Frequently Asked Questions
Do I need an American Express ® Card to sign up for the FX International Payments service?
No, the American Express Card is not needed to open an FX International Payments account, nor is it
required to make a transaction. We automatically withdraw funds from your authorised bank account each
time you make a transaction.
How do I open an account with FX International Payments at American Express?
Simply complete the Application Form and return to American Express FX International Payment, then a Business Development Manager will contact you to open your account.
Where do I find the Financial Services Guide (FSG) and Product Disclosure Statements (PDS) for International Payments?
Both the FSG and PDS documents can be found on the Application Forms and Disclosure Statements page.
I have submitted a transaction via the Internet. How do I know you have received it?
FX International Payments from American Express is a real time system. We have a dedicated team that
tracks all new transactions. You can check the status of your transactions online anytime using the View
Transaction History feature. You can organise email confirmation to both beneficiary and our client.
How can my beneficiary and I receive confirmation of a payment transaction?
For telegraphic and draft transfers, FX International Payments from American Express can automatically and
seamlessly send confirmation emails to the initiator of the payment and beneficiary. This will save you the hassle of informing your beneficiary or any other parties that a payment has been initiated. Plus, it will give you reassurance that the payment is underway.
Will I be able to see my phone and fax telegraphic transfer request on the Internet?
Yes, phone and fax transactions will appear in the View Transaction History feature on the Internet.
I have lost my password. What do I do?
We can cancel your password and re-issue a new password for you immediately. Call the Customer Service Team immediately.
Why does my web browser not work with the American Express FX International Payments web site?
The American Express FX International Payments site works with most Internet browsers.
Please contact our Customer Service team on 0800 472 353 Monday through Friday, 24 hours a day (EST) for further assistance.
What are your foreign exchange rates?
Although exchange rates are subject to global market forces and change continuously, you can be assured that we offer competitive rates on all foreign currencies offered.
How much does it cost to open an FX International Payments account?
Enrollment is free. There are no obligations.
Are there any monthly service fees?
There are no monthly service fees.
How is the Telegraphic Transfer Fee paid?
We automatically deduct it from your bank account each time you make a transaction.
Products & Services
How can I get notified of favorable exchange rates?
With FX International Payments from American Express, you can request to receive automated updates on currency fluctuations during a period of time. With Rate Alert, FX International Payments will send you information by text message or an email. This will allow you to capitalise on favorable exchange rates, avoid having to monitor the market constantly and allow you to have more time to manage your business and decrease your costs.
What foreign exchange products do you offer?
Currently, we offer telegraphic transfers and drafts in foreign currencies, including most exotic currencies.
We also offer a Forward Exchange Contract facility, enabling you to effectively manage your foreign currency inflows and outflows.
What information must I include to send a payment?
All payments require the following; Beneficiary name, Beneficiary Country, Beneficiary Bank name and country, beneficiary account number/IBAN and SWIFT/Bank Identification Code (BIC). Some minor currencies have special processing requirements, call the Customer Service centre on 0800 472 353 to confirm.
What if I can not find the SWIFT/Bank Identification Code (BIC)?
Some banks are not SWIFT connected. In these cases, payments can be affected using a local routing code. This will be provided to you by your beneficiary. For example in the US – its called an ABA/FEDWIRE(9 digits in length), in Canada – its called a TRANSIT CODE(5 digits in length) and in the UK – its called SORT CODE/CHAPS (6 digits in length).
What is an IBAN number?
IBAN’s are a banking initiative that has been undertaken by the European Union. The idea is that every bank account in the EU has a unique account number that identifies which bank, branch and account number a payments needs to be credited. As such the structure of an IBAN is very specific but there are variations in length depending on the country the payment is being sent to.
It is important that where possible an IBAN is provided to all payments that are sent to the European Union as it will increase the efficiency of the payment and reduce delays. In addition there are some non-EU countries that also use IBAN’s for example (but not limited to) Turkey, Switzerland, Israel, Tunisia and Faroe Islands.
An Example of an IBAN is as follows
KRkk BBBB CCCC CCCC CCCC CCCC
GBkk BBBB SSSS SSCC CCCC CC
Where B= Bank code, S= sort code, C= Account number
Other Types of Payment Formatting
For payments to New Zealand please ensure that you always provide the BSB number. When inputting the payment details it should be included in the account number field as follows
Where do I find the IBAN?
Your beneficiary can provide you with their IBAN. As all EU account holders have been provided with an IBAN.
What is the benefit of an IBAN?
Using an IBAN will lead to faster and more efficient payments, reduced correspondent banking fees and less likelihood the beneficiary bank will reject the payment.
Transactions & Customer Service
What are your hours of operations?
You may initiate a transaction over the Internet 24 hours a day, 7 days a week. Our Customer Service line is available to assist you on 0800 472 353, Monday through Friday, 24 hours a day (EST).
How long does it take for the transaction to be completed?
Most transactions are fulfilled under 48 hours. This depends on the overseas financial institution having all of the required information for processing.
How does FX International Payments from American Express receive cover to make a telegraphic transfer?
During account set-up, FX International Payments will set up an agreement with your bank that will allow us to electronically withdraw funds from your bank account.
Subsequently, when your company requests a telegraphic transfer, we will contact your bank on your behalf to withdraw funds to complete the transaction. Alternatively, you can deposit the funds directly into our account.
Do I need to set up a separate bank account just to be used for FX International Payments services?
No, there is no need to set up a separate bank account. We will electronically debit the telegraphic transfer amount you requested from your existing bank account. You may also setup multiple bank accounts from which we can electronically debit your various telegraphic transfers customised to your business needs.
Is there a minimum/maximum limit per transaction?
No, however we adhere to the US Government banking regulations and local banking regulations in foreign markets. If a transaction raises minimum/maximum issues, we will contact the account owner immediately to help in resolving it.
What if I submit a Transaction Request and I want to cancel it?
If we have not already completed your transaction, we will make every effort to accommodate your cancellation request. Otherwise, we will have to follow the applicable banking standards for recalls. You can also contact our dedicated Customer Service team at 0800 472 353 Monday through Friday, 24 hours a day (EST). We will do our best to assist you with your cancellation request.
Safe and Secure
What is American Express' security policy?
American Express will never ask for sensitive account details by e-mail. However, if we call you, we will ask a few security questions relating to your account, so we can be sure who you are. To learn more about e-mail security or report a suspicious e-mail, please visit us at americanexpress.com/phishing.
What is Phishing?
"Phishing" involves the use of fraudulent e-mails and copy-cat websites to trick you into revealing valuable personal information - such as account numbers for banking, securities, mortgage, or credit accounts, and the login IDs and passwords you use when accessing online financial services providers. The fraudsters who collect this information then use it to steal your money or your identity or both.
What does Phishing look like?
The nature of Phishing scams is constantly evolving. Currently, online/e-mail Phishing is best described by the following characteristics: E-mails using company logos and familiar language reporting a problem and asking you to update your account information urgently by return e-mail or by filling out a website form. Also, e-mails with attachments asking you to install software which actually allows fraudsters to record your computer key stroke, known as "key logging."
What can I do to protect myself from Phishing?
Follow these five simple steps to protect yourself from Phishers:
1. Do not respond to the e-mail, pick up the phone and verify the company
2. Do your own typing rather than clicking on the link provided in the e-mail
3. Beef Up Your Security – Personal firewalls and security software packages
4. Spot the Sharks – Visit the website of the Anti-Phishing Working Group at www.antiphishing.org for a list of current Phishing attacks and news.
How can I keep my personal information secure?
1. Do not keep your passwords or login details written down or saved on your computer.
2. Destroy, preferably shred, any documents or receipts that contain personal financial information when you dispose of them.
3. Do not disclose login details or passwords in response to unsolicited e-mails claiming to be from your bank, financial information website or police
4. Only divulge your details in a telephone conversation when you have instigated the call and are familiar with the company.
5. Use secure websites by ensuring that the security icon (locked padlock or unbroken key signal) is showing in the bottom of your browser window.
What do I do if I suspect a Phishing e-mail?
Do not reply to the e-mail and never follow any links. If you receive an e-mail relating to American Express that you believe could be fraudulent Forward the e-mail to us at Anti.Phishing.Team@aexp.com. Please do not include your account number in the e-mail. If you feel your American Express account information n has been compromised, please contact us immediately at 0800 472 353.
How can I ensure that messages from American Express FX International Payments are genuine?
American Express FX International Payments may e-mail you or send you a text message from time to time, but will never send you an e-mail or text message asking you to enter your Internet Banking details either through an e-mail, text message or website.