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FAQs (Frequently Asked Questions)

Midpoint Basics

The live interbank rate refers to the rate at which banks buy and sell currencies amongst themselves.
The term spread refers to the difference between the live interbank rate and the rate charged by Financial Institutions to their clients.
Unlike banks and brokers, Midpoint does not make money on the spread. We make our money on our transparent transaction fee which is added on top of the sell amount.
You can get an indicative rate by using our advanced calculator. This is located in the top right corner of our home page.

Registration

Passport & Valid Proof of Address dated within the last 3 months.
We require the Certificate of Incorporation of the business, a valid Passport and a Proof of Address dated within the last 3 months for each of the following persons:
  • The Primary Midpoint Account Holder;
  • Two Directors of the business (in the case of a Sole Director, the Director);
  • All shareholders with 25% or more shareholding in the business.
Anyone over 18 years of age with an active bank account.
Signing up with us will not cost you a penny and there is no obligation to place an order. Although, we would love it if you did!

Documents

We recommend the following dated within the past three (3) months:
  • a household utility bill (Excluding cell/mobile bills);
  • a bank account statement from a recognised credit institution.
We may also accept the following:
  • a valid Photo Driving Licence / National ID Card (front and back) showing your ordinary residence;
  • a mortgage statement covering the latest repayment period;
  • a local authority issued invoice covering the latest invoice period (e.g. a Council Tax Bill);
  • a current signed tenancy agreement;
  • the most recent evidence of entitlement to state or local authority benefits (e.g. Social Security, Pension, or Tax Credit);
  • a signed University issued letter showing your term-time address (for foreign students).
We will only accept a valid government-issued Passport.

Please ensure that the Passport: is in full view (Full MRZ number included);

  • is not cropped;
  • is not covered by any obstructions;
  • does not have any significant glare or reflection.
We use the documents to verify our customers’ identities, to combat fraud, and to commit to our anti-money laundering and other regulatory requirements.

Account

Provided that all relevant documentation has been uploaded, we aim to get an account authorised within 15 minutes during our UK office hours. Mon – Fri 08:00 – 18:00 UTC.
For personal accounts, you can add 1 additional user. For business accounts, you are able to add as many additional users as you would like. Please note that full KYC documents will be needed for all additional users.
We are looking to add more currencies to our offering but we cannot confirm the exact time-frame. What we can do is notify you when the currency is made available. All you have to do is get in touch with your request and you will be set up for an email notification.

Beneficiary

It is a code used when sending funds cross-border. It identifies the bank in which the beneficiary holds their account.
It is an International Bank Account Number. It identifies the country code for the account holder’s bank, the sort/branch code and the account number itself.
An ABA (American Bankers Association) routing number is a 9 digit number used to identify banks in America. (Similar to a UK sort code)
We need the local ABA routing number to send funds locally in the USA. This is sometimes referred to as an ACH routing number.
Please contact the person or company you are paying or your US bank for the correct details.
Once you have logged in, you will see a toolbar on the left-hand side entitled ‘Add Beneficiary’. You will need to provide the beneficiary's personal details as well as their bank details. All mandatory fields must be completed.

Orders, Payments & Funding In

During our UK office hours 08:00 - 18:00, we aim to match your order within 15 minutes.
It means that we are matching your needs with other businesses and/or individuals with opposite currency requirements.
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.
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.
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.
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.
It is a 13 digit numerical sequence beginning in "3434". 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.
Once authorised you will see your "3434" 13 digit number upon logging into your dashboard. It can also be found on your order matched confirmation which is sent to your registered email address.
No, we only accept bank to bank transfers.
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.”
Earthport Plc is our FCA Authorised payments network partner.
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.
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.
This is the statement narrative that will appear on the Beneficiary’s bank statement.
It takes between 0 – 3 working days to reach your beneficiaries account. Although this may depend on the how quickly the beneficiary bank allocates credits to beneficiary accounts.

Regulations & Compliance

We operate a peer to peer foreign exchange and international payments platform. We directly match businesses and individuals with opposite currency needs. This then eliminates the spread or margin component from spot foreign exchange transactions.
Midpoint understands that money laundering and terrorist financing is a serious offence. We perform KYC/AML (Know Your Customer/Anti-Money-Laundering) checks on all our customers. We are only able to accept passports as a valid form ID.
Sanctions are diplomatic, financial or criminal penal codes applied by one or more countries against a targeted country, group, or individual. Economic sanctions may include various forms of trade barriers, tariffs, and restrictions on financial transactions.
AML (Anti-Money Laundering) checks are conducted which is also referred to as EDD (Enhanced Due Diligence). This requires us to have transparent oversight and clear understanding of client transactions. We may request any of the following documentary evidence where required:

Source of Funds - e.g bank statement showing where the funds originate from

Ultimate beneficiary

Ultimate Payee

Purpose of Transaction - e.g if your payment reason is to pay supplier invoices, the invoice would need to be provided.

All funds are held in client segregated trust accounts with our payments platform, 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.

Safe and Secure

Yes, Midpoint & Transfer Ltd is a UK registered company (06302237). We are authorised and regulated by the FCA in the UK as a payment institution. (Authorisation No. 610889).
Yes, Midpoint & Transfer Ltd is registered with the Information Commissioner’s Office under registration reference: ZA036826. For more information as to how we use your data please, see our Privacy Policy.
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.
Our system is designed to work with most current browsers with no special requirements. If you have any issues please contact us.

Get In Touch

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Contact Info

Toll Free UK: 0800 211 8620

Intl: +44 20 7448 3082

info@midpoint.com

26 Finsbury Square London EC2A 1DS United Kingdom

Operating hours: Mon – Fri 08:00 – 18:00 UTC