Frequently Asked Questions & Answers
Have a look at frequently asked questions & answers to understand more about our services at MatchPlaceFX
MatchPlaceFX offers over 34 currencies in over 190 countries
and covers all the major currency pairs.
Hong Kong Dollar
Chinese Yuan Renminbi
New Zealand Dollar
Romanian New Leu
United States Dollar
South African Rand
. 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:
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
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. Our security is regularly reviewed and approved by regulators and bank partners across the world.
As MatchPlace Ltd operates in regulated markets, we recognise the value that regulation brings to society, our customers, ourselves and our shareholders.
We believe that MatchPlace should apply the following principles in its approach to compliance and regulation:
MatchPlace Ltd 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 show you the mid-market rate sometimes called the interbank rate and spot rate amongst other things.
|GBP/EUR Buy Rate||GBP/EUR Sell Rate|
|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.
MatchPlaceFX provides foreign currency conversion prices based on market rates on the global currency markets. We show the competitive rates on the global currency markets for transparency.
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.
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
Please note that the times given below do not take FX timelines into consideration.
Currency (ISO) Priority (SWIFT) Cut off times (GMT+1) Priority / Regular
Australian Dollar (AUD) 1 day 2:00 pm / 12:00 pm
Bahrain Dinar (BHD) 1 day 2:00 pm / –
Bulgarian Lev (BGN) 1 day 2:00 pm / –
Canadian Dollar (CAD) 0 days 2:00 pm / 4:30 pm
Chinese Yuan (CNY) 2 days 4:30 pm
Croatian Kuna (HRK) 1 day 2:00 pm
Czech Koruna (CZK) 1 day 4:30 pm / 4:30 pm
Danish Krone (DKK) 1 day 4:30 pm / 4:30 pm
Euro (EUR) 0 days 2:00 pm / 2:00 pm
HongKong Dollar (HKD) 1 day 2:00 pm / 12:00 pm
Hungarian Forint (HUF) 1 day 4:30 pm
Japanese Yen (JPY) 1 day 2:00 pm
Kenyan Shilling (KES) 1 day 2:00 pm
Kuwait Dinar (KWD) 1 day 2:00 pm
Mexican Peso (MXN) 1 day 2:00 pm / 4:30 pm
Israeli Shekel (ILS) 1 day 2:00 pm
New Zealand Dollar (NZD) 1 day 2:00 pm
Norwegian Krone (NOK) 1 day 4:30 pm / 4:30 pm
Omani Rial (OMR) 1 day 2:00 pm
Polish Zloty (PLN) 0 days 1 day 9:45 am / 4:30 pm
Qatar Rial (QAR) 1 day 2:00 pm
Romanian Leu (RON) 1 day 4:30 pm
Saudi Riyal (SAR) 1 day 2:00 pm
Singapore Dollar (SGD) 1 day 2:00 pm / 12:00 pm
South African Rand (ZAR) 0 days 9:45 am
Swedish Krona (SEK) 0 days 9:45 am / 4:30 pm
Swiss franc (CHF) 0 days 9:45 am
Thai Baht (THB) 2 days 4:30 pm
Turkish Lira (TRY) 1 day 4:30 pm
Ugandan Shilling (UGX) 2 days 4:30 pm
UK Sterling (GBP) 0 days 0 days 2:00 pm / 2:00 pm
United Arab Emirates Dirham (AED) 1 day 2:00 pm
US Dollar (USD) 0 days 4:30 pm / 4:30 pm
0 days = T+0 (TOD, or same day)
1 day = T+1 (TOM, or next day)
2 days = T+2 (Spot)
3 days = T+3 (Spot + 1)
Regular (Local) = The duration it takes to make a local payment in the same country.
Priority (SWIFT) = The duration it takes to make a payment via SWIFT.
Cut off times = These are the times funds must be received and cleared by MatchPlaceFX in order to honor your instruction.
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.
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!