Frequently asked questions

If you're interested in what we can offer you, please reach out to us via our Get Started page. One of our team will then be in touch to see how we can help. 

Although we make every attempt to render the registration process as simple as possible, it may take up to 60 days before your Freemarket account is completely operational and you are able to utilise it to its maximum. This means that we want to correctly set up your account with our partner banks and aggregate banking services that you receive.

It costs nothing to open an account with us, but we reserve the right to do so in accordance with our terms and conditions, with a 60-day notice period for consumers and 30 days for businesses.

If you click here to contact a member of our team and start your adventure with B2B cross-border payments, and we'll email you a link to register for an account with us.

The API is ideal for any business or individual who makes currency transactions regularly, and manages their finances from another system.

Discover more about our API.

When you complete the registration process, the platform should display a notice informing you that your account has been successfully established and is now being assessed by our compliance team.

Although we make every attempt to render the registration process as simple as possible, it may take up to 60 days before your Freemarket account is completely operational and you are able to utilise us for payment services.

It costs nothing to open an account with us, but we reserve the right to do so in accordance with our terms and conditions, with a 60-day notice period for consumers and 30 days for businesses.

After registering, your account should be evaluated within 48 hours, however, occasionally it may take longer since our compliance staff is still examining your application. You will be informed by a Relationship Manager when your account is ready for B2B payments & currency exchange and if we require any additional documentation from you.

Freemarket undertakes an annual audit of its compliance with the PSRs 2017 safeguarding requirements.

The audit must show that Freemarket (i) has an up-to-date safeguarding systems and controls manual, (ii) holds records which demonstrate and explain the rationale behind its safeguarding decisions, and (iii) fully discharges its safeguarding obligations as prescribed by the PSRs.

We make every effort to deliver the funds that you have exchanged on the same business day, so you can make frictionless payments in an instant. Nevertheless, on rare occasions, the exchange may take place at the close of business, in which case the funds may not arrive until the next business day. Of course, we will always keep you informed of any updates we may have. You can reach us by phone, email, and mail if you have any questions.

• Phone: +44 20 3814 6401
• Email: support@wearefreemarket.com 
• Mail: Metal Box Factory, 30 Great Guildford Street, London, SE1 0HS

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.

There are six main user roles on the platform; client admin, account user, read only, manage users, exchange approver and withdrawal approver – these are all permissions that a client can manage themselves.

• Client Admin: being able to create payments, exchanges and manage users
• Exchange Approver: this user will be able to approve an exchange before it is actioned and scheduled
• Read Only: unable to make any changes, create payments or exchanges and only allowed to view features of the platform
• Account User: able to create payments and exchanges on the platform
• Withdrawal Approver: this permission setting will be able to approve a withdrawal before it is actioned and scheduled
• Manage Users: this enables you to temporarily suspend or reinstate users, modify permissions, and add or delete people

Each of the user roles has different permissions, meaning they can access different parts of the platform. You can also disable email notifications for a particular user if preferable, and they don’t want to be notified via email. The overriding administrator of the account can set up the different permissions or contact support if you are unable to do this and require assistance.

Head to user management to change permissions and view your current status.

All banks and financial institutions utilise MT103, a SWIFT standard messaging protocol, as a globalised proof of payment document.

Although it is no longer the quickest or cheapest means to transport money, SWIFT, which was first established in the 1970s, remains a trustworthy way to transfer funds between markets and jurisdictions. A bank or financial institution won't often provide you an MT103 receipt; if you do, it will likely cost you as the user. The MT103 provides you with a breakdown of the transaction, including information on the sender, the organisations handling the payment, the transaction's value, fees, and more.

Please contact Support for further information on this.

Once your account is approved, you can begin exchanging currency immediately – and your funds will usually be available on the same day you make an exchange.

Once you have an active Freemarket account – and have been through our standard validation checks – you are welcome to request an API key by emailing: support@wearefreemarket.com.

If you are dissatisfied with our service, please send an email to support@wearefreemarket.com or submit a form via our complaints page.

We aim to acknowledge all complaints within 24 hours, and intend to provide a full response to your complaint within 15 business days from its receipt. If a full response cannot be given within this timeframe, we will send you a holding reply indicating reasons for the delay. The resolution of the matter will be provided to you within 35 business days from receipt of your complaint.

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 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.

Freemarket take a risk-based approach to onboarding customers and managing transactional risk. As Freemarket is regulated by the Financial Conduct Authority (FCA), we take our regulatory responsibilities very seriously. We therefore, on certain occasions, we aren’t able to receive and/or send funds from certain jurisdictions, although this may be subject to change in the future.

See our list of unsupported jurisdictions. If you have any questions about making payments to restricted countries, please contact your Relationship Manager, or email support@wearefreemarket.com.

As a condition of its authorisation as an API by the FCA, Freemarket is required to protect and keep safe its customers’ funds. Specifically, Freemarket must comply with the Payment Services Regulations 2017 (PSRs). These regulations stipulate that APIs must have appropriate and well-managed safeguarding arrangements to ensure customer funds are not subject to any other claim and that in the event of insolvency, are returned to the customer in full, and in a timely and orderly way.

This is set out in detail within:

• PSRs regulation 23; and
• Chapter 10 of the FCA Approach Document

Freemarket is not a bank; your account with Freemarket is a payment account rather than a bank account. The funds provided to Freemarket for the purposes of making a payment are not eligible for depositor protection via the Financial Services Compensation Scheme (FSCS).

Freemarket holds customers’ 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 customer. Rather, Freemarket holds pooled accounts in the name of “FreemarketFX Ltd Client Accounts” in each currency for the purpose of providing payment services.

Individual customers’ 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.

Freemarket undertakes an annual audit of its compliance with the PSRs 2017 safeguarding requirements. This can be done through a self-certification process, or via an independent audit.

The audit must show that Freemarket (i) has an up-to-date safeguarding systems and controls manual, (ii) holds records which demonstrate and explain the rationale behind its safeguarding decisions, and (iii) fully discharges its safeguarding obligations as prescribed by the PSRs.

In PSRs, safeguarding applies to what are described as ‘Relevant Funds’. These are defined as sums received:

• from, or for the benefit of, the Payment Services User for the execution of a payment transaction, and
• from another Payment Services Provider (either a bank or non-bank) for the execution of a payment transaction on behalf of a Payment Services User

Consequently, Freemarket is obliged to safeguard any monies you transact through it including bank transfers, withdrawals and foreign exchange. Freemarket’s own funds must be held in different bank accounts as these monies are not safeguarded.

Our support team is on hand to answer any queries that might arise. The team is happy to assist you or point you in the right direction.

•  Monday: 8am – 17:30pm
•  Tuesday: 8am – 17:30pm
•  Wednesday: 8am – 17:30pm
•  Thursday: 8am – 17:30pm
•  Friday: 8am – 17:30pm

If your request is outside of those hours, we might ask that you send an email and we will respond as soon as possible.