What is a scheduled exchange?
Scheduled exchanges are the unique mechanism by which we are able to achieve mid-market rates of exchange. By using peer-to-peer technology and aggregating our customers’ requirements into one exchange we can optimise the opportunity to match currency and deliver the best possible rate for all involved.
Here’s how we do it:
Step one: Customers transfer funds into their segregated Freemarket escrow account
The nature of the scheduled exchange requires us to operate a pre-funded model, as this is how we are able to match our customers’ currencies – achieving mid-market rates. This means that customers must transfer the required funds in their entirety prior to the scheduled exchange taking place.
Step two: Customers book their exchange instruction via their online platform
You tell us whether you want to Buy or Sell, what currencies you would like to use for the transaction, and where you need the funds allocated once the exchange process is completed. We will then enter you into the next scheduled exchange.
Step three: The scheduled exchange takes place
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.
We aim to achieve mid-market rates as often as possible, for as many participants as possible. If your funds are wholly matched with other participants, you both achieve the mid-market rate.
If an exchange is incompletely matched, you benefit from our market buying power. We pass on the institutional rate from our network of global banks onto all parties.
Step four: We payout to your nominated beneficiary
Simple as that – we pay your exchanged funds to your beneficiary bank account and that’s it.