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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 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.
2If 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 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 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.
1If 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 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. 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.
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