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American Express® FX International Payments can help you reduce your exposure to exchange rate fluctuations. With the Forward Contracts feature, you can purchase a set amount of foreign currency at a fixed price for future payments.
To access Forward Contracts, go to Create & Manage Payments > Forward Contracts, then:
1 Choose Fixed or Window from the Forward Type drop-down menu and select the currency you want to purchase from the Currency of Contract drop-down menu.
2 Select if the value indicated in Amount is in Foreign Currency or Local Equivalent.
3 Enter the Maturity Date by which the full contract must be settled.
4 Once you have entered all the mandatory information, click Quote. The Summary box will then show details, including the Amount, Rate, Subtotal, Fee, and Total Cost.
A Part Payment may be required for your contract. The amount owed will be displayed. You should then:
1 Choose how you wish to pay from the Settlement Method drop-down menu.
2 If paying by direct debit, select the appropriate Account Number.
3 You will be prompted for authorisation before any payment is collected.
You have two options to complete your transaction:
1 If you have the required authorisation, 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.
2 If you do not have the required authorisation level, click Send for approval and check the box to alert an approver by email. The transaction will be routed 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. To start the process again, click Create Another Contract.
Any open contracts will be displayed in the lower portion of the 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 appropriate Drawdown button.
1Choose Window or Fixed from the Forward Type drop-down menu and select the currency you want to send your payee from the Currency of Contract 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 Contract Amount field.
3Specify 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.
4Enter the Maturity Date on which you want the payment to be made in the pop-up calendar. The Maturity Date will normally default to two working days after date of creation.
5Once you have entered all the mandatory information, click Continue. The Summary box will then show details, including the Amount, Rate, Subtotal, 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.
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 automatically be populated.
1 If you have the required authorisation, 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.
2 If you do not have the required authorisation level, click Send for approval and check the box to alert an approver by email. The transaction will be routed 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. 1800-507-7688.
New members
New to American Express? Give us a call on 1800-507-7688. Our Customer Service team is available from 8am to 6pm, Monday through Friday.
1. We will make all reasonable efforts to ensure prompt delivery of your FX International Payments (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 FXIP Order has been transferred. Completed FXIP Orders must be received on a Business Day before 3.00pm Singapore time. FXIP Orders received outside these times will be treated as having been received on the following Business Day. For maximum transfer/execution times please see FXIP Terms and Conditions.
2. Fees for same currency payments vary. SGD to SGD payments incur a fee of S$20.00 plus 0.1% commission of SGD transaction value (minimum of SGD 30, up to a maximum of SGD 100). USD to USD payments incur a fee of USD$12.00 plus 0.1% commission of USD transaction value (minimum of USD 22, up to a maximum of USD 132). Please call us on 1800 507 7688 to discuss other same currency payment fees.
The information contained in this webpage has been prepared without taking into account your objectives, financial situation or needs. You should consider the appropriateness of International Payments in relation to your individual requirements.
For further information, please refer to the relevant Terms and Conditions
FX International Payments are arranged through American Express International Inc., (UEN S68FC1878J) Incorporated with Limited Liability in the State of Delaware, U.S.A. with a place of business at 1 Marina Boulevard, #22-00, One Marina Boulevard, Singapore 018989.
Users of this site agree to be bound by the terms of the American Express Web Site Rules and Regulations.
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