Karen Moroz, WalletHub Mortgage Analyst
@nycKaren
The American Express exchange rate varies based on the type of currency you’re converting and the date the transaction occurs. Amex has separate exchange rates for more than 80 currencies, and they all fluctuate from day to day. Depending on the Amex card you use for international purchases, you may have to pay a foreign transaction fee on top of the exchange rate.
Key Things to Know About American Express Exchange Rates
- The Amex exchange rate is automatically applied to international purchases charged to Amex cards.
- American Express FX International Payments customers can access their accounts to get the day’s exchange rates. These rates are not available to the public, but you can enroll at no additional cost if you have a U.S. business bank account. An American Express card is not needed.
- Exchange rates between the U.S. dollar and all other currencies fluctuate daily. But because American Express does not publish them openly, it’s difficult to track them. Visa and Mastercard on the other hand, publish their exchange rates for easy reference.
American Express foreign transaction fees are different from card to card. Ideally, you should only make purchases with international merchants using cards with no foreign transaction fees.
As long as you pay with a no foreign transaction fee card and avoid dynamic currency conversion, you’ll save money on international spending with a credit card. You should also keep in mind that if you make a foreign transaction using your checking account, debit card or prepaid card, the exchange rates are the same as those used for credit cards.
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