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
$6,176 USD
IN PERSONn/a
BY PHONE$0
ONLINE$0$0.6176 USD
1-2 days
$200 minimum
- Send to 200+ countries and 100+ currencies globally, 48,000+ 5-star 'Excellent' ratings on TrustPilot
- Dedicated Australia-based client services team with personal account management for transfers over $20,000
- Send fees are charged on smaller amount transfers, additional fees are charged on debit and credit card payment methods.
$6,160 USD
- IN PERSONn/a
BY PHONEn/aONLINE$5 $0.6163 USD
1-3 days
none
- 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
$6,158 USD
- IN PERSONn/aBY PHONE$0ONLINE$0
$0.6158 USD
1-2 days
$250 minimum
$500 monthly minimum for regular transfers
- 48 hour fixed rates, receive 5 fee-free transfers
- Fast, secure transfers, up to 8x cheaper than the banks
- Send and receive money in 20+ currencies
$6,155 USD
- IN PERSONn/aBY PHONE$5ONLINE$5
$0.6158 USD
1-2 days
Minimum transfer amount is $10 AUD
* 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
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