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Business Payment Methods and Solutions

Our range of products and payment services are designed to help you save time and effort.

Outgoing International Payment Methods

American Express® FX International Payments provides simple and secure international payment methods and solutions to streamline payments to international suppliers.

Whether you’re sending or receiving international payments, our business services can help provide a quick exchange of funds
We offer:

  • Outgoing International Payments (Wire Transfer)
  • Cross Currency Payments
  • Currency Drafts

These international payment solutions are often used for quick settlement, typically from same day to two business days1.

Incoming International Payment Solutions

Converting foreign currency payments into Singapore Dollars can sometimes prove a challenging and costly process. Processing your incoming international payments with FX International Payments gives you convenient access to funds, thanks to our global banking relationships.

We can convert your incoming foreign currency wire or draft into Singapore Dollars and wire the funds into your nominated Singaporean bank account.

We process incoming international payments for the following currencies:

  • British Pound GBP
  • United States Dollar USD
  • Australian Dollar AUD
  • Canadian Dollar CAD
  • Danish Krone DKK
  • Euro EUR
  • Hong Kong Dollar HKD
  • Japanese Yen JPY
  • Mexican Peso MXP
  • New Zealand Dollar NZD
  • Norwegian Krone NOK
  • Singapore Dollar SGD
  • South African Rand ZAR
  • Swedish Krona SEK
  • Swiss Franc CHF

Payment Solutions To Manage Foreign Exchange Risk

American Express® FX International Payments provides Forward Contracts as payment solutions for managing foreign exchange risk.

We can help you manage foreign exchange risk using forward contracts, for example when you have invoices or receipts due at a future date in a foreign currency.
We offer:

  • Outgoing Forward Contracts
  • Incoming Forward Contracts
  • Flexible Forward Contracts
  • FX Orders (Take Profit)

Forward Contracts are agreements between you and a foreign exchange provider to buy or sell a certain amount of foreign currency at a fixed rate of exchange at a future date. They allow you to lock into an exchange rate now to avoid currency fluctuations.

Online Platform Advantages

American Express® FX International Payments have several features that make them secure and convenient to use.
  • Live currency rates
    Rates are displayed in real time so you have complete visibility of the total cost before confirming your payment. 
  • Foreign exchange customer support, Mon-Fri, 24 hours  by phone or email
    Our specialist investigation and payment processing teams will ensure your payment is instructed in the correct way
  • In-depth reporting services and payment history
    Processing, tracking, reconciliation, history – all in one place. Keep on top of your foreign currency transactions, see payment histories and reports can also be imported to excel.
  • Get rate alerts by SMS or email
    Transact when the rate is right for you. We’ll tell you when your chosen currency reaches the rate you want. Set up alerts by rate, currency, value or time period.
  • Payment Scheduling
    Payment Scheduling allows you to pre-plan payments with funds automatically sent as per your chosen schedule.

All of the above supported by your dedicated Relationship Manager.

Tailored International Payment Methods For Businesses

American Express® FX International Payments provides tailored international payment solutions for businesses that handle a large number of international payments.

Whether you’re a small business or a large corporation, we have a range of tailored integration solutions to meet your needs. For example:

  • File upload does away with the need to manually input time-consuming multiple payments. The facility allows you to input multiple transactions using a file containing information from your accounting software.
  • Or, for full integration with your ERP system or accounting software, SYNC - our integrated international payment service - can provide an automated and secure online solution, to help save your business time and money.

Please contact us to discuss integrated payment solutions that are right for you.

More about FX International Payments For Businesses

Benefits Of Spot Contracts

Spot contracts provide a solution to short term currency exposure with quick foreign exchange settlements.


Benefits Of Forward Contracts

Forward Contracts help you manage your cash flow  and future payment risk by locking in exchange rates- up to 12 months. 
Forward Contracts therefore help provide cost and pricing certainty on supply and sales contracts due to be settled in the future.
Window Forward Contracts must also be settled by the maturity date but enable you to make multiple drawdowns throughout the duration of the contract. There is no minimum drawdown amount and drawdowns can be made to different beneficiaries
Blended Transactions allow you to add additional funds to a drawdown from a Forward Contract. They add rate flexibility when booking Forward Contracts and help avoid paying fees twice when you only really need to make one final payment.


Risks When Transferring Money Internationally

There are two types of risk when you are managing a business with exposure to foreign currency:

  • Transactional risk
    where you have contractual cash flows – such as receivables and payables denominated in a foreign currency – that are liable to change in line with exchange rate fluctuations. 
  • Translation risk
    the extent to which financial reporting is affected by exchange rate movements.
Settling Payments In Singapore Dollars Or Foreign Currency

Paying in a supplier's currency is usually the most efficient – although it depends on the nature of your business. You can complete the transaction on local terms and control when you accept the foreign exchange rate.


MAKE INTERNATIONAL PAYMENTS

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