Having issues with your account or would like to know more regarding our service and platform?

Our knowledge base will help out. Check out some of the articles below. 

Does it cost me to have an account at Freemarket?

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.

When will my account be account be approved, rejected or reviewed?

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.

Can I have confidence in your safeguarding processes?

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.

How long does it take to get my currency once I have exchanged?
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.

Why was my withdrawal cancelled?

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.

What are approvals and roles on the platform & how to change them?

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.

Can I get a MT103?

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

Although though 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.

What are your support hours?

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.