Learn everything you need to know about using American Express Currency Exchange.
Founded in 1850, the company is best known for its credit card, charge card, and traveler's cheque businesses.
BusinessWeek cited American Express as the 22nd most valuable brand in the world, estimating the brand to be worth US$14.97 billion. Fortune magazine has also previously ranked Amex as one of the top 20 Most Admired Companies in the World.
The Currency Shop says:
American Express Currency Exchange (AMEX) has a reasonable number of locations across Australia including 4 stores in the Sydney CBD
Their exchange rates are better than the banks but they are not the absolute cheapest option
AMEX sometimes offer specials and other interesting products such as the Return Rate Guarantee
Use our comparison table to compare foreign exchange rates, fees and services of other providers.
We’re most interested in how safe it is to use American Express Currency Exchange (AMEX), how they work and when you should use them. In this article, we’ll explore:
How it works: Buying Currency Online and In-Store
Common fees and charges using AMEX
What about Travel Cards?
Should you use AMEX?
AMEX have a strong network of stores all over Australia. A lot of the time, you will find them inside an Australia Post office or Westpac Branch.
With American Express, you can send money in 60 popular currencies.
To buy currency online, there are 4 steps:
Ordering - You can order a number of different currencies. Please note that you must order at least $500 of currency and there is a maximum order size of $10,000
Set your pick up location
Enter your contact
Confirm the transaction. All orders must be paid for by Bpay.
To buy currency in-store, there are 2 steps:
Tell them what currency you need and how much. They will provide an exchange rate and a total cost
Pay in cash or by card
For most purchases, you will need to provide identification.
AMEX does not charge a commission
You can pay in cash, debit card or credit card.
If you pay in cash, there is no charge. If you use a debit card, they charge $8 for amounts under $1000. Also, keep in mind that most banks have a daily EFTPOS limit attached to each card so if you are wanting to buy more than $1000 in currency, ask you bank what your limit is first.
Credit card transactions attract a fee of 1.1% for amounts under $1000. Your bank also may charge you in the form of a cash advance fee.
Please note that their online exchange rates may vary from their in-store exchange rates.
You can purchase the American Express Global Travel Card in store.
You can order online in a range of currencies and pay using Bpay
Card handling fees