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.
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