American Express - Australia - FX International Payments

Frequently Asked Questions

Enrollment

Do I need an American Express ® Card to sign up for the FX International Payments service?
No, the American Express Card is not needed to open an FX International Payments account, nor is it
required to make a transaction. We automatically withdraw funds from your authorised bank account each
time you make a transaction.

How do I open an account with FX International Payments at American Express?
Simply complete the Application Form and return to American Express FX International Payment, then a Business Development Manager will contact you to open your account.

Where do I find the Financial Services Guide (FSG) and Product Disclosure Statements (PDS) for International Payments?
Both the FSG and PDS documents can be found on the Application Forms and Disclosure Statements page.

Online Services

I have submitted a transaction via the Internet. How do I know you have received it?
FX International Payments from American Express is a real time system. We have a dedicated team that
tracks all new transactions. You can check the status of your transactions online anytime using the View
Transaction History feature. You can organise email confirmation to both beneficiary and your client.

How can my beneficiary and I receive confirmation of a payment transaction?
For telegraphic and draft transfers, FX International Payments from American Express can automatically and
seamlessly send confirmation emails to the initiator of the payment and beneficiary. This will save you the hassle of informing your beneficiary or any other parties that a payment has been initiated. Plus, it will give you reassurance that the payment is underway.

Will I be able to see my phone and fax telegraphic transfer request on the Internet?
Yes, phone and fax transactions will appear in the View Transaction History feature on the Internet.

I have lost my password. What do I do?
We can cancel your password and re-issue a new password for you immediately. Call the Customer Service Team immediately.

Why does my web browser not work with the American Express FX International Payments web site?
The American Express FX International Payments site works with most Internet browsers.

Please contact our Customer Service team on 1300 554 884 Monday through Friday, 24 hours a day (EST) for further assistance.

What are your foreign exchange rates?
Although exchange rates are subject to global market forces and change continuously, you can be assured that we offer competitive rates on all foreign currencies offered.

How much does it cost to open an FX International Payments account?
Enrollment is free. There are no obligations.

Are there any monthly service fees?
There are no monthly service fees.

How is the Telegraphic Transfer Fee paid?
We automatically deduct it from your bank account each time you make a transaction.

Products & Services

How can I get notified of favorable exchange rates?
With FX International Payments from American Express, you can request to receive automated updates on currency fluctuations during a period of time. With Rate Alert, FX International Payments will send you information by text message or an email. This will allow you to capitalise on favorable exchange rates, avoid having to monitor the market constantly and allow you to have more time to manage your business and decrease your costs.

What foreign exchange products do you offer?
Currently, we offer telegraphic transfers and drafts in foreign currencies, including most exotic currencies.

We also offer a Forward Exchange Contract facility, enabling you to effectively manage your foreign currency inflows and outflows.

Payment Requirements

What information must I include to send a payment?
All payments require the following: Beneficiary name, Beneficiary Country, Beneficiary Bank name and country, beneficiary account number/IBAN and SWIFT/Bank Identification Code (BIC). Some minor currencies have special processing requirements, call the Customer Service centre on 1300 554 884 to confirm.

What if I can not find the SWIFT/Bank Identification Code (BIC)?
Some banks are not SWIFT connected. In these cases, payments can be affected using a local routing code. This will be provided to you by your beneficiary. For example in the US – its called an ABA/FEDWIRE(9 digits in length), in Canada – its called a TRANSIT CODE(5 digits in length) and in the UK – its called SORT CODE/CHAPS (6 digits in length).

What is an IBAN number?
IBAN’s are a banking initiative that has been undertaken by the European Union. The idea is that every bank account in the EU has a unique account number that identifies which bank, branch and account number to which a payments needs to be credited. As such the structure of an IBAN is very specific but there are variations in length depending on the country the payment is being sent to.

It is important that where possible an IBAN is provided to all payments that are sent to the European Union as it will increase the efficiency of the payment and reduce delays. In addition there are some non-EU countries that also use IBAN’s for example (but not limited to) Turkey, Switzerland, Israel, Tunisia and Faroe Islands.

An Example of an IBAN is as follows

France
KRkk BBBB CCCC CCCC CCCC CCCC

United Kingdom
GBkk BBBB SSSS SSCC CCCC CC

Where B= Bank code, S= sort code, C= Account number

Other Types of Payment Formatting

For payments to New Zealand please ensure that you always provide the BSB number. When inputting the payment details it should be included in the account number field as follows

BBBBBB CCCCCCCCC

Where do I find the IBAN?
Your beneficiary can provide you with their IBAN. All EU account holders have been provided with an IBAN.

What is the benefit of an IBAN?
Using an IBAN will lead to faster and more efficient payments, reduced correspondent banking fees and less likelihood the beneficiary bank will reject the payment.

Transactions & Customer Service

What are your hours of operations?
You may initiate a transaction over the Internet 24 hours a day, 7 days a week. Our Customer Service line is available to assist you on 1300 554 884, Monday through Friday, 24 hours a day (EST).

How long does it take for the transaction to be completed?
Most transactions are fulfilled under 48 hours. This depends on the overseas financial institution having all of the required information for processing.

How does FX International Payments from American Express receive cover to make a telegraphic transfer?
During account set-up, FX International Payments will set up an agreement with your bank that will allow us to electronically withdraw funds from your bank account.

Subsequently, when your company requests a telegraphic transfer, we will contact your bank on your behalf to withdraw funds to complete the transaction. Alternatively, you can deposit the funds directly into our account.

Do I need to set up a separate bank account just to be used for FX International Payments services?
No, there is no need to set up a separate bank account. We will electronically debit the telegraphic transfer amount you requested from your existing bank account. You may also setup multiple bank accounts from which we can electronically debit your various telegraphic transfers customised to your business needs.

Is there a minimum/maximum limit per transaction?
No, however we adhere to the US Government banking regulations and local banking regulations in foreign markets. If a transaction raises minimum/maximum issues, we will contact the account owner immediately to help in resolving it.

What if I submit a Transaction Request and I want to cancel it?
If we have not already completed your transaction, we will make every effort to accommodate your cancellation request. Otherwise, we will have to follow the applicable banking standards for recalls. You can also contact our dedicated Customer Service team at 1300 554 884 Monday through Friday, 24 hours a day (EST). We will do our best to assist you with your cancellation request.

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