How it works

What is a scheduled exchange?

Our unique scheduled exchange allows you the opportunity to transact at the mid-market rate. Essentially you, and other clients, deposit funds either side of the exchange and we aggregate as many requirements as possible to optimise opportunity to match currency.

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.

If an exchange is incompletely matched, you benefit from our market buying power. We pass through the wholesale rate we receive and share the split between matched currency and wholesale-acquired currency evenly across all exchange participants.

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

We require a minimum transaction size of £5,000 (or currency equivalent). There is no maximum amount you can transfer.

How do I register?

Simply go to the ‘Sign up’ tab and you will be taken to our portal, where the simple steps will guide you through the process. It is recommended that you have all the necessary documentation to hand, although the documentation required would depend on whether you are a business or individual transferring money. Once you have registered, we will carry out our compliance checks. This takes no more than 24 hours.

Pricing

Is it free to register?

Yes, it costs nothing to register for an account and there is no obligation once you have signed up.

How much do you charge for the exchange?

We have a low service fee of 0.2% of the amount transacted (e.g. 0.2% of £100,000 = £200). If you’re a registered charity or social enterprise model we charge nothing for our service.

Do you make payments to third parties?

Many customers receive and make payments to and from bank accounts owned by them, preferring to control the distribution of funds to third parties.

We can, however, make payments to third parties. Prior to doing so, the validity of the specified beneficiary account is checked.

Security

Where do I deposit funds?

Once you have registered, you will be able to access the details of our client-segregated accounts where you can deposit your money for exchange. All of our client escrow accounts are held with the RBS group (NatWest).

How safe is my money?

freemarketFX Limited is authorised by the Financial Conduct Authority as an Authorised Payment Institution under the Payment Services Regulations 2009 (Firm No. 585093).

freemarketFX Limited is regulated by HMRC under Money Laundering Regulations 2007 (Registration No. 12601391).

As per our regulatory obligations, freemarket does not hold client funds. All client funds are held in segregated client escrow accounts with NatWest, part of the RBS Group. NatWest facilitates withdrawals and payments made on our client’s behalf.

How long does it take to get my currency?

We endeavour to provide same day delivery of funds. Occasionally, if the scheduled exchange takes place at the end of the business day, the currency may not arrive until the following business day. We will always communicate with you in such an event, and we can be contacted by telephone or email.

API

Who should use this service?

If you regularly make international payments, with either personal funds or on behalf of your business, our API could significantly simplify the process.

 

 

Once I’ve signed up, what’s next?

Once I’ve signed up, what’s next?

Once you have a valid freemarket account you can request an API key by mailing support@freemarketfx.com. This allows your system to login, retrieve transaction information and make new transactions. We provide a sandbox (test) system allowing virtual transactions prior to moving to the live, production environment.

How does it work?

How does it work?

The API works by allowing your system to retrieve and send information to the freemarket platform without any human interaction. You will need to have a valid freemarket account that has been through our standard KYC and AML checks.

CSR

We’re a charity, how do we get in touch?

If you are a charity and would like to join our community, then please contact us at charities@freemarketfx.com. We would be delighted to hear from you and get you started.

Is the money secure?

freemarketFX Limited is authorised by the Financial Conduct Authority as an Authorised Payment Institution under the Payment Services Regulations 2009 (Firm No. 585093).

freemarketFX Limited is regulated by HMRC under Money Laundering Regulations 2007 (Registration No. 12601391).

As per our regulatory obligations, freemarket does not hold client funds. All client funds are held in segregated client escrow accounts with NatWest, part of the RBS Group. NatWest facilitates withdrawals and payments made on our client’s behalf.

How much will it cost us?

If you’re a registered charity, or you operate a social enterprise model we charge nothing.

What this means is that freemarket operates a global policy of 0.0% commission (instead of our standard 0.2%) for registered charities who use our currency exchange services.