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The Incoming Forward Contracts feature in American Express® FX International Payments lets you sell a set amount of foreign currency to be recieved at a fixed rate.
To access Incoming Forward Contracts, go to Create & Manage Payments > Incoming Forward Contracts, then:
1Choose Fixed or Window from the Incoming Forward Type drop-down menu.
2Select the Currency of Contract and enter the Contract Amount.
3Enter the Maturity Date by which the full contract must be settled in the pop-up calendar.
4Once you have entered all the mandatory information, click Quote.
5The Summary box will then show details including the Currency of Contract, Product, Payment Amount, Rate, Total Cost, and Maturity Date.
You have two options to complete your transaction:
1If you have the required authorization, click Accept to execute the transaction immediately. As an additional security measure, you must re-submit your Username and Password. Then click Approve Payments. If successful, you will see 'Your Payment is Complete' followed by the Payment Reference Number.
2If you do not have the required authorization level, click Send for approval and check the box to alert an approver by email. The transaction will be sent to Approve a Payment. For more details, view the Approve a Payment tutorial.
With both options, you will be able to Print Details of the transaction. To start the process again, click Create Another Contract.
Any open contracts will be displayed in the lower portion of the Incoming Forward Contract section. Here you can view the details of each open contract, such as the Creation Date, Amount and Total Cost, and make drawdowns. To make a drawdown on an open contract, click the Drawdown button.
1Choose Outgoing Wire or Outgoing Draft from the Product drop-down menu. The amount Available for Drawdown will be indicated.
2Choose how much you wish to drawdown from the available amount by completing the Incoming Currency field.
3Select the appropriate Credit Account from the drop-down menu.
4Enter the Value Date you expect the funds to be received.
5Once you have entered all the mandatory information, click Continue. The Summary box will then show details, including the Amount, Rate, Sub Total, Fee, and Total Cost.
Note: If the incoming drawdown is pending more than five business days before the payment is received, it may be cancelled.
You must enter the information for the customer sending the payment. To do so, either Select from Your Existing Originating Payer List or Create New.
For outgoing wire transfers, the payee section will display the Search for Bank option. Here you can search for payee bank details either by IBAN or country. After entering your search criteria, click Search and select the appropriate bank from the results displayed below; the information fields will be automatically populated.
1If you have the required authorization, click Accept to execute the transaction immediately. As an additional security measure, you must re-submit your Username and Password. Then click Approve Payments. If successful, you will see 'Your Payment is Complete' followed by the Payment Reference Number.
2If you do not have the required authorization level, click Send for approval and check the box to alert an approver by email. The transaction will be sent to Approve a Payment. For more details, view the Approving a Payment tutorial.
With both options, you will be able to Print Details of the transaction.
Existing members
Our Customer Service team is available daily from 8am to 6pm, Monday through Friday. 1300-554-884
New members
New to American Express? Give us a call on 1300-885-749. Our Customer Service team is available daily from 8am to 6pm, Monday through Friday.
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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