FAQ

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 applying best practice standards 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.

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.

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.

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

Process times per country