FAQs

The Equals Money account supports multiple currencies. Some currencies can be used for certain features only.

‍The 20 card-supported currencies are:
GBP, EUR, USD, AUD, CAD, CHF, CZK, DKK, HKD, HUF, ILS, JPY, NOK, NZD, PLN, RON, SEK, SGD, TRY, ZAR.

The Equals Money account offers a multi-currency IBAN, which supports the following 38 currencies:
AED, AUD, BBD, BGN, BHD, CAD, CHF, CZK, DKK, EUR, GBP, GHS, HKD, HUF, ILS, JPY, KES, MWK, MXN, NOK, NZD, OMR, PHP, PKR, PLN, QAR, RON, SAR, SEK, SGD, THB, TND, TRY, TTD, UGX, USD, ZAR, ZMW.

Outbound wire payments can be made in the following 61 currencies:

AED, AUD, BBD, BDT, BGN, BHD, BWP, CAD, CHF, CNY, CZK, DKK, ETB, EUR, GBP, GHS, GMD, HKD, HUF, ILS, INR, JOD, JPY, KES, KRW, KWD, LKR, MAD, MGA, MUR, MWK, MXN, MZN, NGN, NOK, NPR, NZD OMR, PGK PHP, PKR, PLN, QAR, RON, RWF SAR, SEK, SGD, THB ,TND, TRY, TTD, TZS, UGX, USD, XAF, XCD, XOF, ZAR, NAD, ZMW.

You can find all our available currencies here.

‍

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.

If you are currently on the Equals Spend platform, you may have received an email about moving to the new Equals Money platform or seen a banner in your account.

You can find an overview of the migration on our blog article here.

Please find some frequently asked questions about the process below.

‍

How long do we have to upgrade?
We recommend upgrading soon after you first see the banner in your account. You must move to the new platform by the end of March 2025. You will be able to choose the date that your money moves across.

‍

‍When will we need to stop using our Spend cards?
You’ll need to stop using your current cards on the date your funds are moved to the new platform. This is a date you choose when you upgrade. By then, you’ll have had time to order and receive new cards for a smooth transition. You can read more about the process here.

‍

Will we still be able to get physical prepaid expense cards on the new platform?
Yes. You will now have more flexibility around the type of cards you order but it will still be possible to order physical cards for all your team which function similarly to Spend cards.

‍

Can I start using the Equals Money platform and new Equals Money cards before our Spend account is closed?
‍Yes, you can start using the new platform as soon as you've confirmed you would like to upgrade. You do not need to wait for your money to transfer before ordering new Equals Money cards and adding money directly to the new platform.
You are welcome to use both platforms for a while before your money transfers across. Your money will be transferred on the date you choose in the upgrade process.

‍

‍Can we use our existing Spend cards on the new Equals Money platform?
No, you will need to order new Equals Money cards. As soon as you have opted to upgrade you will be able to access the new platform and order cards.
Your current Spend cards will work until the date you select for your funds transfer (unless they expire before this date).

‍

‍One of our cards is due to expire, does the whole company have to upgrade now?
We want to create a smooth process for you and your team. If you are not ready to upgrade, please speak to us.

‍

‍Will the rest of my team be automatically moved across?
No, you’ll need to add team members once you’re on the new platform. If this will be difficult for you due to the number of people in your company that use the account, please speak to us.

‍

‍Will transaction history be transferred to the new Equals Money platform?
No, however, you will still have access to transaction history in your Spend account until 31st March 2025.
‍

‍Will uploaded receipts be transferred to the new platform?
No, however, you will still have access to receipts in your Spend account until 31st March 2025.

‍

‍What are the differences between Spend cards and Equals Money cards?
You can find out more about the differences here.

‍

‍One of our cards is due to expire, does the whole company have to upgrade now?
We want to create a smooth process for you and your team. If you are not ready to upgrade, please speak to us.

‍

‍How can I access the new platform?
Once you've opted to upgrade, sign in on our normal page, with the same email address and password. After the sign in page, you'll see an additional page that allows you to choose to access the Equals Money platform.

‍

‍I can access the new platform, but my balance isn't on it? Where is the money?
This likely means your funds haven’t yet been transferred. You or someone in your team would have selected a specific transfer date.

‍

‍How do I download the new mobile app for Apple or Android?
You can download the mobile app for Android here and for Apple here.

‍

I can't see a banner on my account and have not received any communications about this, when can I upgrade?
‍We're gradually inviting customers to move to the new platform. If you'd like to move across as soon as possible, please get in touch.

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

‍

Equals money