Question 1

How do I create a Corporate Super Administrator?

Accepted Answer

When opening a new Corporate Centtrip account, the first user created will be a Corporate Super Administrator (CSA).

To add additional Corporate Super Administrators to your account, please complete our CSA Set-up Form and return this to Centtrip Support. Please note - your completed form must be approved and signed by a company Director.

See also:

Question 2

How do I load or unload my Centtrip cards in batch?

Accepted Answer

Save time by loading (or unloading) multiple cards in batch. You can load different currencies to the same card, or unload cards, all in the same batch. There are two ways to do this:

Create a batch transfer within your account, or;
Complete and upload our batch template (note - this feature may need to be enabled for your account)

Method 1 - Create a batch transfer within your account

Watch 2-minute video:

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Method 2 - Complete and upload a batch template

Get a quick walkthrough:

Sign into your account and then click here to get a quick tutorial. Note: you must be signed in first.

Follow these steps:

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Sign in, visit the 'Load Card' tab and click 'UPLOAD BATCH'. Contact us if you cannot see this option.
Download either the XLS or CSV template provided on-screen and input details of the currencies and cards you want to load/unload:

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Currency – use the dropdown to select the the three-letter code of the currency you would like to transfer.
Direction – select whether to transfer funds to or from the card (back into the account).
Cardholder - enter the cardholder ID (CHID). Don't know the CHIDs? Run this report.
Amount - enter the value you want to load/unload for that currency.
If you want to load multiple currencies for the same card, please enter each currency onto an individual row.

Revisit the same 'UPLOAD BATCH' page of your Centtrip account, click 'CHOOSE A FILE...' and upload your saved template.
You will receive an email confirmation once your file has been processed (this can take up to 30 minutes).
Review the confirmation summary - any loads marked as 'Failed' will need to be reviewed, corrected and re-uploaded. All others have been successfully processed, so please do not re-upload these.

Why have some of my loads failed?

The most common reason for a failed card load is an incorrect Cardholder ID (CHID) in your submitted template. This may be a simple typo, but can also often occur if a card has been replaced and the old CHID has been entered. Please run this report to check the CHID, update your template and resubmit the failed row(s).

Question 3

How do I check my card balance?

Accepted Answer

You can check your real-time balance in each currency within the Centtrip app:

A. Open the app, select 'DASHBOARD' and visit the 'VIEW TRANSACTIONS' page.

B. Tap 'YOUR BALANCES' at the bottom of the screen.

C. Review the balance for each currency held on your card.

Question 4

What is a forward contract and how do they work?

Accepted Answer

What is a forward contract?

A forward contract (or forward trade) is an agreement to buy or sell a specific amount of currency, at a predetermined exchange rate, on a specific date in the future. Forward contracts are derivative financial instruments (i.e. their value is dependent on the changing value of the currencies involved) which are used to mitigate adverse currency fluctuations - they are used by many businesses to protect profits and bottom lines.

Forward contracts are priced in the same way as SPOT contracts, where a spread is charged to the FX rate. Forward pricing can vary from SPOT pricing based on numerous factors, including interest rate differentials between the 2 currencies and the period you are looking to secure the exchange rate for.

What are the benefits?

Gain protection against adverse moves in exchange rates - a fixed rate means budgets and forecasts will not be affected by FX volatility
Simplify your budgeting and forecasts with a guaranteed rate of exchange.
Enjoy a greater degree of certainty - be better able to predict cash flows and understand what will be received.
Lock in a favourable exchange rate now, for future currency requirements.
Enjoy a flexible payment plan - pay in full on a chosen date or spread your payments over the contract period.

What is required to secure a forward contract?

All forward contracts require an initial deposit on the contract to secure the trade. The deposit is held against the contract and will be deducted from the final drawdown of the contract.

EXAMPLE:

Company A has a requirement to convert 1m USD into GBP in 6 months. Noting that the exchange rate is currently advantageous, they book a forward contract to mitigate any adverse moves in the market. On execution of this trade, Centtrip require Company A to pay an initial deposit of 10% (USD 100,000.00), which will be taken off the final sum of the amount due on the contract.

Company A's contract protects them from any adverse moves in the market, and avoids any currency risk - in 6 months, they know exactly what rate of exchange they will get when converting USD to GBP.

What is a ‘Margin Call’?

Throughout the contract, Centtrip’s treasury team will monitor the trade against the performance of the market.

If the market should move by 5% against the value of the trade, Centtrip will require additional collateral known as ‘Variation Margin’, to hold against the contract, in addition to the 10% deposit. It should be noted that this is not a charge/cost, this will be held additionally to the initial deposit.

This request for ‘Variation Margin’ is known as a ‘Margin call’ and needs to be sent to Centtrip within 48 hours of the request, subject to weekends and Bank holidays.

If Centtrip exercises a ‘Margin Call’ on a specific trade, this will be held against the forward contract, alongside the initial deposit. The additional collateral is held against the forward contract until its maturity date and then taken off the final sum of the amount due on the contract.

Please note, if required Centtrip may exercise multiple margin calls.

For more information, please refer to our Forward Contract Addendum.

What if I can’t pay the ‘Margin Call’?

If the ‘Margin Call’ request is not met within the timeframe of 48 hours, Centtrip reserves the right to close out the forward contract. In this scenario, if there is a financial loss, this will be taken from the initial deposit and any funds held against the trade. Should the financial loss exceed these amounts, this will be passed on to the client.

Things to consider before booking a forward contract.

Given that forward contracts are a derivative financial instrument, there is risk involved, as the market could move against the rate of the contract. The value/position of the contract will be monitored by Centtrip’s treasury department on an ongoing basis to make sure that we hold enough collateral against the contract.

You need to be aware that should the market move adversely, Centtrip may require additional funds to be sent within 48 hours notice. As a business, you need to make sure there is sufficient cash flow to facilitate more than one ‘Margin Call’. The longer the required duration of the contract, the greater the risk of the contract itself.

Is a forward contract right for you?

If you have any questions about the information above, or are not sure whether forwards are suitable or the best choice for you, please get in touch. Our expert team will help you make an informed decision based on your requirements. If we do not believe a forward trade is right for you at this stage, we will tell you.

Question 5

How do I attach my expense receipts and labels in the app?

Accepted Answer

You can submit all required expense information instantly and effortlessly via the Centtrip app.

Watch 2-minute video -

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Visit the 'View Transactions' screen -

1) Show expenses with missing receipts

Filter on transactions which have outstanding receipts and labels - expenses will disappear from this list instantly once you upload the receipt.

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Tap on the search icon on the Transactions screen.
Select 'Receipts'.
Select ‘Transactions without receipts’ and press ‘DONE’.

2) Attach photo receipts

Tap on a transaction to submit a photo receipt effortlessly, as and when you spend - there's no need to hold onto stacks of paper receipts to be scanned manually, or to submit lengthy expense forms.

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3) Select Corporate Labels

Corporate Labels are custom to your organisation and are linked to relevant accounting codes - simply select the appropriate label from the pre-set list(s).

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4) Add transaction notes

Enter any additional information that might assist your finance team. This could include the reason for the expense, who approved it, which project it relates to etc.

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Question 6

Where can I find out more about Centtrip’s standard Payment Fees?

Accepted Answer

Payments sent from a corporate Centtrip account to a bank account are subject to our standard Payment Fees.

Where can I review my payment fees?

Are these fees applicable to me?

The Payment Fees are applicable for all UK/Europe Corporate accounts which are not on a subscription plan.

How will I be charged?

The payment fee will be deducted from your Centtrip account balance in the currency of the payment. Please ensure you have enough funds in your account to cover your payment and the associated fee.

What happens if I do not have sufficient funds to cover the payment fee?

More information on our Payment Fees can be found in our Terms & Conditions.

Question 7

How do I create card balance and transaction alerts?

Accepted Answer

Sign into your desktop account to create custom card balance and transaction alerts. These can all be tailored to your requirements and are ideal for avoiding delays and helping to keep your account and card(s) secure.

Card Balance Alert: ensure a cardholder never runs out of funds by receiving a low card balance alert.
Transaction Over Amount: set alerts to catch any unusual card spend and help keep your account secure.
Transaction Declined: receive instant notification of a declined transaction along with the reason for it.

Watch 2-minute video:

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Get a guided tour:

Sign into your account and then click here to get a quick tutorial. Note: you must be signed in first.

Follow these steps:

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After signing into your account, click or hover over the settings icon in the top right corner of the screen and click 'Alerts / Market Orders'.
Use the dropdown menu to choose an alert type: 'Card Balance Alert', 'Transaction Over Amount' or 'Transaction Declined'.
Search for the relevant card and click 'EDIT' to create your alert.
Depending on the alert you've selected, you will be promoted to enter a value, or simply to select how you would like to be notified: an email to administrators, an email to the cardholder or a text message to the cardholder. Tick your preferred options and click 'OK' to save and activate your alert.

Hints and tips

Alerts can be switched off and on any time by clicking 'DISABLE' / 'ENABLE' next to the relevant cardholder.
You can activate or deactivate all cardholder alerts instantly by clicking 'ENABLE ALL' / 'DISABLE ALL' at the top of the screen.
Any pre-existing 'Rate Alerts' and 'Market Orders' can also be viewed and edited from here.
New 'Rate Alerts' and 'Market Orders' can be set up from your account dashboard.

Question 8

What payment methods can I use to load my account or settle an FX trade?

Accepted Answer

Please use one of the accepted payment methods listed below whenever you need to settle an FX trade (booked either via our dealing desk or as a bank-to conversion through your Centtrip account), or to load your Centtrip account.

Important - all payments must be made from an account in the same name as your Centtrip account. Learn more.

Accepted Payment Methods

Faster Payment Service (FPS) - FPS delivers funds within 2 hours, and is available 24 hours a day, 7 days a week. Please check your transfer limit with your bank before use. For amounts above your bank’s FPS limit, you can send a CHAPS transfer for same day-delivery.
CHAPS – CHAPS is a same-day GBP transfer from a UK bank account. Transfers must be made before a certain time to be available in your Centtrip account on the same day. Please check with your bank for times and charges associated with the transfer.
SWIFT – this is the only payment method to send GBP from a non-UK bank account. These transfers can take 1-3 working days to be received into your Centtrip account.
Single Euro Payments Area (SEPA) - SEPA is a pan-European network that allows you to send payments in Euros, provided you’re based within the EU. This can take between 1-2 working days for us to receive cleared funds into your Centtrip account.

Question 9

What does the card status "issued not active"  mean?

Accepted Answer

The 'issued not active' card status means the Centtrip card hasn't been activated yet. For help with this, see our instructions on how to activate your card.

Question 10

How can I check whether I am a Corporate Super Administrator?

Accepted Answer

Corporate Super Administrators (CSAs) have the ability to instantly add and manage users on the account.

How to check if you are a CSA

If you do not see this and would like to request CSA level access, please contact your account administrator. For more information see: How do I create a Corporate Super Administrator?