Q: What happens if I do not have sufficient funds for my payment and payment fee?

Payments are subject to our standard payment fees , which will be automatically debited from your Centtrip account balance, in the currency of the payment. You can check your payment fees in your account Fee Schedule . If you are sending a payment without a conversion and do not hold enough funds to cover both the payment value and the payment fee, your payment will not be sent. Please load additional funds (in the currency of the payment) and try again.

Question 1

How do I switch between my different Centtrip accounts?

Accepted Answer

If you manage more than one Centtrip account, you access them all using the same login, and switch between them effortlessly at any time.

Within the app:

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/SP7vclLu5H/resources/aiNZ7ufqJA/SCREEN%20SHOTS%20FOR%20FAQS%20%2814%29.png (SCREEN SHOTS FOR FAQS (14) (15).png)

Sign into the app and tap on the menu icon in the top-right.
Select "switch account" from the menu list.
Tap on the account you wish to view and manage.

If your app screen looks like the below, this means you are currently in an account on our European or USA platform.

Question 2

Is Centtrip Mastercard a debit or credit card?

Accepted Answer

The Centtrip multi-currency Mastercard is neither a credit, charge nor debit card.

Centtrip cards are prepaid, reloadable and issued by an Electronic Money Institution. Each time you use your Centtrip card, the purchase value is deducted from the funds available on the card.

Simply buy any of the 15 deposit currencies using your Centtrip account or on our app and transfer it to your card. You can then use your Centtrip multi-currency Mastercard in more than 210 countries and territories, online and in store.

Question 3

How do I submit an application to open a Centtrip account on behalf of another organisation?

Accepted Answer

Submitting an application to open a Centtrip account on behalf of another organisation can be done via our online Application Service.

Submit applications securely and efficiently
Receive instant notifications when additional information is required
Upload documentation securely and directly to Centtrip
Save your progress and continue your application at any time
Keep track of multiple applications, all in one place

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/SP7vclLu5H/resources/2GI1pCKgPb/SCREEN%20SHOTS%20FOR%20FAQS%20%2813%29.png (SCREEN SHOTS FOR FAQS (13).png)

How to submit an application:

Visit the Centtrip Application Service.
Sign in using your existing Centtrip credentials, or 'REGISTER'.
Click the 'New Application' button in the top-right.
Complete the required fields, upload any required supporting documentation and submit when ready.
Once submitted, please notify our Partnerships Team, so that they can assist with account onboarding.

You will be notified via email if any further information is required.

IMPORTANT: In order to submit an application on behalf of another organisation, you must have a current, signed Ambassador Agreement. Email us for more information.

Question 4

How do I get started with Centtrip's expense management solution?

Accepted Answer

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/SP7vclLu5H/resources/GIYh4m4U1x/Email%20Banners%20%28600%20%C3%97%20100px%29%20%282%29.png (Email Banners (600 × 100px) (2))

Streamline reconciliation processes with our comprehensive card and cash expense management solution. Using the app, cardholders can attach instant photo receipts, labels and notes. These are then available for Administrators to view and reconcile in the via the 'Expenses' and 'Cash' dashboards.

Sign into your account and click 'Manage Expenses' to begin -

https://malcolm-en-gb.s3.eu-west-1.amazonaws.com/instances/SP7vclLu5H/resources/iYkIxX4yOY/EM_Dashboard.png (EM_Dashboard.png)

1. Set up your Corporate Labels

Corporate Labels can be linked to accounting codes and added to transactions instantly, either by cardholders via the Centtrip app, or by Administrators.

SHOW ME

2. Share app instructions with cardholders

Once your Centtrip cards have been distributed, you’ll need to ensure your team know how to submit their expenses with the relevant receipts, labels and notes attached. They can add these easily and instantly via our app.

SHARE GUIDE

3. Tailor your expenses data

Apply filters, select custom dates and edit which fields you want to include in your transaction data.

SHOW ME

4. Manage expense receipts, labels and notes

Apply filters to tailor the data shown in your Expense Management dashboard and click a transaction to see more details and manage the expense - view or download the receipt, review labels and notes added by the cardholder, or add your own.

SHOW ME

5. Export PDF statements and reports

Customise the filters and fields in your expenses data and export XLS reports and PDF statements, with or without receipts, in the format that suits you.

SHOW ME

6. Track & Manage cash

Whether your team spend funds from an ATM, or receive a cash top-up, you can now keep track of all your transactions - even those made in cash.

SHOW ME

Question 5

Can I make payments in batch?

Accepted Answer

Yes! Save time by making single or multi-currency payments, to multiple beneficiaries, in batch. Choose whether to send your payment instantly, or schedule for later. Depending on your preferences and requirements, there are several methods:

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:

TELL ME HOW

FX Batch Payment

Use this method when:

TELL ME HOW

Question 6

Can I access more than one account from the Centtrip app?

Accepted Answer

Follow these steps to access more than one account from the Centtrip app:

Log in to the app (version 1.10.0 or later).
Select Switch Account.
Select LINK ACCOUNT and follow the prompts.

Hints & Tips

Easily swap between accounts by selecting Switch Account from Centtrip app. The account you're currently logged into will show a filled circle icon.
When using multi-factor authentication to log in to your desktop account, be sure to select the correct account in the Centtrip app before using the code.

Question 7

How does Centtrip safeguard my account?

Accepted Answer

How do I know my money is safe?

Centtrip Limited is authorised as an Electronic Money Institution (EMI) by the Financial Conduct Authority (FCA) to issue e-money. Centtrip is required to safeguard funds received in exchange for e-money that has been issued.

The specific regulations that Centtrip must comply with are set out in detail within:

Regulation 20 of the Electronic Money Regulations 2011 (EMRs);
Payment Services Regulations 2017(PSRs); and
Chapter 10 of the FCA Approach Document.

How does Centtrip safeguard my money?

Centtrip itself only issues e-money to customers for certain types of transactions and in relation to limited number of currencies. All other e-money is issued by PFS Card Services (Ireland) Limited (PCSIL) pursuant to the terms of an authorised distribution agreement that is in place between Centtrip and PCSIL.

Centtrip is the e-money issuer and will safeguard funds on account which are held in the following currencies:

AED/UAE Dirhams
BHD Bahraini Dinar
CNY Chinese Yuan
KWD Kuwaiti Dinar
MXN Mexican Peso
SGD Singapore Dollar

For all other currencies, PCSIL is the e-money issuer.

Centtrip will also safeguard funds for e-money that is issued as part of carrying out the following types of transactions:

Settlement of a FX conversion where funds are received after confirmation and onward payment is made to another account following receipt of the sold currency. This means that e-money will be issued by Centtrip in relation to any payment that is directly related to the settlement of an FX conversion where the sold amount is sent to Centtrip after execution of the transaction and onward payment is being made to another account (and not held on account); and
Settlement of a forward FX conversion. This means that on receipt of the sold currency from the customer, the purchased currency amount is issued as e- money by Centtrip and onward payment made as an e-money related payment.

In all other instances, PCSIL will ensure that relevant funds (which is the Available Balance on the Centtrip Card) are segregated from their operational funds and held in the Customer Funds Account in accordance with the safeguarding requirements of the Electronic Money Regulations 2011. In the event that PCSIL became insolvent those funds would be protected against claims made by any of PCSIL’s creditors.

For e-money issued by Centtrip, we use the segregation method of safeguarding. This means that funds received for e-money are segregated immediately upon receipt and held in safeguarding accounts with our banking partner, Arbuthnot Latham. These funds are held separately from Centtrip’s own operational funds and working capital.

Centtrip does not maintain a safeguarding account for each individual customer. Rather, Centtrip holds pooled accounts in the name of ‘Centtrip Client Money Accounts’ in each currency for the purposes of issuing e-money. Centtrip performs ongoing reconciliations of its safeguarding accounts throughout the working day.

Centtrip’s banking partners have all been requested to provide a warranty that the safeguarded funds will not be used to satisfy or offset any other obligation including those obligations imposed on Centtrip itself. Centtrip’s banking partners and card provider are authorised in the UK and in the European Economic Area (EEA).

Which types of transaction are safeguarded?

In EMRs, safeguarding applies to what are described as 'Relevant Funds'. These are defined as sums received ‘in the form of payment by a payment instrument only have to be safeguarded when they are credited to the EMI’s payment account or are otherwise made available to the EMI, subject to the requirement that they are safeguarded by the end of five business days after the date on which the e-money was issued.’

Centtrip’s own funds must be held on different bank accounts as these monies are not safeguarded.

When does safeguarding apply and for how long?

Safeguarding should start immediately, once 'Relevant Funds' have been ‘credited to the EMI’s payment account or are otherwise made available to the EMI’. Centtrip is then under an obligation to safeguard Relevant Funds up until the point Centtrip has provided a payment instruction to our payment service provider and the funds have been remove from our payment account. At this point, the funds can no longer be said to be within Centtrip’s control.

Can I have confidence in Centtrip’s safeguarding processes?

Centtrip conducts an annual audit of its compliance with the regulatory safeguarding requirements.

has up-to-date documented safeguarding systems and controls;
holds records that demonstrate and explain the rationale behind its safeguarding decisions; and
fully discharges its safeguarding obligations as prescribed by the relevant legislation.

Question 8

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 9

How can I check my account fees?

Accepted Answer

Your fees are available in your account and can be viewed by following the steps below.

Question 10

What happens if I do not have sufficient funds for my payment and payment fee?

Accepted Answer

Payments are subject to our standard payment fees, which will be automatically debited from your Centtrip account balance, in the currency of the payment.

You can check your payment fees in your account Fee Schedule.

If you are sending a payment without a conversion and do not hold enough funds to cover both the payment value and the payment fee, your payment will not be sent. Please load additional funds (in the currency of the payment) and try again.