Below are frequently asked questions on placing orders and the fees that Midpoint change
How do I place an order?
You must register to open a Midpoint account. Once a team member has verified your documents and authorised your account, you can place an order when you log in to your dashboard. You must select the currency you wish to sell or buy, the amount, and the delivery date.
When can I place an order?
You can place an order any time once your account has been authorised.
What is the sell currency?
The sell currency is the amount you wish to send us to convert.
What is the buy currency?
The buy currency is the amount you wish your beneficiary to receive once the funds you sent have been converted.
What is the delivery date?
The delivery date is when you expect your funds to have already arrived so that we can settle the conversion and payout your beneficiary.
What is order matching?
We match the opposite currency needs of your order at the live interbank rate.
When will my order be matched?
We aim to match your order within 15 minutes of you placing the order during office hours, 07:30 - 18:00 UK time (GMT/BST).
What rate will I get?
You will receive the live inter-bank rate which will vary depending on the time of matching, however, once your order has been matched you will receive a timestamp in your email along with the rate you received. The rate will not change.
How do I cancel my order?
You may cancel your order at any point before your order has been matched. Please contact us if you wish to cancel your order and it has already been matched; we will require you to inform us in writing with the reason for cancellation.
Can I place a limit order?
You can request a limit order for a specific rate if the amount you wish to transact is equal to or higher than GBP 75,000.00, or in equivalent currency. Please contact us if you wish to place a limit order.
How do I check my order status?
You will receive an email update at every stage of the transaction process, which will inform you of when the order has been matched, funds received and payment remitted. You can check the current status of your order from your dashboard, once you log in to your Midpoint account..
How long does the order process take?
The turnaround time of the order process depends on the currencies as well as the country the funds are being remitted to. Exotic currencies tend to take longer, however, all orders will be paid out within 0 to 3 working days.
Check out our payment guide timelines to see the estimated delivery time for your order completion.
What are your fees?
The only fee that is charged is the Midpoint fee, which is taken from the sell amount. This can be seen before you place an order from our conversion calculator. The fee is a percentage of your order, meaning that the higher value of the trade, the lower the percentage charge.
How are your fees calculated?
Transactions valued at GBP 2,000.00 and below are charged GBP 10.00 or in equivalent currency. Midpoint incorporates a band system to calculate fees on transactions that exceed GBP 2,000.00 or in equivalent currency.
See the table below for reference, calculated in GBP
- Transaction Value
- Our Fees
- Â£1 - Â£2000
- Â£2,001 - Â£25,000
- Â£25,001 - Â£50,000
- Â£50,001 - Â£75,000
- Â£75,001 - Â£100,000
- Â£100,001 +
The percentage of the Midpoint fee decreases with every GBP 25,000.00 or equivalent currency transacted, up until 100,000.00 and the remainder is calculated at 0.30%. For example, an order to sell GBP 110,000.00 would be calculated as:
- 1) 25,000 x 0.50% = 125.00
- 2) 25,000 x 0.45% = 112.50
- 3) 25,000 x 0.40% = 100.00
- 4) 25,000 x 0.35% = 87.50
- 5) 10,000 x 0.30% = 30.00
Total fee = GBP 455.00