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With Intra Day Spot Contracts, American Express® FX International Payments allows you to request a quote for the total of your foreign currency requirements, for multiple beneficiaries with spot value. This feature is especially useful if you want to secure a rate now for a transaction you intend to process later in the day.
To access Intra Day Spot Contracts, go to Create & Manage Payments > Intra Day Spot Contracts, then:
1Select the currency you want to purchase from the Currency of Contract drop-down menu.
2Enter the amount of currency you want to purchase in the Contract Amount field.
3Specify whether you want to purchase the Local Equivalent of the amount you’ve entered, or whether you want to purchase the amount in the Foreign Currency you’ve selected.
4Enter the Value Date by which the full contract must be settled.
5Once you have entered all the mandatory information, click Quote. The Summary box will then show details, including the Payment Amount, Rate, Sub Total, Fee and Total Cost.
Note: The total Intra Day Spot Contract must be used the same day.
Once you have entered all the mandatory information, you have two options:
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 or Create a Drawdown.
To start the process again, click Create Another Contract.
Any open contracts will be displayed in the lower portion of the Intra Day Spot Contracts section. Here you can view the details of each open contract, such as the Creation Date, Amount and Total Cost, and make drawdowns by clicking the appropriate Drawdown button.
The amount Available for Drawdown will be indicated, then:
1Choose how much you wish to drawdown from the available amount by completing the Contract Amount field.
2Specify whether you want your payee to receive the Local Equivalent of the amount you’ve entered, or whether you want your beneficiary to receive the amount in the Foreign Currency you’ve selected.
3Choose how you want to pay for the transaction from the Settlement Method drop-down menu. If applicable, select the appropriate account. For all other settlement methods, click the Pay to American Express button to view receiving bank information.
4If you wish to make certain payments, they must be instructed to your beneficiary on the same working day the Intra Day Spot Contract is approved.
5Enter the Value Date on which you want the payment to be made by clicking the appropriate date in the pop-up calendar. The Value Date will normally default to two working days after date of creation. We will endeavor to value the funds on the Value Date; however, please note that some factors may delay the valuation.
6Once you have entered all the mandatory information, click Continue. The Summary box will show details including the Payment Amount, Rate, Sub Total, Fee and Total Cost.
You must also enter the information for the payee receiving the payment. To do so, either Select from your Existing Payee List or Create New.
To select from the existing list, simply search or scroll through and click the appropriate one; the information fields on the right will be automatically populated.
To create a new payee, manually enter the information in the fields on the right.
For wire transfers, the payee section will display the Search for Bank option, as well as the related bank information fields. 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 automatically be populated.
Once you have entered all the mandatory information, you have two options:
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 or Create a Drawdown.
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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