Amex FX international payments experiences

[mstgrv]

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]

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]

Thanks umberloidster - do they charge fees per transaction, or are their fees baked into the exchange rate?

 

[umberloidster]

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]

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]

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]

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

 

[Cruiser Elite]

Yep easy to get around that one

 

[kearvaigskewer]

Digging up and old thread but any recommendations for an FX firm and payment processor that will work nicely together?

I've tried a few payment processors but they don't seem to allow payments to Transferwise.

Feel free to PM if that is more appropriate. TIA.

 

[daft009]

Digging up and old thread but any recommendations for an FX firm and payment processor that will work nicely together?

I've tried a few payment processors but they don't seem to allow payments to Transferwise.

Feel free to PM if that is more appropriate. TIA.

Last time I tried was mid last year during the Amex double double promo. My payments were all rejected. Had to resort to EFT to my Forex provider