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.
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
$6,512 USD
IN PERSONn/a
BY PHONE$0
ONLINE$0$0.6512 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
$6,499 USD
- IN PERSONn/aBY PHONE$0ONLINE$0
$0.6499 USD
1-3 days
none
- Transact online 24/7 with fast settlement & extremely competitive rates.
- Quick and easy account setup, supports multiple payment methods including debit/credit card, bank transfers and wire transfers.
$6,499 USD
- IN PERSONn/aBY PHONE$0ONLINE$0
$0.6499 USD
Within minutes
$0 minimum
- Competitive exchange rates and low fees to pay
- Enjoy instant transfers between Revolut users
- Go global and send to 100+ countries in 40+ currencies
$6,515 USD
- IN PERSONn/a
BY PHONEn/aONLINE$0 $0.6515 USD
Immediate
none - AUD $2,000 per month limit on fee free transfers on the Standard subscription tier
- 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
$6,467 USD
- IN PERSONn/aBY PHONE$0ONLINE$0
$0.6467 USD
1-2 days
$250 minimum
$500 monthly minimum for regular transfers