I haven't been keeping tight tabs on how good the Amex FX conversion is to $US. There's always the time lag between "pending" and "posted" transaction. For larger transactions, I buy my US straight away to avoid currency risk.
Choosing currency provider is critical. There are two options:
- Money transfer organisation - give you a better deal than the banks usually do (walk past a bank branch and note the large differences between "buy" and "sell" rates - they are otherwise reliable and have been around for a long time; or
- Revolut - a UK Based online bank - they have a website but are app only. Can convert $$ at the real exchange rate (there may still be a difference between Amex's "pending" exchange rate and the exchange rate used for "posted charges") then transfer to Amex's account or your US account when making the transfer. Can coughulatively buy $US and hold them in your account until you get your Amex Statement then transfer to Amex's payment account - allow a week for this unless you have a paid subscription. When I joined had a few months' wait to open an account. That might have changed now. Do your own research.
This is not financial advice, my situation will differ to that of others - consider yours before taking action. These are the two methods which work for me.
I have been thinking about using the US Amex Green card for non-bonus categories (outside of dining and travel) in Australia but am thinking given the exchange rate at $US0.70, it's not worth the effort. If I compare it to the AU Platinum Charge:
$A1 = 0.7 US MR point = 0.7 FF Miles
$A1 = 2.25 AU MR points = 1.125 FF Miles
Is there anything I'm missing?