FAQ

How to add a new person to your account

Owners and admins can add people to the account. To add a new person to your Equals Money account, please sign in and go to the “People” page of your account. At the top of this page, you’ll see a button that says “+Add People”.

‍

Once you click on this, you’ll be asked to add some information about the person you wish to add. We’ll need to know their name, email address and you’ll need to assign them an account role.

Roles

You can assign one of the following roles:
‍
Primary owner

Your company account must always have an active Primary owner. Only one person within your company can hold this at any given time. The Primary owner has the same permissions as an Owner, but they cannot be deactivated. The role can be transferred to another active Owner, by the current Primary owner.

‍Owner

Owners have view and edit access to all functionality in the platform. Owners also have access to Account settings, where they can activate/deactivate certain features.

‍Admin

Admins have view and edit access to all functionality in the platform, with the exception of view only access to Account settings.

‍Payer

Payers can add recipients and make payments from your account. They do not have access to any settings or permissions.

‍Viewer

Viewers have view access to all functionality in the platform, except Account settings. Viewers do not have any edit access, nor can they make any transactions, within your company account.

‍Accountant

Accountants have view and edit access for spending activity, including statements and transactions. They also have access to manage Annotations and Integrations in Account settings. People with the accountant role cannot have their own Individual card.

‍User

You can assign Users to Individual cards. Users cannot view or edit anything at account level, or make wire payments.

‍

Once you have selected a role, you will be able to choose whether or not an invitation is sent out to them immediately. In most cases, you can simply invite your staff as soon as you add their details on the platform. We give the option to invite them later for situations where you may prefer to invite them at a more convenient time, for example, while you are meeting with them or onboarding a new member of your team. You will be able to invite someone later by selecting them on the People page and clicking “Send invite” on their profile.

‍

The next screen will ask you to add a job title, employee number and work phone number, which is optional. This may help you, and other members of your team identify people on your account.

‍

The person you are adding will receive an invite email with the subject line “You've been invited to Equals Money”. This invite will include a link to a page allowing them to set up a password and then access your account.

‍

Next steps

If the person will need to be assigned to a specific balance to draw money from, assign them to a balance or create a new one.

Due to the volatile nature of the currency market, entering into a forward contract requires some financial commitment from you in the form of a deposit which is held on account until your final drawdown. Deposits are always payable within one business day of entering into a forward contract.

What currency should I pay the deposit in?
You can pay this deposit either in the currency you are selling, in which case we will reduce the amount owed to Equals at the end of the contract, or in the currency you are buying in which case we will return the full deposit to you on successful completion of the contract.

How much deposit will I need to provide?

The percentage and value of the deposit we require you to hold against the contract will be shown on the platform and in your confirmation.

What is an additional deposit?

Occasionally you may be required to pay additional deposits (also called a ‘variation margin’) if there are unfavourable currency movements against the contracts you have with Equals.

For example if your variation margin terms are 3% then every time the market rate moves against your currency pair by 3% we will contact you to request a minimum deposit of 3% to bring your position back to the initial deposit level.

We will then contact you for further deposit for every 3% the exchange rate moves against you. Deposit amounts will be held on account for you and paid out/back if the rate moves back in your favour or on completion of the contract. Any additional deposits must be received within one business day of Equals making the request otherwise the trade is at risk of being closed with any loss incurred being invoiced to the client.

Additional deposits are calculated like follows: (this is an example only and does not reflect a contract rate being offered by Equals)

January 18th

A client buys 300,000 CHF at the exchange rate of 1.2625 for £237,623.76 GBP on a 4-month forward contract with a required deposit of 10%. The client pays £23,762.38 GBP to hold as a deposit at Equals.

April 20th

The exchange rate has since moved to 1.3005 [+3%]. The current value (also called mark-to-market) of 300,000 CHF is now £230,680.51 GBP. This would require the payment of an additional deposit. Equals would calculate the additional deposit as follows:

• Decline in value of Forward contract: £6,943.25 GBP

• Additional deposit amount required to meet 3% margin call: £6,943.25 GBP

• Total Deposit held after margin call is met: £23,762.38 GBP + £6,943.25 = £30705.626 GBP

‍

‍How can you view transactions?‍

To look at your transactions, both card spend and payments, please go to the “Transactions” page of your account.

You’ll see a list of your transactions, ordered by date with the most recent at the top.

You’ll see these details about your transactions:

Description: This is a label for your transaction as provided by the merchant or recipient. It will include the name of the payee.
Name: This is the name of the person who made the payment or order on your account. For incoming payments this is empty.
Balance: This is the name of the Balance that the funds have been debited from.
Type: The type of transaction, which can be any of the following - Payment, Credit, Exchange, Deposit, Drawdown, Fee, Card, Card check, Card refund, Cash withdrawal
Amount: the value of the transaction in the currency it was paid in. In the case of an exchange or a payment with an exchange, the other currency value will also be noted.

It is possible to view transactions for a specific card, by going to the “Cards” page and selecting a specific card. A panel will appear on the right. Near the bottom of this panel, there is an option to “View transactions for [name on card]”.

This will take you to the transactions page of your account which will be filtered for transactions from that card.

‍

Which transactions can you view?

Depending on your role, you may not be able to see all the transactions that your organisation has made.

These roles can see all transactions: Owner, Admin, Payer, Viewer, and Accountant.

If you do not have one of the above roles, you will only be able to see transactions from Balances that you are associated with via a Balance role.

You can see the transactions for any Balances that you have one of the following roles on: Balance admin, Balance payer, Balance viewer.

‍

Filtering transactions

Please click the slider icon at the top right to filter transactions.

You can choose to filter your transactions by:

Date
Transaction status
Transaction type
Balance

‍

Transaction statuses

You’ll see that each transaction has a different status:

Pending: - These could be card transactions that haven’t been fully processed by the merchant, or exchanges. Payments and deposits which have debited a balance but have not been completed yet will also show as pending.
Complete: - These could be card transactions that have been fully processed by the merchant, or other types of orders (payments or exchanges) that have been completed.

Declined: - Card transactions that have been declined

Funds required: Transactions that are pending until money is added to funds the transaction.

Needs approval: Transactions that are pending until the spend is approved. This will only appear if your account has the payment approval feature turned on, requiring approval of all outbound payments.

Open: This only applies to forward contracts. Once a forward contract has been booked and the deposit paid, the order will be displayed as open until payment is complete.

‍

Search for transactions you want to see

It’s also possible to filter for the transactions on a specific card (physical or virtual) by typing the last four digits of the card number into the search bar on the transactions screen.

You can also search for all the transactions you’ve made with a specific merchant or payee, but searching their name in the search car.

‍

When do transactions appear?

Transactions appear in the Transactions screen within seconds. This is the same for cards, payments and transfers.

‍

Downloads

It's possible to download (export) a statement or a report of transaction activity. Statements can be downloaded for date ranges up to the day before the current date. Today’s transactions cannot be downloaded as the day is not yet complete.

To download, go to the "Transactions" page and click this download icon at the top right of the page:

A statement shows a record of the financial activity of your account, including running balances. It is a formal record for financial reporting. You can get this either as a CSV download or a pdf.

The transaction activity will show you all transactions and events on your account. It does not have a running balance. The download will be a CSV.

It is possible to filter each of these reports to show specific time periods. You can also filter the statement to show you a statement for a specific balance and/or currency.

Due to the volatile nature of the currency market, entering into a forward contract requires some financial commitment from you in the form of a deposit which is held on account until your final draw down. Deposits are always payable within one business day of entering into a forward contract.

What currency should I pay the deposit in?
You can pay this deposit either in the currency you are selling, in which case we will reduce the amount owed to Equals at the end of the contract, or in the currency you are buying in which case we will return the full deposit to you on successful completion of the contract.

How much deposit will I need to provide?
The percentage and value of the deposit we require you to hold against the contract will be shown on the platform and in your confirmation. What is an additional deposit? Occasionally you may be required to pay additional deposits (also called a ‘variation margin’) if there are unfavorable currency movements against the contracts you have with Equals.

For example if your variation margin terms are 3% then every time the market rate moves against your currency pair by 3% we will contact you to request a minimum deposit of 3% to bring your position back to the initial deposit level. We will then contact you for further deposit for every 3% the exchange rate moves against you. Deposit amounts will be held on account for you and paid out/back if the rate moves back in your favour or on completion of the contract. Any additional deposits must be received within one business day of Equals making the request otherwise the trade is at risk of being closed with any loss incurred being invoiced to the client.

Additional deposits are calculated like follows: (this is an example only and does not reflect a contract rate being offered by Equals) January 18th A client buys 300,000 EUR at the exchange rate of 1.2625 for €237,623.76 GBP on a 4-month forward contract with a required deposit of 10%. The client pays £23,762.38 GBP to hold as a deposit at Equals.

April 20th The exchange rate has since moved to 1.3005 [+3%]. The current value (also called mark-to-market) of 300,000 EUR is now £230,680.51 GBP. This would require the payment of an additional deposit. Equals would calculate the additional deposit as follows:

• Decline in value of Forward contract: £6,943.25 GBP
• Additional deposit amount required to meet 3% margin call: £6,943.25 GBP
• Total Deposit held after margin call is met: £23,762.38 GBP + £6,943.25 = £30705.626 GBP ‍

Equals money

FAQs