Question 1

What are the different Centtrip user types and permissions?

Accepted Answer

User Types:

User Limits & Permissions:

If you are an Admin user or a cardholder and would like to request additional permissions, please contact your Corporate Super Administrator.

Question 2

My card doesn't seem to be working - can you help?

Accepted Answer

If you are having difficulty using your card for a transaction, here are some possible causes to check:

Has the card been activated?

If not, please follow these activation instructions.

Are you using the correct PIN?

You can check your PIN in the app. If you have multiple cards, please ensure you have the correct card selected before revealing your PIN.

Is the card a replacement?

Your replacement card will require activation, and have a new PIN.

Is the card locked?

Follow these steps to check this and unlock the card.

Does the card have enough money to make the payment?

You can check your balance in the app. You may need to move money from your account balance to the card you're using. See How Do I Load My Cards for more information.

Does the merchant accept pre-paid cards?

While prepaid cards are accepted widely, some merchants may not accept them.

Correct billing address for online payments?

A billing address that doesn't match the address on your Centtrip account may prevent the payment from being accepted. You can check the correct billing address by tapping Your Details in the mobile app or by clicking on your name in the top right corner of your desktop account. Contact us using the details at at the bottom of this page to update this if it's out of date.

Are you trying to withdraw cash?

Does your withdrawal exceed the £750 daily ATM limit?
Does the ATM accept Mastercard? This should be visible on the outside of the ATM. Use the ATM Locator to find your nearest compatible ATM.
Is it a bank or independent ATM? Bank ATMs generally accept Centtrip cards more often.

If you're still having problems with your card, please contact us using the details at the bottom of this page.

Question 3

What are Corporate Labels and how do I set them up?

Accepted Answer

Corporate Labels are custom to your organisation and can be anything that will assist your accounting processes. Create as many label groups as required and link each individual label to alternative values, such as accounting or tax codes, for easy mapping.

Once set up, Corporate Labels can be attached to card and cash transactions instantly, either by cardholders within the Centtrip app, or by Administrators via the expenses dashboard.

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You can even specify which label groups will be visible to cardholders, allowing you to create separate codes for administrative purposes verus expense submission.

How to create Corporate Labels

Watch 2-minute video -

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Or, follow these steps -

Step 1)

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From your expenses dashboard, visit the CORPORATE LABELS and then click Add label group.

Step 2)

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Enter a name for your first label group and click Add'. As an example, you may want a group for Expense Type, Yacht name, Reconciliation Status or Location.

Step 3)

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Switch the SHOW IN APP toggle to green if you want cardholders to be able to add your pre-set labels to their expenses via the app.

Step 4)

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Click Manage Labels to start adding labels to your label group.

Step 5)

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Enter the name of your first label, e.g. Project 1 and an Alternative Value (optional) and click Add. Repeat this to add your remaining labels to this group. Note - you can also upload labels in batch.

Step 6

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You can now add your corporate labels to transactions via the main EXPENSES screen. Click a transaction and then simply select a label from your corporate label group.

Step 7

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If enabled, cardholders can also attach your preset labels via a quick dropdown in the app. Only the label will visible to cardholders - the alternative value will be stored with the transaction. Share our quick expenses guide with your team.

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How to create labels in batch

Save time by uploading a spreadsheet of labels (and alternative values) into your corporate label groups. You can even export any pre-existing cardholder labels to edit or update and re-upload in batch.

1. Export existing cardholder labels

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Sign in and click to visit 'Manage Expenses'. Then select LABELS from the left hand menu, switch to the Cardholder labels tab and click Download. Edit the downloaded spreadsheet as needed and add alternative values for each label...

2. Import Corporate Labels in batch

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Switch back to the Corporate label groups tab. Locate the group you want to import labels to, or create a new group (see above), then click Import. Follow the complete and upload the label template, or upload your updated cardholder label spreadsheet from the previous step.

Why use Corporate Labels?

Attach instantly - add them to expenses via a dropdown in your desktop account or the app.
Simplified reconciliation - labels can be linked to accounting codes; useful for mapping.
Entirely bespoke - create any custom Label Groups and labels that will assist you.
Improved reporting - add labels to transaction reports and include them in data exports.
Greater accuracy - selecting from your pre-set list of labels means less room for error.

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 make a one-time batch payment?

Accepted Answer

Upload a single spreadsheet and make a one-time payment to multiple recipients, in one or more currencies, effortlessly. The beneficiaries are not saved in your account, so your Recipients List will remain clear of any beneficiaries you only intend to make a single payment to.

Watch 2-minute video -

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Follow these steps -

[how-tos][figure]Select Send Payments from the navigation bar and then CREATE BATCH.[/figure][figure]Click the UPLOAD button.[/figure][figure]Tick the box labeled 'Create payments for one-time recipients'. [/figure][figure]Download and complete the batch payment template with all necessary fields.[/figure][figure]Follow the on-screen instructions to verify using either an app or email generated code. [/figure][figure]Upload your saved batch payment file and click NEXT.[/figure][figure]Review your batch summary on-screen. If needed, you can remove payments from the batch by selecting them and clicking REMOVE SELECTED.[/figure][figure]By default, the batch name will be the date & time created - you can rename your batch for easier reconciliation.[/figure][figure]Use the dropdown to select whether you would like to send your payments now, or schedule them for a later date. [/figure][figure] Once complete, you can save your batch to edit later, or submit it now. If your payments require approval, your administrator(s) will be notified - you will receive an email confirmation once processed.[/figure][/how-tos]

Question 6

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 7

How do I find my nearest compatible ATM?

Accepted Answer

The Centtrip prepaid card offers the highest cash withdrawal limits on the market, enabling you to withdraw up to £4000 per day from any major ATM.

To find your nearest chip-enabled ATM, we recommend using the Mastercard ATM Locator.

You can access this anytime via the Centtrip app - simply tap the app menu icon to open 'SETTINGS', select 'Atm Locator' and enter your location to search.

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Hints and tips

Question 8

How do I export card expense statements and reports?

Accepted Answer

Apply custom fields and filters and export transaction data, with or without cardholder receipts, in a variety of formats to suit your requirements.

Watch 2-minute video -

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Follow these steps -

Tailor your data to suit your requirements.
Click either 'XLSX' or 'PDF', depending on your preference, and choose an export option (see below for more).
You will receive an email once your report is ready. Visit 'REQUESTED REPORTS' to download it.

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Export options:

XLSX

Transactions only – easily edit and customise your data, to integrate with digital expense sheets, or to import into your accounting software.
With Urls – include links to each expense receipt to easily view or download, without having to sign in.

PDF

Transactions only – export professional transaction statements; useful for submitting expenses for final approval.
With images - the same professional PDF statement, with the addition of receipt images under each transaction line.
ZIP with attachments - instantly download all receipts to save locally, view or share.

Question 9

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 10

What is CenttripNow and how can I use it to make instant payments?

Accepted Answer

CenttripNow enables funds to be transferred instantaneously between connected Centtrip accounts, completely free of charge - 7 days a week, day or night. To use this service, all you need to do is connect the relevant accounts via the CenttripNow network.

If your intended beneficiary/payee does not yet have a Centtrip account, they can apply online here.

How to get started -

Step 1 - Sign in

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Both you and the beneficiary/payee need to have a Centtrip account. Sign in or apply online.

Step 2 - Connect via CenttripNow

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Visit the 'RECIPIENTS' section of your account (A). If required, click 'ADD RECIPIENT' (B) and follow the steps to set up a new beneficiary. Then, use the check boxes to select recipients (C) and click 'INVITE' to send an instant CenttripNow email invitation (D). Once they accept, you will be able to send and receive payments.

Step 3 - Connect via CenttripNow

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Alternatively, click 'ADD CENTTRIPNOW' (A) and enter a beneficary's unique CenttripNow code (B). You can also share your own, which will be shown here (C), with any payees.

Step 4 - Load account funds

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Ensure you have sufficient funds - check your balance and load your account if required.

Step 5 - Convert currency

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For international payments, you can convert currency directly within your account.

Step 6 - Make your CenttripNow payment

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To make a CenttripNow transfer, select 'Send Payments' (A) and input the details. Choose 'CenttripNow' as your payment method (B) and submit your payment when ready (C).

CenttripNow can also be used to make free, instant batch payments - find out more