Question 1

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 2

How do I view my card transactions for another currency in the app?

Accepted Answer

Your Centtrip card enables you to make transactions in up to 15 currencies, which you can view in the app.

To change the currency -

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Visit the 'VIEW TRANSACTIONS' screen of the app and tap the magnifying glass icon to expand filters.
Press 'Currency'.
Select the currency you would like to view transactions for.

Question 3

What kind of payments can I make with Centtrip?

Accepted Answer

Make domestic or international payments without the hefty bank fees or conversion charges. Send individual, ad hoc payments, or make multiple payments in batch, in one or more currencies - with or without FX. Choose whether to send your payments right away, or schedule them for later.

Individual Payments

Use this method when:

You need to make an ad hoc payment to an individual or organisation, domestically or internationally.

TELL ME HOW

Standard Batch Payment

Use this method when:

You plan to pay individuals or organisations which already exist in your Recipients List, and you are confident that the account details are correct and up-to-date.
You already hold the required payment currencies on your account, or intend to convert before payment.

TELL ME HOW

One-Time Batch Payment

Use this method when:

You plan to pay individuals or organisations which either do not exist in your Recipients List, OR, they exist but the account details may be out of date.
You do not need the beneficiary details to be saved following payment, and would like to upload updated account details for any subsequent payments.
You already hold the required payment currencies on your account, or intend to convert before payment.

TELL ME HOW

FX Batch Payment

Use this method when:

You plan to pay individuals or organisations which either do not exist in your Recipients List, OR, they exist but the account details may be out of date.
You do not need the beneficiary details to be saved following payment, and would like to upload updated account details for any subsequent payments.
You do not hold the required payment currencies on your account, and would like Centtrip to automatically calculate the conversions for you.

TELL ME HOW

CenttripNow Payment - free, instant, 24/7.

Use this method when:

You want to transfer funds between your own Centtrip accounts.
You are planning to make a payment to a beneficiary who also a Centtrip account.

TELL ME HOW

Note - all payments are subject to your organisation's approval rules. If you require approval for payments, an administrator will need to grant this before your payment is processed.

Question 4

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 5

How do I export reports from Centtrip?

Accepted Answer

Manage your business expenditure and save valuable time with our suite of reporting templates. Sign into your desktop account and select Run Reports to begin.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/SP7vclLu5H/resources/jmyaikSskt/Reporting.png (Reporting (2).png)

If you have multiple groups or accounts, you can choose which you would like to include in your report.
Select a custom date range.
View account expenditure across the globe, or focus on a particular currency.
Choose from our selection of ready-made report templates.

Hints & Tips

Select a base currency for your report. Using the dropdown menu to select a base currency will convert your global transactions, payments and spending into your preferred currency, for simpler reconciliation and control.
Include currencies with zero balance and no movement. Tick the checkbox to view all accounts and/or cards in your report, regardless of whether there has been any activity.
Generate an exchange rate report. Get a snapshot view of current exchange rates across all your available currencies. Click EXCHANGE RATE

Question 6

Can administrators activate cards on behalf of cardholders?

Accepted Answer

Super Administrator can prepare cards in advance and avoid any last-minute rush or queries, by activating cards on behalf of cardholders, within their desktop account. When ready, Cardholders can view their PIN securely within the Centtrip app.

Please note - only Super Administrators can activate cards on behalf of cardholders.

Question 7

How do I add labels and receipts to my transactions?

Accepted Answer

Upload instant photo receipts and label transactions on-the-go, using the Centtrip app.

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Sign into the app and tap on a transaction to view more details and get started.
'Add Labels...' - Tap to enter your own custom labels. These can be anything that will help you identify or provide more information about the expense.
'Select Corporate Label...' - Add your organisation's pre-set labels to expenses. Start by selecting a Label Group (there may be multiple) to view the associated labels, and simply tap to add one. For example, your company may have created a Label Group for 'Expense Type' and 'Department' - from the first group, you might select 'Travel' for a plane ticket expense, and then 'Sales' as your department. Corporate Labels are custom to your organisation.
'Add receipt...' - There's no need to hold onto paper receipts or submit manual expense forms. Tap 'Add receipt' to take a quick photo and upload in seconds, as and when you spend.

Can't see Corporate Labels? Your organisation may need to set up their Corporate Labels, or enable them in the app.

Hints and tips

Question 8

How do I add payment recipients to my account in batch?

Accepted Answer

Save time when adding multiple payment recipients to your Centtrip account. Our batch upload feature enables you to add hundreds of recipients in just one click, removing the need to create and verify each one individually.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/SP7vclLu5H/resources/bzeDIfUn0y/Recipients%20Batch%20Load%201.png (Recipients Batch Load 1.png)

After signing into your account, visit the Recipients tab and click 'UPLOAD RECIPIENTS'.
Scroll down and click either 'EXCEL TEMPLATE' or 'CSV TEMPLATE' to download the 'RecipientUploadTemplate’.
Complete all relevant fields of the template for each recipient.
Save your file and visit the same 'UPLOAD RECIPIENTS' page of your account (step 1).
Follow the steps under 'Verify as Trusted Payee' to verify using either an App or email generated code.
Click 'PICK A FILE...' and select your saved recipient template to upload it.
Once processed, you will receive an on-screen notification confirming the number of successful/unsuccessful beneficiary uploads. Press 'OK' to view the details.
Download the file provided - this will contain any unsuccessful recipients, along with the error reason. Example below:

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/SP7vclLu5H/resources/RomMbg0FTE/Screenshot%202021-10-12%20at%2017.40.39.png (Screenshot 2021-10-12 at 17.40.39.png)

Hints and tips

You only need to re-upload the unsuccessful recipients, all others will have been processed successfully.
'Verify as Trusted Payee' - when entering the first 4 digits of the new recipient’s Account Number or IBAN, please use the details of the first recipient in the batch.
The ‘Override’ field of the template can be used to update the details of an existing beneficiary; enter ‘Y’ into the row and the recipient (with the same nickname) will be updated accordingly.

Question 9

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 10

What can I do with the Centtrip app?

Accepted Answer

Check Balances and Transactions

Open the app to view all your transactions in real-time.
Tap the search icon to filter transactions by currency, missing receipts, labels or type.
Select ‘YOUR BALANCES’ at the bottom of the screen to check balances across all the currencies you hold on your card.

Upload Labels and Receipts

Open the app and tap on a transaction to get started.
Add Labels... - tap to enter your own custom labels. These can be anything that will help you identify or provide more information about the expense.
Select Corporate Label... - add your organisation's pre-set labels to expenses. Start by selecting a Label Group (there may be multiple) to view the associated labels, and simply tap to add one.
Add receipt... - there's no need to hold onto paper receipts or submit manual expense forms. Tap 'Add receipt' to take a quick photo and upload in seconds, as and when you spend.

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/SP7vclLu5H/resources/zwrHXHPMRf/labels%20and%20receipts%202.png (labels and receipts 2)

Instantly lock or unlock your card

Open the Centtrip app and press the menu icon to expand.
Select ‘Lock or Unlock Card’.
Use the slider to instantly lock/unlock the relevant card.

Reveal your PIN

Open the Centtrip app and tap the menu icon to open app 'SETTINGS'
Select ‘Pin’ from the menu
Tap ‘Reveal’ and enter your security details or use Touch ID / Face ID
Your PIN will be shown on screen for 5 seconds

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Find your nearest ATM

Tap the app menu icon to open 'SETTINGS'
Select 'Atm Locator'
Enter your location to search.