Foreign Currency vs Australian Dollar Payments

When sending payments overseas, you need to think about how best to pay your foreign beneficiaries. Sometimes it is advantageous to pay in the local currency; other times it’s better to pay in A.U. Dollars. Read on to find out how to make the most of your international payments.

Your Currency Choices

American Express® FX International Payments allows you to make overseas payments in over 133 currencies as well as AUD When sending money overseas, you have two options:

1Foreign Currency Telegraphic Transfer
Lock in an exchange rate that will apply to your currency wire.
2AUD Telegraphic Transfer.
FX International Payments sends AUD to your beneficiary’s foreign bank account.

Knowing Your Beneficiary

Does your beneficiary have a AUD bank account or a foreign currency bank account? It can make a difference, so make sure to talk to your beneficiary before you decide which currency you send.

For example, if you send AUD to a beneficiary’s Euro-denominated bank account, that payment might be converted from Australian Dollars into Euros at a rate that you won’t know in advance.
Additionally, if the currency sent does not match the currency of the receiving account, there could be delays or extra fees associated with the transaction.
Some beneficiaries may prefer to receive AUD at their foreign currency bank account.

TIP : Your options may vary, depending on whether your foreign beneficiary is invoicing you in AUD or foreign currency. Asking for invoices in both currencies may help you to weigh your payment options.

Enjoy a More Rewarding FX Experience

Access Live FX Rates FX International Payments provides users with a secure online transaction platform to view and purchase currency at a live FX rate.
Make Payments in Over 133 Currencies Go to the platform.
Get Rewarded Your buisness can earn points on eligible money transfer

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1. We will make all reasonable efforts to ensure prompt delivery of your FXIP Order, however please note transfer times may vary. These transfer times do not take into account differing weekends, public holidays or working hours of foreign banks in other jurisdictions to which your incoming or outgoing FXIP Order has been transferred. Completed FXIP Orders must be received on a Business Day before the respective currency cut off time. FXIP Orders received outside these times will be treated as having been received on the following Business Day.

2. Only American Express FX International Payments clients with a valid American Express Business or Corporate Card are eligible to earn Membership Rewards. Subject to the Terms and Conditions of the Membership Rewards program you are enrolled in. You will earn 1 Membership Rewards point for every AUD$30 you spend in foreign currency payments for transactions of AUD$5,000 or more up to a maximum transaction of AUD$300,000. A maximum of 10,000 points will be awarded on any one transaction. Points are calculated on local currency equivalent and will be credited to your account 6 to 8 weeks after making an eligible international payment transaction. American Express foreign currency Telegraphic Transfers, Draft payments, Forward Contract drawdowns or Cross Currency payments are eligible transactions and are subject to change. Offer excludes Australian Dollar transactions. Subject to the Terms and Conditions of the Membership Rewards program.

The information contained in this webpage has been prepared without taking into account your objectives, financial situation or needs. You should read the Financial Services Guide and PDS and consider the appropriateness of International Payments in relation to your individual requirements.

For further information, please refer to the FSG and relevant (Telegraphic Transfers and Forward Exchange Contracts) Product Disclosure Statement (PDS).

International Payments are arranged through American Express International, Inc. (ABN 15 000 618 208 AFSL No. 237996). Incorporated with Limited Liability in Delaware, USA.

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