Does Amex give a good exchange rate?
American Express uses its own exchange rates when converting currency, called the American Express Exchange Rate. The great news for you is that this is usually very close to the mid-market exchange rate.
American Express will not charge any foreign transaction fee on the purchases you make outside of the United States with your Card. However, there may be circ*mstances where ATMs or merchants charge a fee on foreign transactions.
What foreign exchange payment products does the service offer? FX International Payments offers: Outgoing wires in over 80 foreign currencies, including many exotic currencies. Outgoing and incoming forward contracts to allow you to lock in a foreign exchange rate for use at a later date.
| Card | Exchange rate | Card fee |
|---|---|---|
| Barclaycard Rewards Credit Card | Visa rate | None |
| Halifax Clarity Credit Card | Mastercard rate | None |
| Virgin Atlantic Reward Credit Card | Mastercard rate | None |
| Royal Bank of Scotland Credit Card | Mastercard rate | None |
All else being equal (leaving aside card fees/rebates/benefits), MasterCard does generally provide the best exchange rates for the cardholder. But like we said, all else being equal. As a savvy consumer, you'll probably have several credit cards at your disposal.
American Express cards can have a foreign transaction fee — it really depends on the card you choose. As an example, the Amex Blue Cash foreign transaction fee is 2.7% on every purchase. No foreign transaction fee Amex cards do exist — but in this case you're more likely to pay an annual fee which can be pretty steep.
American Express® Preferred Rewards Gold Credit Card
Enjoy all the benefits, convenience and security of an American Express Card when travelling, with the added bonus of earning points when you make purchases at home and abroad.
| Type of Transaction | American Express Exchange Rate on 5 June 2023 | Any other applicable charges |
|---|---|---|
| A non-sterling purchase on your American Express Card | 1.160 | n/a |
| A non-sterling cash withdrawal on your American Express Card | 1.160 | n/a |
Using a credit card with no foreign transaction fees and choosing to make purchases in local currency will nearly always save you money. Currency conversion apps can help you better understand pricing and identify hidden charges.
“The reason you get a favorable exchange rate with a credit card is the issuer is operating at much more scale and they're able to do a large volume of transactions,” said Greg McBride, the chief financial analyst at Bankrate, a personal finance site.
How do I get the cheapest exchange rate?
Though there may be a small fee if you exchange less than a certain amount, your bank or credit union will almost always be the cheapest place to exchange currency. You may be able to order currency at a branch location, by phone, or online to have it delivered to you or to pick up at a branch.
Head to your bank or credit union before you leave to avoid paying ATM transaction costs. You may even receive a better exchange rate. Credit unions and banks will exchange your dollars into a foreign currency before and after your trip when you have a checking or savings account with them.
| Credit Card | Annual Fee |
|---|---|
| IndusInd Legend Credit Card | Joining fee: Rs. 9,999 (Nil if applied through Paisabazaar) |
| HDFC Diners Club Black Credit Card | Rs. 10,000 |
| Axis Bank Reserve Credit Card | Rs. 50,000 |
| ICICI Bank Emeralde Credit Card | Rs. 12,000 |
- Discover it® Balance Transfer: Best feature: 0% Introductory APR.
- Discover it® Cash Back: Best feature: Cash back on everyday purchases.
- Hilton Honors American Express Card: Best feature: Hilton hotel rewards.
Sainsbury's Bank has the best US dollar rate right now at 1.2373. You'll need to order online to guarantee this rate; it may be lower if you turn up unannounced and buy over the counter.
With Quicksilver, you won't pay foreign transaction fees when making purchases outside the United States. View important rates and disclosures.
American Express will not charge any foreign transaction fee on the purchases you make outside of the United States with your Card. However, there may be circ*mstances where ATMs or merchants charge a fee on foreign transactions.
IS IT WORTH IT? YES. Based on your spending, your estimated rewards on The Business Platinum Card® from American Express would make up for the annual fee.
American credit cards work throughout Europe (at hotels, larger shops and restaurants, travel agencies, car-rental agencies, and so on); Visa and MasterCard are the most widely accepted. American Express is less common, and the Discover card is unknown in Europe.
And all this comes down to one particular reason. American Express charges higher merchant fees than other cards. Other networks, especially Visa or Mastercard, charge low fee which is beneficial for merchants dealing in competitive segments or dealing with products where the profit margin is low.
Is Visa or American Express better for international travel?
In terms of international acceptance, Visa has a sizable lead. It's accepted in over 200 countries, compared to over 170 countries for American Express. When you travel abroad, using an American Express card can be hit or miss, whereas Visa can normally be used anywhere credit cards are accepted.
The Platinum Card® from American Express is the preferred choice for frequent travelers. By booking flights and longer hotel stays with this card, you can earn valuable benefits, including airport lounge access and statement credit opportunities. Both cards generally require great or excellent credit.
The New York Stock Exchange, located in New York City, is the world's largest equities-based exchange in terms of total market capitalization. Archipelago was an early ECN that later merged with the New York Stock Exchange to create the NYSE Arca exchange.
Leave your worries at home when you travel. You don't need to tell us when you're going abroad. Our intelligent security systems monitor your Card use for anything unusual, no matter where you are. If we spot something unusual, we'll notify you immediately to help protect you from fraud.
In Italy, cash is still preferred in most restaurants, cafes and other establishments, although credit and debit cards are becoming more widely used throughout Italy and are an increasingly convenient way to pay for things. Visa and Mastercard are widely accepted, although American Express is not.
