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American Express FX International Business Payments review
Pay suppliers and more through a simple, secure platform from a trusted brand.
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36 hours
Fastest Transfer Speed
$1
Minimum Transfer Amount
How much will I pay to send money with American Express for business transfers?
Though you won’t pay fees for opening or maintaining an account, or for receiving incoming currency payments, you’ll see fees on your outgoing foreign and same-currency payments — and it’s not clear what they are until you start a transfer.
Fees depend on your recipient’s country and the amount of money you’re sending. Any fees are deducted from your connected bank account.
How are American Express FX International’s exchange rates?
American Express FX handles large and small international payments and touts competitive exchange rates. Access live rates on their website and contact customer support 24 hours a day Monday through Friday for help with products best for your business and transfer.
Rates fluctuate with the market, so you’ll know what you’ll pay once you start your transaction and before you finalize the deal.
Who charges less?
Independent transfer services usually win out over banks when it comes to fees. There are several providers who will send a transfer for free with competitive exchange rates, including Xe and Wise.
- Wise is a peer-to-peer transfer service that uses the mid-market rate — the rate banks and transfer services use when they trade among themselves — so you can be certain you’re getting the best rate on your transfer.
- Consider Xe money transfers if you’re looking for bank-to-bank transfers to more than 170 countries.
What services does American Express International Business Payments offer?
Make one-off outgoing and incoming transfers, as well as:
- Forward contracts. Lock in a stellar rate for up to to 12 months.
- Foreign currency drafts. A solution to getting a check overseas that’s much faster than sending one by mail.
- Cash letters. Let American Express deliver your deposit slip to a bank overseas for immediate access to funds.
- Rewards. If your business has an American Express card, you could earn rewards for every $30 you transfer. Use the rewards for things like shopping, travel and dining.
What are the pros and cons of using American Express International Business Payments?
American Express isn’t upfront about their fees, so you won’t know what you’ll pay for outgoing foreign and same-currency payments until after you start the transfer. You also won’t get customer support on the weekend.
Pros
- Easy to use. Simple transfers online, over the phone or bank to bank.
- Variety of transfer options. Choose from wire transfers, foreign currency drafts, cross currency transactions, cash letters and forward contracts.
- Extensive currencies worldwide. Send payments in more than 80 currencies to more than 110 countries.
- Rewards. If you’re a cardholder, earn rewards for every $30 in transfers you make.
- Low fees. There are no setup or maintenance fees, and no fees for incoming currency payments.
- Keep records of payments. American Express keeps a record of all of your transfers.
Cons
- Limited customer service. Customer support is only available Monday through Friday.
- Transfer fees. Fees for outgoing foreign and same-currency payments are made available after you initiate a transfer.
- Foreign exchange rates. While you receive real-time access to foreign exchange rates, these may not be available outside of business hours.
Compare American Express to other international money transfer services for businesses
Our table lets you compare the services you can use to send money abroad. Compare services on transfer speeds and fees, then click Go to site when you're ready to send.
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How do I make international payments through American Express?
- Sign up. Provide your name and the name, address and phone number of your business, then American Express will confirm your info to verify your account.
- Contact FX International Business Payments. Once you place an order overseas, log in to your account or call and provide the supplier information.
- Lock in your rates. Once you provide the details of your transfer, your rate is locked in.
- Make your payment. Initiate payment over the phone, online or bank to bank.
Next steps
- Manage your international payments. Keep track of your transfers, upload files to save time and reduce errors and link your account to any US business bank all through your account.
- Get support. Customer support is available for you Monday through Friday, 24 hours a day through online chat or by calling 888–391–9971.
Bottom line
With over a century of experience, American Express offers an easy way to settle up with suppliers overseas to almost any country you do business with. They claim to have competitive exchange rates and fees, but those aren’t clear until you register your business and start a transfer.
Compare other overseas fund transfer companies that serve businesses before deciding what’s best for your business.
Frequently asked questions
American Express is not currently available on Finder
Have you considered Wise (TransferWise)?
Wise uses the mid-market rate and transparent fees to help you send money in 45+ currencies.
