A simple explanation of a simple system

By on August 10th, 2016 in Editorial

SELLING

1. Here’s the first thing you see when you log onto your freemarket account. Let’s just take a moment to quietly enjoy the clean lines and seductive clarity of the platform.
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2. You can select whether you want to sell or buy using the self-explanatory tabs at the top of the page. And you can select the currency you wish to exchange by using our friendly drop-down menu populated with lovely flags.2

3. Next, fill in the amount you would like to transact.3
Let’s take a closer look at that box on the right:4Note the current rate, highlighted red. Stare at it in disbelief for a few moments. Rub your eyes and look again. Incredulously compare it with exchange rates offered by our competitors, then finally realise you actually have found one of the very best rates available on the market. Celebrate by indulging your sudden and irrepressible urge to dance.

Once you’ve calmed down, further note:
a) the complete transparency about our fixed 0.2% commission
b) our handy estimate of the amount you could be saving by using freemarket
c) the option to make the transaction using funds already being held on your account

4. Now you’ll want to create or select your beneficiary; you have the option to add a new payee, or select one you have made a payment to previously.5

5. Fill in the details of your beneficiary. It’s easy! Notice the handy ticks we’ve included to confirm you’re not typing in the details of a non-existent bank account, and the option to ‘Add a Reference’ so the recipient knows who you are and why you’re sending them money.6Once that’s done, you can click ‘Book Transaction’.

6. Transaction booked! You are given the details of the escrow account into which you need to deposit funds in order to activate your instruction, and the reference so that we’ll know who they belong to and what to do with them. No need to frantically scribble down all the details onto a piece of paper – we’ve sent you an email copy too!7

7. Click ‘continue’ and you are taken to the Your Exchanges page, where you can easily check the status of all of  your instructions at any time.8

 

BUYING

Essentially, the buying process is exactly the same as the selling process, but with one notable difference.
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You’ll see that we have also been completely transparent about the 2% buffer that’s included to insure against fluctuations in the market – as well as the fact that any unused portion of the buffer will remain on your account after the transaction, and can then be withdrawn to your bank account if desired. It is also worth noting that should the market move in your favour, your final rate will move with it and you will be returned in excess of 2%.
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So there you go. A platform so simple it can be explained in 474 words and 10 pictures – and even some of those came dangerously close to stating the obvious.

 


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James is freemarket’s Chief Commercial Officer. He has a history of finding new ways to solve age-old financial challenges and was responsible for launching some of the first online money transfer and prepaid card initiatives in Europe.


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