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

How long does it take to register?

Accepted Answer

The registration process can vary per account, after we will conduct our mandatory compliance checks, once satisfied, an account can be created on the platform for you to use.

Question 3

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 4

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 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.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/b3SzUfe2O2/How-to-make-a-withdrawal-Screenshot-1.png (How to make a withdrawal)

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.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/XKRnSRq6Gl/How-to-make-a-withdrawal-Screenshot-2.png (How to make a withdrawal)

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.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/fnDSsgZVaa/resources/dVXjuDVlem/How-to-make-a-withdrawal-Screenshot-3.png (How to make a withdrawal)

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

Question 6

Do you make payments to third parties?

Accepted Answer

Before a payment is made to a new beneficiary the account must be checked in order to authenticate its validity and the account is not fraudulent. Once this stage is complete, we can freely make payments to third parties.

Question 7

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 8

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 9

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 10

Is there a minimum or maximum amount that I can convert?

Accepted Answer

Whilst we do have a minimum in place for transactions with us, which is £5,000 (or currency equivalent), we don’t have a maximum that you can transfer or exchange. Most of our clients transact with us daily and their volumes alter month-by-month.