Question 1

How do I close my account?

Accepted Answer

You can stop using our services whenever you feel like, we’ll be sorry to see you go.

If there’s anything we can do better or you would like to leave some feedback about the service, how we can change features, and how we can improve the service, please email us.

Please email support@wearefreemarket.com and a member of our team will be touch regarding your request.

Question 2

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 3

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 4

What is a scheduled exchange?

Accepted Answer

Scheduled exchanges are the unique mechanism by which we are able to achieve mid-market rates of exchange. By using peer-to-peer technology and aggregating our client’s requirements into one exchange we can optimise the opportunity to match currency and deliver the best possible rate for all involved.

Here’s how we do it:

Step one: clients transfer funds into their segregated Freemarket escrow account

The nature of the scheduled exchange requires us to operate a pre-funded model, as this is how we are able to match our clients’ currencies – achieving mid-market rates. This means that client’s must transfer the required funds in their entirety prior to the scheduled exchange taking place.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/3junOv9K5E/Screenshot-2019-10-23-at-11.31.35.png (Customer transfer overview)

Step two: clients book their payment order via the platform

After the exchange procedure is complete, you let us know whether you want to buy or sell, the currencies you want to use for the transaction, and where you need the funds allocated. You will then be included to the following exchange that is scheduled.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/jzzkEQKGAE/Screenshot-2019-10-29-at-13.34.16.png (Booking exchange instruction overview)

Step three: The scheduled exchange takes place

Depending upon the currency pairing and demand we operate exchanges at periodic intervals throughout the day, with a minimum of one scheduled exchange at midday.

We aim to achieve mid-market rates as often as possible, for as many participants as possible. If your funds are wholly matched with other participants, you both achieve the mid-market rate. If an exchange is incompletely matched, you benefit from our market buying power. We pass on the institutional rate from our network of global banks onto all parties and provide a true banking as a service.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/pPLqgSm3BO/Screenshot-2019-11-14-at-10.15.00-1024x226.png (Step 3 overview)

Step four: we pay out to your nominated beneficiary

That's it; we transfer the transferred funds to your chosen bank account.

Question 5

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.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/yQbK8TpEr5/Withdrawal-Transaction-Charges-image-1.jpeg (Withdrawal Transaction Charges)

Step two

Head to balances and select an account to withdraw funds.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/xvQcOhpwsJ/Withdrawal-Transaction-Charges-image-2.jpeg (Withdrawal Transaction Charges)

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:

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/BeyTFm0ato/Withdrawal-Transaction-Charges-image-3.jpeg (Withdrawal Transaction Charges)

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

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/LeE8eSDVAJ/Withdrawal-Transaction-Charges-image-4.jpeg (Withdrawal Transaction Charges)

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.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/MWlQo1zVF3/Withdrawal-Transaction-Charges-image-5-2048x1476.jpeg (Withdrawal Transaction Charges)

(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 6

How are Freemarket regulated?

Accepted Answer

FreemarketFX Limited is an Authorised Payment Institution (API), authorised and regulated by the Financial Conduct Authority (FCA reference number is 585093). FreemarketFX Ireland Limited is a Payment Institution, authorised and regulated by the Central Bank of Ireland (Firm No. C456818).

APIs can provide customers with a range of regulated payment services. The activities which APIs can undertake are based on their FCA permissions (which can be found in the FCA’s Financial Services Register.)

The Central Bank of Ireland granted Freemarket a license as a Payment Institution pursuant to Regulation 18 of the European Union (Payment Services) Regulations 2018 (you can find more here).

Freemarket’s permissions enable it to carry on payment services activities; this includes receiving bank transfers, processing withdrawals and conducting foreign exchange.

Question 7

Why is the amount which reaches the beneficiary sometimes less than the amount sent?

Accepted Answer

Since you gave us the order to exchange the currency, the exchange rate may have fluctuated. We don't cover this then recoup since we don't grant you credit; instead, we ask that you have a 2% buffer in place.

Our global network of banks and NBFIs, with which Freemarket has partnered up, gives us access to mid-market rates in real-time. This enhances your options and enables us to join bigger trading pools, ensuring that you receive the best prices possible.

Before completing a transaction, you will always get an updated quote when you make an exchange.

Question 8

Do you have a client complaints procedure in place?

Accepted Answer

At Freemarket, we always aim to provide you with the best standards of service when using our product.

Our Relationship Managers and Client Support team are available at all times to help with your inquiries. We recognise that in rare circumstances our service might not have lived up to your expectations. If this is the case, we sincerely apologise if you feel that we have let you down and will continue to do all er can to make things right with you.

Freemarket has a complaints mechanism in place to make sure that we handle complaints and enquiries properly as a fully regulated business. Our regulators at the Financial Conduct Authority (FCA) and the Financial Ombudsman Service (FOS) have provided suggestions and regulations that have guided the creation of the complaint procedure below.

The Head of Compliance will acknowledge and investigate each complaint. A complainant must first submit their complaint to Freemarket, and if they are dissatisfied with the outcome, they may be permitted to submit their complaint to the Financial Ombudsman. You may not be able to file a complaint with the Financial Ombudsman if you agree to our corporate terms and conditions.

To ensure that we have an audit trail and that we have all the facts to help us understand your case, we request that you email support@wearefreemarket.com with the details of your complaint, including your account number (beginning with an ‘A’).

We will then:

Send you written acknowledgement that your complaint has been received;
Contact you further should we require any additional details;
Fully investigate your case and your concerns, followed by issuing a detailed response including an explanation of our decisions and reasons for said decision. If you remain dissatisfied with our response, you have the right to forward your concerns to the Financial Ombudsman Service.

Please note: we always encourage you to allow us to undergo our internal complaints procedure before referring your concerns to the Financial Ombudsman.

Question 9

What is the difference between local and international payments?

Accepted Answer

Electronic instructions are used in both local and international transactions to transmit a secure message across a network and make funds available in the beneficiary's account. Their verification process and payment method they employ varies, which therefore has an impact on the transaction's length and cost.

For example, domestic wires in the US use the CHIPS of Fedwire systems, in the EU local payments use SEPA and in the UK local payments use CHAPS or Faster Payments. Most international wire transfers are communicated via SWIFT, a network of over 10,000 banks and financial institutions spread over 200 countries.

Question 10

Have you reconciled the funds that I sent to my Freemarket account?

Accepted Answer

Where funds have been transferred without including a reference, sometimes this may delay us automatically reconciling a payment to your account. Our operations team will have to manually find and reconcile the payment to credit your account. At this stage, please confirm which account the funds should be allocated to and provide evidence that the money should be allocated to that account.