I have now received a response (actually two, identical and both dated the same) from AMEX on my foreign transaction dispute. As predicted by some the letter refers to the terms and conditions:
". . . if you make a charge in a currency other than Australian dollars, that charge will be converted into Australian dollars. The conversion will take place on the date the charge is processed by American Express, which may not be the same date on which you made your charge as it depends on when the charge was submitted to American Express. If the charge is not in US dolalrs, the conversion will be made through US dollars and then by converting the US dollar amount into Australian dollars . . ."
Interestingly, the letter states that their conversion commission is 2%, not 2.5% as I believed. This 0.5% is the $40.71 they credited me last week (referred to in post 61 above).
The letter also includes a little table showing the details of this transaction in dispute (52526 ZAR). Again of interest is the "date of charge" which they say is 6/11/08. Two points here: first, the online statement shows the transaction as occuring on 4/11/08 and, second, it definitely did occur on the 4th as I checked my statement online and within an hour of AA South Africa processing it, the money was taken from my account and reflected on my balance.
Finally, the letter has this little gem:
"Our aim is to keep our rates generally competitive. However, because of the volatile nature of foreign exchange markets, our rates may at times be better and at times worse than other major card issuers."
Competitive? What a joke. The following table shows a comparison of various different rates on 4/11:
Code:
4/11/2008 Rate 52526 ZAR = 2.00% Charge Difference
Amex statement (adjusted) 6.45 8143.34 162.8668 8306.2068 0
IMF 6.5576 8009.94 160.1988 8170.1388 -136.068
Amex forex (sell rate) 6.3255 8303.849498 166.07699 8511.44 205.2332
Sam @ Amex Melbourne 6.744165 7788.362236 155.7672447 7983.07 -323.1368
Sam @ Amex Melbourne 6.59 7970.5614 159.411228 8169.25 -136.9568
Toby @ Amex Melbourne 6.6473 7901.85 158.037 8099.4 -206.8068
xe.com 6.7439 7788.66 155.7732 7983.38 -322.8268
Amex website (travel tools) 6.5899 7970.68 162.6 8130.09 -176.1168
oanda.com 6.5899 7970.68 162.6 8130.09 -40.0488
exchangerate.com 6.744165 7788.362236 155.7672447 7983.07 -116.33
South African Reserve Bank 6.72 7816.369048 156.327381 7972.696 -333.51037
Average 6.6147144 7940.781184 158.81562 8099.59680 -206.609992
First, these sources are either those provided to me by AMEX or sources suggested here. Second, I acknowledge that these are the rates for 4/11, not 3/11; I'm waiting on figures from two sources before posting. Regardless, there was no significant change (either way) in exchange rate between the AUD and ZAR from 3/11 to 4/11.
I believe this information serves as a pretty good indication that AMEX are certainly not competitive. I'll be writing back to them with this information.