Amex FX International Payments rewards for Business Card holders

[MikeG]

I've been a Amex FX customer ever since I had my Business Gold Card with Amex (ie 3-4 years now), as I run an import business that normally transfers $200k-$500k a year overseas by various means.

I was led to believe there was a reward for using this service, and I was yet to see any points transferred.

Membership Rewards | Foreign Exchange | American Express

If you have an American Express Card enrolled in the Membership Rewards program, FX International Payments can be even more rewarding. Find out how.

www.americanexpress.com

I finally got proactive, and searched for the link which I found eventually (above) and I requested that Amex urgently compensate me for any points I had not received and was eligible for. My Amex sales rep was eager to help me out, and she passed this along to a FX customer service rep to handle. I was blown away when I got am email from him stating (and I paraphrase):

"We would be pleased to remit 10,000 points to you in the next day or so, to compensate back to the start of 2018."

I though this reasonable, except when I did a quick tally of my spend through Amex FX International Payments for that period, it turned out to be $314,051.36 (AUD) which translates to be 20936 points (rounded down) - should I feel ripped off? I've responded to him with these facts, and referring to the Ts & Cs, but there has been no response.

M

 

[daft009]

I would ask for the rest too.
Specially as they are now devalued

 

[maia200]

I would certainly ask for them. Also to confirm that you are enrolled in the actual Membership Awards program with Amex.

 

[ftm]

If you’re doing those sorts of numbers, you would save a good amount by moving to OFX or Cambridge or someone like that. They will have significantly better rates, worth a lot more to you than the Rewards Points.

But in the meantime, definitely claim the extra points - you’ve earned/paid for them!

 

[MikeG]

I have an account with OzForex (have for years now) - their rates aren't that great. Amex is way better. Even AFEX is better than OzForex. I'll certainly seek out Cambridge and see what they're like. Thanks

 

[daft009]

I'm with afex. Been great consistent rates

 

[cove]

We use Bell FX and Westpac dealing room and we use Kitco as a guide to ensure we know where the market is trading. We don’t leave room to get points as the amounts we deal often are 7 figures.

 

[Cruiser Elite]

FWIW - at 09:30 this morn spot rates USD50K were:

Cambridge - .6765
AMEX Forex - .6793 - I think you can work it out from there

 

[cove]

I can deal at 0.6803 right now so we don’t leave 10 pips on the table.

 

[MikeG]

0.6791 right now without any fees (Amex FXIP)
or 0.6747 with OFX
or 0.6739 WITH AFEX (plus a $10 charge)

 

[cove]

OK I can deal at 0.6802 right now,,,,,

 

[daft009]

0.6773 at present with afex, no admin charge. My main in Euro, not USD

 

[MikeG]

OK I can deal at 0.6802 right now,,,,,

Damn, that's a good rate - but only 0.0011 better than what I'm on. Might be worth me talking to the FX providers about sharpening their pencils. I've been on the same deal with Amex FXIP for 3-4 years now

 

[MikeG]

I have been advised of an update on the whole points thing. Apparently the 1pt per $15 has only been happening since April 2019. Prior to that it was 1pt per $30. Explains alot. I'll just be quiet now. Seems it takes 3-4 weeks to hit my account.

 

[Cruiser Elite]

0.6773 at present with afex, no admin charge. My main in Euro, not USD

AMES FX .6798 right now 20K/50K

 

[daft009]

AMES FX .6798 right now 20K/50K

Thanks, my USD volume is around $5-10k per year so not worth using another provider

 

[ftm]

Well, that was interesting to see. I’d come from Amex years ago and the rates were terrible - made OFX look amazing. Then OFX got average, but still better then Amex and we went to Cambridge. Wondering if I was in a different part of Amex? They weren’t even close to OFX back then.

Maybe time to revisit.

 

[MikeG]

Especially with the Amex Business Card points thing, every little bit helps.

I'd love to get a referral bonus but they don't do that

Receive 100,000 Bonus Membership Reward Points
Simply spend $100,000 in the first 30 days from your first transaction. Offer ends December 31, 20192

American Express AccessLine: Payments for Business

Click this page for more information about accessline-payments-for-business

www.americanexpress.com