When will my order be matched?
During our UK office hours 08:00 - 18:00, we aim to match your order within 15 minutes.
What does the status 'matching' mean?
It means that we are processing your currency needs at the interbank rate. During UK office hours, it usually takes up to 15 minutes for an order to be matched.
Is the exchange rate shown on the calculator the rate I am guaranteed when I place my order?
No, the rate you receive is confirmed at the time of matching your order. All orders are matched with a
time stamp enabling you to check the rates confirmed by Midpoint.
What is a settlement date?
It is the date by which you expect Midpoint to receive your funds. This is selected by the client at the time
of placing an order. The default setting is the next day if you do not change the date.
What is the difference between buying and selling a currency when placing an order?
To exchange £10,000 for Euro, you would "Sell" GBP 10,000 for Euro. On the other hand, if you needed
to pay someone €10,000 then you would "Buy" €10,000 for GBP. You will be given the option to buy or
sell by clicking the radio button on the order page.
Can I cancel my order?
If your order has not been matched, you are able to cancel your order from your dashboard. After your order has been matched, you will need to contact us. Cancellations are subject to our terms and conditions and may incur penalties.
What is a payment reference number?
It is an 11 digit numerical sequence, separated by a dash, located on the top left hand side of your dashboard resembling '987654-54321'. This is generated once your account has been
authorised. This must be entered into the payee reference field when instructing your bank to send us
funds. This number ensures that your funds are automatically allocated to your client segregated account.
Adding additional characters will delay your order as it will need manual intervention for it to be allocated.
Where can I find my payment reference number?
Once authorised you will see your 11 digit payment reference number separated by a dash upon logging into your dashboard. It can also
be found on your order matched confirmation which is sent to your registered email address.
Does Midpoint accept Cash or Cheque deposits?
No, we only accept bank to bank transfers.
What is the largest order I can place?
There is no upper limit on how much you can trade. There's a system transaction limit set on your
Midpoint Account to help prevent fraud; this can be increased upon request. If you have any special requirements, feel free to give us a call.
Who is Currencycloud?
Currencycloud is our FCA Authorised payments network partner.
Can Midpoint receive funds from a third party?
No, Midpoint does not accept funds from third parties. We can only receive funds from a bank account in
the name of our registered client.
Why do I need to put in a Reason for Payment?
As an FCA Authorised Payments Institution, we are required to perform due diligence in identifying our customers which comply with the Payments Service Regulations 2017.
What is a Narrative/Comment?
This is the statement narrative that will appear on the Beneficiary's bank statement.
When will my beneficiary receive their money?
It takes between 0 - 3 working days to reach your beneficiaries account. Although this may depend on how quickly the beneficiary bank credits the money to the beneficiary account(s).