Learn everything you need to know about using AMEX in this American Express Currency Exchange Australia review.
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.
Compare Money Changers Like American Express
What we will cover
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?
How it works: Buying Currency Online and In-Store
Find at American Express branch location
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.
How to buy Foreign Exchange or Travellers Cheques online
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.
How to buy currency in-store
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.
Common fees and charges using AMEX
AMEX does not charge a commission
Paying AMEX. Do they accept credit cards?
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.
AMEX Exchange Rates
Please note that their online exchange rates may vary from their in-store exchange rates.
What about Travel Cards?
You can purchase the American Express Global Travel Card in store.
Should you use American Express Currency Exchange?
Pros of Using AMEX
- Handy locations
- You can order online in a range of currencies and pay using Bpay
Cons of Using AMEX
- Card handling fees