FAQ

Frequently Asked Questions & Answers

Have a look at frequently asked questions & answers to understand more.

Supported currencies

MatchPlaceFX offers over 34 currencies in over 190 countries and cover all the major currency pairs.

 Country

 Code

 Currency

 AED  Emirati Dirham
 AUD  Australian Dollar
BGN  Bulgarian Lev
 BHD  Bahraini Dinars
 CAD  Canadian Dollar
 CHF  Swiss Frank
 CZK  Czech Koruna
 DKK  Danish Krone
 EUR  Euro
 GBP  British Pound
 HKD  Hong Kong Dollar
 HRK  Croatian Kunas
 HUF  Hungarian Forint
 ILS  Israeli Shekel
 CNY  Chinese Yuan Renminbi
 JMD  Jamaican Dollars
 JPY  Japanese Yen

 Country

 Code

 Currency

 KES  Kenyan Shillings
 KWD  Kuwaiti Dinars
 MXN  Mexican Peso
 NOK  Norwegian Krone
 NZD  New Zealand Dollar
 OMR  Omani Rials
 PLN  Polish Zloty
 QAR  Qatari Rials
 RON  Romanian New Leu
 SAR  Saudi Riyals
 SEK  Swedish Krona
 SGD  Singapore Dollar
 THB  Thai Baht
 TRY  Turkish Lira
 UGX  Ugandan Shillings
 USD  United States Dollar
 ZAR  South African Rand

Onboarding process
1. Registration
· Simply register online or offline.
· No set-up costs.
· No obligation to transact.
2. Compliance check
· We’ll run your details through our security checks to ensure your safety as well
as ours.
3. Meet your specialist
· Start an ongoing dialogue with your dedicated finance specialist
so we can tailor a solution for you.
4. Ready to go
· You’re all set up now to access a world of opportunities.

SWIFT is acronym for Society for Worldwide Interbank Financial Telecommunication. It provides the backbone for messaging services between financial institutions.

A SWIFT code uniquely identifies a bank or financial institution. It is usually 8 or 11 characters. It is also known as a SWIFT ID, a Bank Identifier Code (BIC) or an ISO 9362 code.

These codes are usually used when sending and receiving money between financial institutions.

The SWIFT code is coded with the following rules

  • First 4 characters – bank or financial institution code (only letters)
  • Next 2 characters – ISO 3166-1 alpha-2 country code (only letters)
  • Next 2 characters – location code (letters and digits)
  • Last 3 characters – branch code, optional (letters and digits) (‘XXX’ for primary office)

Check a Swift code online: https://www2.swift.com/bsl/index.faces

MatchPlace and MatchPlaceFX use best of breed cyber security to authenticate counterparties when payments are set-up and settled. Anti Hacking process

  • Physical security
    • Our service operates from multiple high security Tier 4 Data Centers used by banks and other financial institutions.
  • Network security
    • Our firewalls are managed by dedicated staff and we undergo regular third party penetration tests, to ensure our service is secure.
  • Encryption
    • All network traffic is encrypted.
  • Data security
    • We are using certified systems under ISO/IEC 27001:2013, the international best practice standard for information security management.
  • Strong access control
    • We assign unique IDs to each individual and require two step authentication for all access.

We show you the full breakdown of fees for your chosen transfer route on our pricing page.

MatchplaceFX only charges you a fair service fee and uses the mid-market rate for conversion.

Our fair fee is taken from the money that you send to us. The rest is converted and sent to your recipient.

Money can only flow freely when it’s secure, end-to-end. The reason we’re relied on by global businesses is because our security is world-class. We are ISO 27001-certified, and our security is regularly reviewed and approved by regulators and bank partners across the world.

MatchPlaceFX operates in regulated markets, we recognise the value that regulation brings to society, our customers, ourselves and our shareholders.

 

We believe that MatchPlaceFX should apply to following principles in its approach to compliance and regulation:

  • Fairness and transparency for our customers
  • That all reasonably practical steps should be taken to ensure that we do not process money resulting from the the proceeds of crime to prevent money-laundering or the financing of terrorist activities.

As such, MatchplaceFX, is regulated by the Financial Conduct Authority.

MatchPlaceFX is regulated by HMRC under Money Laundering Regulations 2007.

The mid-market rate is the real exchange rate. By definition, it is the midpoint between Buy & Sell market rates simply the midpoint between demand and supply for a currency on the global currency markets, and because of that, it changes all the time. At MatchPlaceFX we use the mid-market rate sometimes called the interbank rate and spot rate amongst other things.

GBP/EUR Buy Rate GBP/EUR Sell Rate
1.1750 1.1770
Mid-market rate = 1.1760

 

In the currency markets, traders define the rates at which they are willing to “buy” or “sell” a specific currency.

The mid-market rate is considered the fairest exchange rate possible and isn’t a secret either. It is the rate you will find on independent available sources such as Google, XE and Yahoo Finance.

 

At MatchPlaceFX, we:

  • show the Mid-market rate on each transaction.
  • offer you a small FX margin ‘Spread’ compared to traditional FX providers
  • have No hidden fees or charges
  • provide an Online platform to check & book currency rates 24/7
  • Have an onboarding with no set-up fees

If you know the mid-market rate you can check the difference with the rate given by your bank for the transaction.

Ex: Mid-market rate GBP/EUR: 1.1750, your provider BUY rate: 1.1397

On a 100000£ GBP to EUR conversion, your provider took a hidden commission of  3525 € almost 3% of hidden commission.

It is a bank account that is completely separated from MatchPlaceFX business accounts. Client’s Funds are always protected by being kept independent of MatchPlaceFX´s asset.
Our segregated account are held with Barclays Bank in UK.

 

At MatchPlaceFX, we:

  • show the Mid-market rate on each transaction.
  • offer you a small FX margin ‘Spread’ compared to traditional FX providers
  • have No hidden fees or charges
  • provide an Online platform to check & book currency rates 24/7
  • have an onboarding with no set-up fees
Various independent price comparisons show the true cost of making an international business transfer. In addition to an upfront transfer fee, all of the banks usually add a markup to the exchange rate offered.
You only pay a commission fee with us! It is fair and you get a low-cost transfer.
At MatchPlaceFX, we commit to

- show the Mid-market rate on each transaction.
- offer you a small FX margin ‘Spread’ compared to traditional FX providers
- have No hidden fees or charges
- provide an Online platform to check & book currency rates 24/7
- have an onboarding with no set-up fees

Process times per country

Spot trades are transactions with a value date of today, tomorrow and today + 2 days.
A forward contract is a customized contract between two parties to buy or sell an asset at a specified price on a future date.
Forwards cover FX rates locked in today but for a future delivery date beyond a spot trade date.
You think you don’t usually pay a transaction fee with your bank.
Unfortunately, this is what many have been led to believe.
We call it the "Zero Fees", "0% commission" lies in the industry.

Fee free transfer doesn’t exist. Your nasty surprise is hidden in an unfair exchange rate. Whether you've been told it or not, on average SME could lose around 5% in fees.
MatchPlaceFX service is fair, transparent and costs far less than high street banks and other currency exchange services.

The currency market is very volatile. It changes every day.
FX rates are very difficult to predict but for every business and transaction the most important is to understand your budget levels.

If you think that you need to purchase USD against GBP at 1.6500 to break even your purchase and the current FX rate is 1.6300, you are buying below your budget rate, hence you will incur a loss.

To mitigate this situation, you could have bought a forward at the rate of your budget level or higher. This would remove the fluctuations in FX rates you would face. You have essentially locked in your rate for your budget.

Do you have any questions? Contact us now!