AMEX FOREX Closing

I opened up a SingX money transfer account, and was delayed by red tape, they wanting more than 100 points, and then a selfie, And now proof of income and invoices! after <10K of transfers. Talk about breach of ACL. Not happy! Has anyone else encountered PII related money transfer issues recently - I presume AUSTRAC is trying to kill off competition and small players. My name to my name, and general holiday expenses. I had another FX firm before Covid, and they tried to ask for ID to get my own money back years later. Took a letter of Demand to get it back, and a damages suit will follow. Given all the security breaches (Latitude, Optus, Medibank etc) splashing PII information via email is a national tragedy. If I was to pick a new provider, I would like then to have 'Signal' , to show they understand basic security.
 
So AMEX FOREX is a dead duck as of July 31 - bummer that - I was for last 10 years on a 'trial' with AMEX to settle FOREX with Plat card - originally when they instigated this facility they wanted 2.5% or something ridiculous - they granted myself and a handful of others a 'trial' at 1.5% but somehow in the wash they forgot all about the 'trial' and we remained on that rate until closure. BUMMER

So I have now started to use OFX and settle via Yak Pay with St G - it has worked perfectly with last 3 transactions totaling just shy of 100K. Unfortunately, the redemption rate change 2:1 -> 3:1 has taken the gloss of this avenue but still OK when blended in with other cultivation avenues. OFX are realy efficient - settlement transaction completed in timely fashion and there rates are quite good.
 
Cruiser Elite said:
So I have now started to use OFX and settle via Yak Pay with St G - it has worked perfectly with last 3 transactions totaling just shy of 100K. Unfortunately, the redemption rate change 2:1 -> 3:1 has taken the gloss of this avenue but still OK when blended in with other cultivation avenues. OFX are realy efficient - settlement transaction completed in timely fashion and there rates are quite good.
Click to expand...

I currently have airwallex via pay.com.au in my list to research as its fully integrated by the looks of it
 
Cruiser Elite said:
So AMEX FOREX is a dead duck as of July 31 - bummer that - I was for last 10 years on a 'trial' with AMEX to settle FOREX with Plat card - originally when they instigated this facility they wanted 2.5% or something ridiculous - they granted myself and a handful of others a 'trial' at 1.5% but somehow in the wash they forgot all about the 'trial' and we remained on that rate until closure. BUMMER

So I have now started to use OFX and settle via Yak Pay with St G - it has worked perfectly with last 3 transactions totaling just shy of 100K. Unfortunately, the redemption rate change 2:1 -> 3:1 has taken the gloss of this avenue but still OK when blended in with other cultivation avenues. OFX are realy efficient - settlement transaction completed in timely fashion and there rates are quite good.
Click to expand...

Was on the phone with Yak Pay in mid-July, asked if funding to an FX provider with Amex will be possible in the future because AMEX FOREX was shutting down, she said it was never allowed because Amex had their own product to sell, I asked if that might change post Jul 31, she said they are going to look into it. Hopefully becomes an option!

But if that doesn't change, the best non-Amex business card to go to KF I have found is the NAB Signature Rewards, 1.25 NAB points per dollar spend, uncapped, and then convert at 3:1 = 0.42 KF per $1, verses others at 0.33 (like St G). Also get a better rate on Velocity 1.25 pts @ 2:1 = 0.625 VA points per $1.

ANZ Business black earns at $1 = 1.5pt = 0.5KF = 0.75VA, but only up to $10k spend per month, then drops back to $1 = 1pt = 0.33KF = 0.5VA

All woefully below what was $1 = 2.25 MR = 1.125 KF/VA/etc :(
 
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We have a few big overseas transfers coming up, anyone had any luck finding a good way to use Amex Platinum (business) to fund?

Cant fund places like Wise through Yakpay or similar, Amex doesn't allow

Very frustrating what would have been so easy a year ago!

Cheers
 
FWIW I have found nothing better than St G via Yak Pay for settling OFX transactions since AMEX FOREX closed down but even that is now marginal at best.
 
tassie6 said:
We have a few big overseas transfers coming up, anyone had any luck finding a good way to use Amex Platinum (business) to fund?

Cant fund places like Wise through Yakpay or similar, Amex doesn't allow

Very frustrating what would have been so easy a year ago!

Cheers
Click to expand...

How about Amex FX International Payments?
 

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