There has been no change in the way foreign exchange has been conducted since the invention of money. A percentage spread has always been charged by middlemen to convert one currency to another. Midpoint is one of the first companies to harness the peer-to-peer capabilities of the Internet to eliminate the need for intermediaries who ultimately increase your costs in buying or selling foreign exchange.
Peer-to-peer (P2P) computing or networking is a distributed application architecture that partitions tasks, workloads or transactions between peers. Peers are equally privileged, equipotent participants in using the application software which connects the users.
It is what makes Midpoint unique and allows us to essentially take intermediaries (primarily banks & brokers) out of the process of establishing the effective exchange rate that will be applied to customer transactions. Our patented technology anonymously matches customer orders on a reciprocal basis. In simple terms, this means that if John in the UK wishes to purchase US$ for GBP and Alice in the USA wishes to purchase GBP for US$, our system will match these orders. In the event that we cannot exactly match orders within 24 hours, we provide the required liquidity to execute your order.
The spread is the difference between the rate at which a bank or broker will buy a currency and what they will sell it for. This is the primary cost of a foreign exchange transaction. We eliminate the spread whilst ensuring that your costs are fair & transparent. See how much you will save by trying our savings calculator.
The interbank rate is the one you will most likely see in the media, on the news and on various currency converters you might come across. This is the market rate at which banks buy and sell currency to each other. Peer-to-peer Foreign Currency Specialists normally known as FX Brokers will usually offer highly competitive close to the ‘interbank’ rate exchange rates initially, but will “widen” these spreads opportunistically. Banks generate significant profits on FX by charging receiving and payment fees whilst adding a significant margin onto the interbank rate when fixing their daily rates. The difference between the interbank rate and the customer execution rate (the margin) is how foreign exchange providers make their money.
Once we have established a reciprocal trade, we send the confirmation of your order at the Midpoint Rate at the time of the match. It is impossible to have a better rate without favouring one side of the transaction. It’s like getting foreign currency at cost!
We take a “live” feed of the Interbank Rates from Yahoo to determine the midpoint rate. The Interbank Rates are the real-time ‘Buy’ and ‘Sell’ rates used by international banks to trade large volumes amongst themselves. We do not manipulate the exchange rate no matter how small or how infrequently you place orders with us.
A number of financial institutions will quote the Interbank Mid-Market Rate on their websites and telephone enquiries. However please be aware that there may frequently be a more expensive Execution Rate which may only be confirmed during the final stages of confirmation or on execution of your trade.
Our fee is determined by the value of your transaction and includes the delivery of your funds to your Beneficiary. We do charge a penalty if you do not fund your order within 48 hours of our confirmation that your order has been matched. *This is applicable for orders placed from Monday to Friday. If an order is placed during the weekend, then the 48 hours funding limit will be calculated from 8am GMT on Monday. See Order Process section. Note: You may be charged a small domestic transfer fee by your bank to fund in an order. This is determined by your local bank’s charge out policies.
We plan to extend the markets and currencies available to our clients. We will keep you notified of any changes and additions to our services. Please check our coverage page for additional information.
Unfortunately not. The banks pay no interest on the segregated trust accounts in return for providing lower transaction fees to our payment supplier. This helps to save you money.
Most sites only compare their rates to competitors that have large posted spreads. They quote the rates used for low value transactions in an attempt to make their spreads look more attractive. We calculate the Market/High Street rate based on our research of the average rates charged to small businesses and consumers. This is reviewed by management at regular intervals.
Anyone over 18 years of age with a bank account can register; including businesses, private individuals, registered charities and associations. You will be authorised according to the appropriate Anti-Money-Laundering regulations in your country of domicile. Country and currency restrictions apply. Please see our coverage page for complete details.
Opening an account with us is free and you have no obligation to place an order with us.
All you need to do is click on “Register Now” at the top of our home page or one of the registration links on our site
For individuals we require:
For businesses, charities and associations we collect:
For your Beneficiaries we will collect the following:
Once registration is complete and we have received the appropriate documents; user approval will take 1 – 2 working days although our aim will be to authorise all applications received on the same day during the working week.
A government issued document with a photograph including:
Please note, for non UK National ID cards, you will need to show the front and back of the document.
No, we require you to provide us with your physical home address.
- Recent Utility Bill (last 3 months)
- Gas, Electricity, Water, Telephone (Not mobile phones)
- Council Tax Bill
- Current Full UK Driving License (paper document)
- Photocard Driving License with Address (please note we do not accept a driving licence for both Proof of ID and Proof of Address)
- Tenancy Agreement
- Bank, Building Society or Credit Card Statements from main provider (last 3 months)
- Most Recent Mortgage Statement from a recognised lender
- Recent Evidence of entitlement to state or local authority-funded benefit such as housing benefit, pension, tax credit
- Signed University Acceptance Letter (for foreign students)
- Company Registration Document
- Tax Certificate Document
- Certificate of Incorporation
- Articles of Organisation
- Articles of Association
Please check your SPAM folder. If you still cannot find a confirmation e-mail, please click on “Resend Confirmation Email” on your User Dashboard.
You are able to edit certain details under “My Details” on your User Dashboard. If you need to edit other details, please contact the support team at firstname.lastname@example.org, via live chat on our system or call us on toll free UK 0800 211 8620 – International +44 20 7448 3088.
For security purposes and to ensure that your account is safe, the Midpoint team will ask you two security questions. The process is fast and will take a few seconds.
Click on Client Login, enter your email address and click on “Forgotten your password” Press “Send” to have a password reset link sent to your email.
You can send money to anyone who has a bank account. Country and currency restrictions do apply. See our coverage page for complete details.
No, you can add a Beneficiary after you place your order. According to Money Laundering Regulations we are required to run a compliance check on all Beneficiaries before funds can be delivered. The good news is that you only need to register each Beneficiary once.
An IBAN is your International Bank Account Number. It is made up of a code that identifies the country code for the account holder’s bank, the sort code and the account number itself. The IBAN makes it easier and faster to process cross-border payments. SWIFTBIC - Society for Worldwide Interbank Financial Telecommunication Bank Identifier Code. This code identifies the bank with whom the beneficiary holds their account for use when sending funds cross-border.
Banks in the USA, New Zealand, Australia, Hong Kong, Singapore and the UK do not require an IBAN or a SWIFT/BIC Code. The USA requires an ABA routing number, New Zealand and Australia require a BSB number, Hong Kong and Singapore a Bank code, and the UK a sort code.
Yes you can but this will need to be authorised by Midpoint Admin. You will be send a notification email confirming this amendment.
This is determined by the amount of currency you wish to exchange. For example; If you want to change £10,000 for Euro, then you would “Sell” GBP10,000 for Euro. On the other hand, if you need to pay someone €10,000 then you would “Buy” €10,000 for GBP.
This is the statement narrative that will appear on the Beneficiary’s bank statement.
We will match all orders within 24 hours of receipt of your order but we try to match within one hour during the working week. You get the Mid-Market rate at the time your order is matched. Once matched you will receive an email confirmation with the details of your order. It will show you the rate, the transaction amount, the fee, the total funding required, the payment instructions and the amount that your Beneficiary will receive.
Yes. You can place orders at any time but they will not be matched during weekends and UK bank holidays.
This is the process by which we Match businesses and individuals with opposite currency requirements.
Once your order is matched, and you are sent the email notification of the match, you have 48 hours
to have the funds transferred and deposited into the instructed Earthport domestic trust account.
*This is applicable for orders placed from Monday to Friday. If an order is placed on a Saturday or Sunday, then the 48 hour funding limit will be calculated from 8am GMT on Monday.
No. We are unable to accept funding payments from 3rd parties in settlement of our customer orders. For example commission due to a sales person is paid directly to Midpoint by their company. As a regulated business, we are responsible for on boarding and conducting KYC (know your customer) & Anti-Money-Laundering checks when authorising our customer’s accounts. If a third party wishes to send us money, then they will have to register directly with us as an individual or ccompany.
User access may also be revoked at the discretion of Midpoint if they are deemed to continuously not comply with our T&C’s.
Midpoint is a peer-to-peer system and if one side of a match is not funded it will impact negatively on other Users. Therefore this policy will be strictly enforced.
This will not affect your order. If this does occur, Midpoint will take up the opposite side of the transaction, and pursue the offending User for damages. This is the reason for the penalty mentioned above. Advising us immediately if any delays occur may mitigate the penalties incurred.
No, all USD and CAD collections must be sent to a Barclays, London USD or CAD account. Please check with your bank before placing an order.
They are our payments platform. Earthport Plc (EP) has been making national and international payments and collections since 1998.
EP is a public company and is listed on the Alternative Investment Market (AIM) of the London Stock Exchange. They own, provide,
and host an international money transactional platform called the Universal Payments Network. Using this platform, EP provides secure,
low cost international bank payments and collections worldwide.
Earthport is an Authorised Payment Institution under Financial Conduct Authority (FCA) Regulations in the UK. All client money is kept in segregated trust accounts. They are also a member of SWIFT - the international bank clearing system used by major banks.
A Payment Reference Number is a unique 13 digit Virtual Account Number provided by Earthport to identify and track the source of your funds. It MUST be included in the Beneficiary reference field every time you issue your bank instructions to send funds to one of the Earthport trust accounts. Once issued, your Beneficiary Reference Number will not change, and, can usually be stored on your online banking site with the Earthport details.
Once your order is Matched, you will be able to see you payment instructions on your, _“User Dashboard” _ under your_ “Orders Tab”_ by clicking the order number on the left hand side.
You can still use Midpoint. You will need to instruct your bank in person, by phone, or by fax (depending on your bank) to send funds to the appropriate Earthport trust account.
We can only receive funds from the Midpoint Account Holder. Please contact us if your Midpoint account profile name is different from the bank account you’re depositing from. Please also note that we are unable to receive funds from third parties.
Yes. You will have currency wallets in the account. You can convert funds held in your wallets.
Sorry, we do not support cash, cheque, or any credit card payments at this time.
Yes but only if the status of your order on your dashboard shows as "Unmatched".
No, although there are limitations on currencies and countries. Please see our coverage page. Our current system is not built for, and does not cater for speculative hedging or forward Forex (FX) currency trading. This is due to the fact that all orders placed must be settled with real time funds.
You need to log into your user dashboard and check the funds received are shown in your account.
The completion of your transaction normally takes 3 working days but may be quicker than this.
Please contact us if you have a funding deadline to meet.
If the payment (and deposit) is given to us in the beginning of the business week, the transactions should be complete within a few days. Banks do not process payments during the weekend, so if you have started a transaction on a Friday the payment process will continue the following Monday.
Midpoint is an International peer-to-peer currency matching platform
offering mid-market foreign exchange rates via our patented matching technology.
We are a Registered Money Service Business based in the United Kingdom under the
Money Laundering Regulations 2007, commercial foreign exchange companies are treated
as "Money Service Businesses" which are covered by regulations administered by HM
Revenue & Customs. Our registration number is: 12358512.
Midpoint & Transfer Ltd is authorised & regulated by the UK Financial Conduct Authority (FCA) as a payments institution. Authorisation No. 610889.
Please note, for non UK National ID cards, you will need to show the front and back of the document.
Yes. We will need to do a compliance check on your Beneficiary depending on the reason of transaction, source of funds, currency and amount of the transaction.
We will only do additional compliance checks for larger orders.
Yes. We will need to do additional AML (Anti-Money-Laundering) checks. We will need to know source of funds and purpose of transaction. In some cases you will need to provide documentation to support this information. For example; if the source of funds is savings you may need to supply a copy of your bank statement. If the purpose of transaction is the purchase of a property you may need to supply the contract of purchase.
All funds are held in the trust accounts of our payment provider Earthport Plc. These accounts are segregated in line with FCA regulations and have been developed to protect client funds in the unexpected event of fraud or bankruptcy. When you remit your funds to cover your order, they will be sent to the trust accounts referred to above. We then instruct Earthport to send the appropriate funds from these accounts to your Beneficiary. This means that your money is always secure.
Yes, Midpoint & Transfer Ltd is a UK registered company (06302237) and is registered as a Money Services Business with HM Revenue and Customs in the United Kingdom. (Registered MSB number 12358512) We are also authorised and regulated by the FCA (previously FSA) in the UK as a payment institution. (Authorisation No. 610889).
Midpoint & Transfer Ltd is registered with the Information Commissioner’s Office under registration reference: ZA036826. We will verify customer’s identities by asking them to provide full name, address/post code and Date of birth before divulging any information.
Midpoint was designed with the safety and security of our User's funds being our number one priority. As such, your funds are always held in secure segregated trust accounts at major international banks maintained by Earthport Plc. This means that your funds never become assets of either Midpoint & Transfer Ltd or Earthport Plc and are ultimately under your control at the bank where they are held in a trust account.
Midpoint has a stringent Anti-Money-Laundering & Terrorist Financing Policy and is fully compliant with all UK Anti-Money-Laundering regulations.
The Midpoint website is highly secure. We use industry-leading technology to keep your information safe.
Midpoint automatically encrypts your confidential information in transit from your computer to ours using the Secure Sockets Layer protocol (SSL) with an encryption key length of 128-bits (the highest level commercially available).
Once your information reaches the Midpoint site, it resides on a server that is heavily guarded both physically and electronically. Midpoint servers sit behind an electronic firewall and are not directly connected to the internet, so your private information is available only to authorised computers.
This system is designed to work with most current browsers with no special requirements. If you have any issues please contact us.
Use of the Midpoint platform and services, implies that you (the Client[s]) consent to the Company collecting and using personal information that is provided to Midpoint (the Company).
The Company may amend this policy from time to time and continued use of the website by you will be taken as acceptance of any changes. Any changes to Midpoint’s policies will be communicated to you. We recommend that our Clients regularly review this policy.
The Company will not disclose your information except in accordance with this policy unless we believe such action is necessary to conform to legal requirements, enforcement of our Terms & Conditions User Agreement or the protection of our rights.
Clients may visit the website without providing any personal data. The Company automatically collects certain information about website traffic to measure the usage of the website and improve the site.
The Company also collects personal data from you during registration for its services.
Clients may visit the website without providing any personal data. The Company automatically collects certain information about website traffic to measure the usage of the website and improve the site. The Company also collects personal data from you during registration for its services.
A cookie is a small piece of information stored by your browser on your computer's hard drive. Cookies are used to customize the website experience for you and to allow web pages to be personalized. Most browsers will automatically accept cookies. If you disable cookies from your browser you will not be able to use all features of this website.
Personal information collected is used to provide the service you request from the Company.
Occasionally we may make your information available to organizations whose products and services we think may be of interest to you.
The Company has strict security and confidentiality procedures covering the storage and disclosure of information to maintain its confidentiality.
You are entitled to request the information that the Company holds about you and have it corrected if it is inaccurate. Access will require a signed written request and payment of a fee. If you wish to access the information the company holds about you please contact us on email@example.com.
If you have any questions about this Policy or the Company's information practices please email firstname.lastname@example.org.
To improve our service provision our telephone lines may be digitally recorded and the Company may monitor those calls for training or issue resolution.
Any changes to the policy will be posted here to inform you of what information we collect and how it is used. Continued use of the website is acknowledgement that you have read and accepted any changes to this policy.
Midpoint & Transfer will use commercially reasonable efforts to make the Services available 24 hours a day, seven days a week; provided that Midpoint & Transfer reserves the right to temporarily suspend or limit all or part of the Site or Service, or The User's access thereto, without notice, whether for main-tenancy or otherwise. The User acknowledges that Midpoint & Transfer will have no liability to the User or any third party for Midpoint & Transfer's acts or failures to act in connection with such suspension or limitation of the Service.
The User acknowledges that, as between the parties, Midpoint & Transfer retains all intellectual property rights related to or embodied in the Service, including copyright, trademark, trade secret, patent and other intellectual property rights. The User may print content from the Site in connection with the User's use of the Service only (and not for resale or sublicensing), provided that proprietary notices are not altered or removed.
As of the date hereof and the date of any Order submitted by the User, the User represents, warrants, and covenants that:-
Midpoint & Transfer (including its officers, directors, employees, and agents and Payment Processors) will not be liable for any claim for indirect, incidental, special, consequential or punitive damages arising out of or in connection with the Service, or the use of or the inability to use the Service, or resulting from a third party's unauthorised access to or alteration of the User's transmissions or data, or other information that is sent or received or not sent or received including, without limitation, damages for loss of profits, revenues, use (including, without limitation, cover damages), data or other intangibles, even if Midpoint & Transfer has been advised of the possibility of such damages. Midpoint & Transfer's total liability under this Agreement, as to any Order, will not exceed the fees the User pays to Midpoint & Transfer for such Order.
The User will defend, indemnify and hold harmless Midpoint & Transfer (including its officers, directors, employees, and agents and Payment Processors) from and against any losses, damages, claims, actions or demands (including, without limitation, reasonable legal and accounting fees and expenses) arising out of or in connection with:-
If we were unable to answer your query through our FAQs please submit your enquiry below.
"Midpoint offers their customers a platform for making online forex payments. They offer great value and are very efficient. I would highly recommend trying them out"
I have used Midpoint's currency service to transfer corporate funds from the US to Europe and found it to be efficient, easy to use and most importantly it saved my company 30%+ on wire transfer / bank charges.
Trustworthy and innovative service. As an expat, I use Midpoint to fund my overseas and home accounts easily and at a minimal cost.
Midpoint is an excellent platform to exchange large amounts of money, in which they offer the most competitive exchange rates, which are very close to the spot rate. They invaluably assist businesses to save money.
Having used various other currency brokers and banks and been involved with referring clients to currency brokers, I have found Midpoint’s to be the best. Once you have registered with Midpoint, the process is simple, transparent and quick. You feel more in control than with other brokers and whenever you might have a question, I have found Midpoint's staff friendly, clear and prompt. I would have no hesitation in recommending Midpoint.
I used Midpoint to transfer money abroad following the sale of my flat. I looked at various providers and found Midpoint to be the most competitive. Their staff have been fantastic throughout the whole process and I would highly recommend Midpoint to anyone. They saved me lots of money compared to using my bank. Try them out!