FAQs

Creating cards

You can order a card for yourself or a member of your team if you are a Primary Owner, Owner or Admin.

Please log in to your account and go to “Cards” from the menu on the left. If you are on our mobile app, this will be at the bottom of the screen.

Click the “+ Create card” option at the top of the screen.

On the next page, you can choose between ordering a Shared or an Individual card. Shared cards are virtual cards which are not assigned to specific people, they can therefore be shared by departments, project groups or assigned to specific purposes (eg to pay a subscription).

Individual cards can be physical or virtual. Unless you need the card to make transactions in physical stores, we usually recommend virtual cards as they can be issued to you within minutes and their details are always secure on the platform.

Next, you will be asked to give the card a name. We recommend giving your card a name that refers to its intended purpose.

Lastly, please select a team member to approve security notifications for online purchases.

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Setting limits

It’s possible to set two types of spending limits:

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Spend limits

To set a limit on a card, go to the “Cards” page of your account. You’ll be able to see all the Shared and Individual cards you have access to listed on this page. Select the card you want to set a limit for and a panel will appear allowing you to manage some card settings.

Select the option for spending limits:

You will need to use the slider by “Activate limits on this card”.

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Once that has been turned on, you will be able to set a value of the spending limit for that card, and the period that limit should cover:

Daily (Limit refreshes every day at 00:00 UTC.)
Weekly (Limit refreshes every Monday at 00:00 UTC.)
Monthly (Limit refreshes the 1st day of every month at 00:00 UTC.)
Lifetime (Limit does not automatically refresh.)

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Max single transaction limits

You also have the option to set a maximum single transaction value, separate from the other limit. This means that no one transaction will be able to go over a certain limit.

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Make sure you press “Save” to save the limit.

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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