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Amex FX international payments experiences

mstgrv

Junior Member
Joined
Jan 29, 2014
Messages
25
Wondering if anyone has any experiences with Amex FX international payments? Looking to compare it to Transferwise in terms of fees & exchange rates, and general ease of use when making payments with an Amex card.
 

umberloidster

Junior Member
Joined
Jan 3, 2019
Messages
31
I've been using it for about seven months, paying out one largeish USD business payment per month.

The bulk FX rate offered by amex is a lot cheaper than I'd been getting from Westpac (which is how we used to pay the same supplier), though I'm not sure how Transferwise compares.

Payments are fast, the web interface is good enough, and through my amex platinum Account Manager I was able to get 100k bonus MR points on signup.

I can't fault the service. Happy to answer any other questions you've got!
 

mstgrv

Junior Member
Joined
Jan 29, 2014
Messages
25
Thanks umberloidster - do they charge fees per transaction, or are their fees baked into the exchange rate?
 

umberloidster

Junior Member
Joined
Jan 3, 2019
Messages
31
They charge a fee per transaction. I've just run one and there's a 2.1% payment charge (which, depending on your circumstances, may or may not be GST deductible).

Amex FX have me a USD exchange rate of 0.668 which compares quite nicely to the 0.647 Westpac offers today.

Our circumstances are a bit weird as we need to make a payment in USD to an Australian bank account, no SWIFT, just BSB and Account Number. Banks struggled with this and I don't think RewardPay would have allowed it either. So it was kind of a last resort that led to Amex FX, but it works.
 

daft009

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0.668 is not the most competitive rate and then you pay a fee on top..wow
guess your margins allow for it.

there are other FX firms that you could try, they might be able to do what you need
 

mstgrv

Junior Member
Joined
Jan 29, 2014
Messages
25
The issue with other FX firms is support for paying by Amex, which is virtually nonexistent. If only Transferwise had an Amex card option, but they don't.
 

daft009

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My one takes funds via EFT. I used to use my Amex and a payment processor to EFT them.. sorted
 

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