Who should use the Freemarket API?
The API is ideal for any business or individual who makes currency transactions regularly, and manages their finances from another system.
How quickly can I get my currency?
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.
Do you charge commission?
We only charge one fee on your transaction amount.
What is a scheduled exchange?
We make regular exchanges of currency between Freemarket members. These are scheduled at least once per day, at noon; for popular currency pairings, there may be more at intervals throughout the day.
Can I pay third parties directly from my Freemarket account?
Yes, you can.
How do I set up the API?
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: email@example.com.
Is there a minimum or maximum amount that I can exchange?
Our minimum transaction is £5,000, or its equivalent in another currency. There is no maximum.
How can I complain?
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.
Are there any countries that I can't make or receive payments?
Freemarket take a risk-based approach to onboarding customers and managing transactional risk. Thus, as Freemarket is regulated by the Financial Conduct Authority (FCA), we take our regulatory responsibilities very seriously, and 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 the list of unsupported jurisdictions.
How is Freemarket regulated?
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.
How do I know my money is safe?
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).
How does Freemarket safeguard my money?
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.
Which types of transaction must be safeguarded?
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.
When does safeguarding of Relevant Funds apply?
Safeguarding should start immediately, once Relevant Funds have been received. It should continue until the Relevant Funds are paid out to the payee or the payee’s Payment Services Provider.
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.