Amex to end foreign exchange for business outside US
In light of foreign exchange volatility, American Express will decommission its foreign exchange services for business customers outside the US by the end of 2023.
This closure is expected to impact AMEX’s Australian workforce and businesses that use AMEX to operate, according to an article in Investor Daily.
The company is exiting Australia mainly due to a “significant foreign exchange volatility off the back of aggressive monetary policy tightening from the world’s central banks.”
In 2022, only 22% of AMEX’s total revenue was generated via business activities outside of the US, says Investor Daily.
Options for businesses transferring money
If you’re a business owner who frequently moves money across international locations, your options certainly aren’t limited.
In fact, plenty of other specific international money transfer providers are available for business money transfers. These might even offer more competitive exchange rates and lower fees.
Compare business IMT specialists side by side in our comparison hub, or use our nifty tool below.
Personal international money transfer comparisons on Mozo
I want to transfer
Today’s foreign exchange rates
- Excellent exchange rates, no transfer fees
- 24/7 transfers online, over the phone or through the TorFX app
- Personal account management and expert insights
$6,650 USD
IN PERSONn/a
BY PHONE$0
ONLINE$0$0.6650 USD
1-2 days
$200 minimum
- Send to 200+ countries and 100+ currencies globally
- Dedicated Australia-based client services team with personal account management for transfers over $20,000
- 48,000+ 5-star 'Excellent' ratings on TrustPilot
$6,637 USD
- IN PERSONn/aBY PHONE$0ONLINE$0
$0.6637 USD
1-3 days
none
- 40 currencies to choose from
- Transfer money internationally, free from hidden fees
- Get a debit card to spend online, at the checkout, and to withdraw cash
$6,640 USD
- IN PERSONn/a
BY PHONEn/aONLINE$0 $0.6640 USD
1-3 days
$1.5m maximum
- Fee Free transfers
- Talk to a human, 24/7. Sharp Rates and Fast and Secure transfers.
- Australian owned, ASX listed and Official Foreign Exchange Provider of the NHL
$6,600 USD
- IN PERSONn/aBY PHONE$0ONLINE$0
$0.6600 USD
1-2 days
$250 minimum
$500 monthly minimum for regular transfers
- Zero fees on the first transfer transfers from AUD to USD, GBP, MYR, PHP, THB (for amounts AUD $200 - $7,999). T&Cs apply.
- Transfer in minutes, 24/7 Live support
- Wide range of options - Cards, Bank transfer, Wire, Cash pickup and E-wallet
$6,627 USD
- IN PERSONn/aBY PHONE$0ONLINE$0
$0.6627 USD
Within minutes
no minimum
* The exchange rates offered by each provider are indicative exchange rates that have either been supplied by each provider or gathered by Mozo. Exchange rates fluctuate constantly and as a consequence the exchange rates listed here may vary to the actual exchange rate you are quoted by a provider. Please ensure you confirm the actual exchange rate with the relevant provider prior to conducting any transaction. These exchange rates are updated every hour.
^See information about the Mozo Experts Choice International Money Transfer Awards
Mozo provides general product information. We don't consider your personal objectives, financial situation or needs and we aren't recommending any specific product to you. You should make your own decision after reading the PDS or offer documentation, or seeking independent advice.
While we pride ourselves on covering a wide range of products, we don't cover every product in the market. If you decide to apply for a product through our website, you will be dealing directly with the provider of that product and not with Mozo.