What kind of payments can I make?

We work with a number of global banking partners who provide access to both local and international payment schemes. The most common schemes include:

Faster Payments (FPS): Used for GBP payments within the UK and is designed to speed up the process of sending money. It has a limit in place of £1m per transaction.
CHAPS: Same day GBP payment scheme used in the UK for higher-value transactions
SEPA (Single Euro Payments Area): Used for EUR payments across the EU and EEA. SEPA Instant is available for payments eligible BICs.
SWIFT: Used for cross border, international payments where a local clearing scheme is not available. Processing times can take longer than local rails and may occur intermediary bank fee charges.
Other local clearing systems: used for payments in supported regions and currencies, including:
- ACH (Automated Clearing House) is an electronic network used only in the United States to process USD financial transactions between banks.
- RIX (Riksbankens Interna eXpresssystem) is Sweden’s real-time gross settlement (RTGS) system, operated by the central bank of Sweden. It is used to settle large-value payments in Swedish kronor (SEK) between banks and other financial institutions.
- Other local rails in selected currencies and countries

Freemarket allows you to make international and domestic payments in a range of currencies to a broad range of countries. Payments are automatically routed via the most appropriate payment scheme based on destination, currency and available routes.