Question 1

How do I move funds from my FX holding accounts to my Centtrip account and cards?

Accepted Answer

NOTE - You need access to our Payments and FX Service to use this feature.

How to move USD Funds

Sign into your Centtrip account and open 'Payments and FX' from the left-hand menu.
Click 'Holding Accounts' to view your balance in each currency.
Locate your USD balance and select 'Send Payment' under 'Actions'.
Enter the 'Amount' you want to transfer.
Click on the ‘Beneficiary’ dropdown and select your own corporate bank account (or 'Add new beneficiary' to set up).
Enter a 'Value Date' (the date payment should be sent) and payment reference
Click Continue, and then 'Complete Your Payment'.
Once payment has been received, you can transfer funds to your Centtrip account.
Funds will be available to cards which spend from the shared balance, and you can transfer funds to your pre-load cards.

How to move non-USD Funds

Your Centtrip account can only hold funds in USD, so any other currencies will need to be converted before you can transfer them to your account.

Sign into your Centtrip account and open 'Payments and FX' from the left-hand menu.
Click 'Send Payment'
Select USD under 'Currency To Pay' and the non-USD currency under 'Currency I have'.
Enter the 'Amount' you want to convert from your holding account.
Click ‘Beneficiary’ and select your corporate bank account (or 'Add new beneficiary' to set up).
Enter a 'Value Date' (the date payment should be sent) and a reference, then 'Continue'
Review the conversion quote and click 'Buy' to proceed.
Tick 'Use Operating account to fund'. Then, 'Complete Your Payment'
Once payment has been received, you can transfer funds to your Centtrip account.
Funds will be available to cards which spend from the shared balance, and you can transfer funds to your pre-load cards.

Question 2

How do I check the status of a payment?

Accepted Answer

NOTE - You need access to our Payments and FX Service to use this feature.

Payment Status Definitions -

Initiated – payment has been submitted by an administrator on your account.
Funded – funds have been debited from your bank account / holding account.
Sent – payment has been sent and is on the way to your beneficiary / holding account, as per your instruction.
Delivered – currency has now been credited to the relevant account.

Question 3

How do I convert currency and make payments?

Accepted Answer

NOTE - You need access to our Payments and FX Service to use this feature.

Get a quote and convert instantly

Sign into your Centtrip account and click to open 'Payments and FX' from the left-hand menu.
Enter the currencies and amount you want to convert into the 'QUICK QUOTE' box.
Choose a Delivery Type and click ‘Get a Quote’.
Review your rate and if happy, click ‘Buy’ to purchase the currency.

Choose where to send your currency

Use the ‘Beneficiary’ / ‘Place in Holding’ toggle to choose whether to make a payment with your purchased currency, or to send it to your holding account for a future payment.

Pay a beneficiary – click on the ‘Beneficiary’ dropdown and either select an existing payee, or click ‘Add new beneficiary’ and enter the relevant payment details. Click ‘Add another payment’ and select another beneficiary if you want to make multiple payments.
Place in holding – funds will be sent to your foreign exchange holding accounts, which are separate to your USD Centtrip account.

Click ‘Continue’ when ready.

Select a payment method

Direct Debit is the default payment method, and enables you to pay for your currency without having to sign into a separate bank account and make a transfer. However, you can change this to a wire payment if required.

Question 4

How do I make payment using funds from my holding accounts?

Accepted Answer

NOTE - You need access to our Payments and FX Service to use this feature.

Question 5

How do I get access to the payments and foreign exchange service?

Accepted Answer

If you do not see the payments & FX dashboard (shown below) when you click on 'PAYMENTS & FX' from your account menu, it means either that this service has not yet been enabled for your account, or that you do not have the relevant access rights.

To request access, please contact your Centtrip account manager or email Client Support.

Question 6

Can I use Centtrip for payments and foreign exchange?

Accepted Answer

Yes! Once this service has been enabled for your account, you will have direct access to the live FX market and can convert over 130 currencies at competitive rates. Place spot, same-day or forward trades and market orders effortlessly within your account.

Purchased currency can be used to make fast and secure international payments, without the hefty banking fees. Alternatively, convert multi-currency revenue streams back into USD and transfer to your Centtrip account or cards.

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Get Started

Sign into your Centtrip account and click on 'PAYMENTS & FX' in the left-hand menu. If you are not taken to the payments & FX dashboard, it means either that this service has not yet been enabled for your account, or you do not have the relevant access rights. To find out more and request access, please contact your Centtrip account manager or email Client Support.

Question 7

What is a Market Order, what are the benefits and how do I set one up?

Accepted Answer

Take advantage of exchange rate fluctuations by setting a target rate and letting Centtrip watch the market for you. If the market reaches your target rate, we will automatically execute the buying or selling of your specified currency, day or night. So you don't have to worry about missing an FX opportunity.

Types of Market Order

1) Take Profit

A Take Profit Order enables you to take advantage of favorable market movements. Choose a target rate better than the current market level. If the market reaches your target rate, your order is automatically processed on your behalf. You can set this up directly within your Centtrip account.

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2) Stop Loss

A Stop Loss Order can be used to stop further loss when an appreciating market starts to reverse. This protects you from purchasing currency at a poorer rate than expected or required. Choose a 'worst case' target rate that is weaker than the current market level and your order will be automatically executed if the market reaches this rate, protecting your profits. Contact our team to discuss or place a Stop Loss Order.

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3) One Cancels Other

This is a combination of both a Take Profit Order and a Stop Loss. If the market appreciates and the Take Profit Order is triggered, the Stop Loss will automatically be cancelled. Conversely, if the Stop Loss is triggered the Take Profit Order will automatically be cancelled. These are enable you to take advantage of a positive market move, whilst protecting a key level. Get in touch to discuss a OCO order.

Question 8

What is a Forward Contract, what are the benefits and how do I set one up?

Accepted Answer

Forwards enable you to reduce uncertainty and mitigate currency risk by securing a fixed exchange rate for delivery in the future. They give you the freedom to take advantage of exchange rates in times that make sense for you, without having to pay for them until they are needed. This keeps your funds free for other uses and protects you from currency fluctuations.

Types of Forward Contract

Fixed Dated Forward

A Fixed Dated Forward enables you to buy or sell currency for settlement on a specific date in the future, at a pre-determind rate. Unlike a Spot Contract, a Fixed Forward eliminates the risk of a market fluctuation which is out of your favour, by locking in a favourable rate for a future transaction.

Tailor delivery dates to suit your requirements
Allows flexibility for early delivery or to extend the delivery date
Eliminates pricing uncertainties by locking in a favourable rate
Delivery dates up to 12 months in the future

Window Forward

A Window Forward is similar to a Fixed Dated Forward, but offers additional benefits by providing multiple settlements at a fixed rate, within the pretermined timeframe.

You set the delivery window
Allows for multiple deliveries
The total amount of the contract can be settled in increments
Single or multiple deliveries are set at a single exchange rate

Non-Deliverable Forward (NDF)

A NDF allows hedging in currencies where governement regulations retrict foreign access to local currency or the parties want to compensate for risk without a physical exchange of funds. NDF settle against a fixing rate at maturity, with the net amount in USD, or another fully convertible currency, either paid or received.

Contact our currency experts to discuss your requirements today.

Question 9

What are multi-currency holding accounts?

Accepted Answer

Centtrip's multi-currency holding accounts allow you to receive and hold foreign currency without having to open foreign bank accounts, saving you time & money.

You can hold funds in your multi-currency account for future use, send a transfer from your account, or convert your currency to USD or another foreign currency. You can also purchase currency directly within your account to take advantage of favourable market conditions.