to be complied with, Freemarket must return the funds to the original source.

Freemarket does not maintain a safeguarding account for each individual client. Rather, Freemarket holds pooled accounts in the name of “FreemarketFX Ltd Client Accounts” and “FreemarketFX Ireland Limited” in each currency for the purpose of providing payment services.

Individual clients’ funds in safeguarding accounts are identified through your Freemarket virtual payment account number and/or virtual reference number. These records are used to reconcile credit, debit and balance transactions each day such that (i) the recorded positions individually show what amount of the total balances held is attributable to you; and (ii) the individual amounts recorded in virtual accounts add-up to the total balance held in the real account. Freemarket also moves fees and charges out of the safeguarding account to its own account as it is required to do so at least daily.

Freemarket’s banking partners are credit institutions authorised in the UK and in the European Economic Area. For more information on our safeguarding processes please see our other articles on the subject here.

Question 9

How safe is my money?

Accepted Answer

As a condition of its authorisation as an API by the FCA, Freemarket is required to protect and keep safe its customers’ funds. Specifically, Freemarket must comply with the Payment Services Regulations 2017 (PSRs). Freemarket Ireland must comply with the Payment Services Regulations 2018 (PSRs). These regulations stipulate that APIs must have appropriate and well-managed safeguarding arrangements to ensure client funds are not subject to any other claim and that in the event of insolvency, are returned to the client in full, and in a timely and orderly way.

This is set out in detail within:

PSRs regulation 23; and
Chapter 10 of the FCA Approach Document
(For Freemarket Ireland) within PSRs 2018 Regulation 17

Freemarket is not a bank; your account with Freemarket is a payment account rather than a bank account. The funds provided to Freemarket for the purposes of making a payment are not eligible for depositor protection via the Financial Services Compensation Scheme (FSCS) and/or the Deposit Guarantee Scheme (DGS).

Question 10

When is the business closed and are you open on public holidays?

Accepted Answer

Freemarket is closed on UK bank holidays.

You can still access the platform, however, certain payments won’t be through until the next working day. Our FX and payments services won’t be available during these days.

If you would like any assistance, call us on 020 3393 2709 or contact our Support team.