American Express - Review of Exchange Rates
Our review of American Express exchange rates & international money transfer services.
💵 American Express Exchange Rates Review
American Express (Amex) is a globally recognized financial services provider, offering foreign exchange through travel money services, credit card foreign transactions, and business FX solutions. While trusted for security and convenience, Amex is typically not the most competitive option for currency exchange when it comes to cost.
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📉 How Competitive Are Amex’s Exchange Rates?
Amex exchange rates often include a significant markup over the mid-market rate, especially for personal services. This markup can range from 3% to 7%, depending on the currency and transaction type.
• Travel Money Orders: Foreign currency can be ordered through Amex for delivery or pickup, but the rate includes a sizable spread.
• Credit Card Transactions Abroad: For most Amex cards, Amex uses its own exchange rate + a 2.7% foreign transaction fee, unless you hold a travel-optimized card.
• Business FX Payments (via American Express FX International Payments): Offers better rates and services but still not as low-cost as specialist FX providers like Wise or OFX.
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✅ Pros
• Trusted global brand with excellent fraud protection.
• Easy access to foreign currency for travel or business.
• Premium cards like the Amex Platinum® have no FX fee and added travel perks.
❌ Cons
• High exchange rate margins for personal currency conversion.
• Foreign transaction fees apply to most cards.
• No transparency on actual rates until transaction confirmation.
• Not ideal for international money transfers.
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👉 Use Our Travel Money Calculator to Compare Travel Cards ➔
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💳 Amex Platinum vs Wise Multi-Currency Card: Which Is Better for Travel and FX?
When spending money abroad, the card you use can have a major impact on how much you actually pay. While American Express offers premium travel perks with its Platinum® Card, the Wise Multi-Currency Card is built for transparent and low-cost foreign spending. The table below compares their key features, fees, and suitability for international use.
| Feature | Amex Platinum® Card | Wise Multi-Currency Card |
|---|---|---|
| Foreign Transaction Fees | 0% (most Amex cards charge 2.7%) | 0% |
| Exchange Rate Used | Amex-provided rate (includes 3–5% spread) | Mid-market rate (real exchange rate) |
| Supported Currencies | All major currencies | 50+ currencies held in separate balances |
| Hold Foreign Currency | No | Yes, each currency has bank details |
| ATM Withdrawals Abroad | Allowed, but fees from Amex + ATM likely | 2 free withdrawals/month (up to $100), then small fee |
| Annual Fees | $695 (high, but includes travel perks) | No annual fee |
| Card Type | Credit card (must be approved) | Debit card (prepaid balance) |
| Best For | Frequent luxury travelers who value perks | Cost-conscious travelers and expats |
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🔁 Amex vs Specialist FX Providers
Compared to dedicated FX platforms like Wise, OFX, or Xe, Amex is more expensive and less transparent. These services typically:
• Offer lower margins or real mid-market rates.
• Disclose all fees and rates upfront.
• Are purpose-built for cost-effective global transfers.
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🧾 Verdict: Is Amex Good for Currency Exchange?
American Express is best for convenience and premium travel services, but it’s rarely the cheapest option. If you’re exchanging large amounts or transferring money internationally, you’ll likely get a better rate and lower fees with a specialist FX provider.
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Disclaimer: Please note any provider recommendations, currency forecasts or any opinions of our authors should not be taken as a reference to buy or sell any financial product.