Does anyone know a cost effective way of earning Amex points on business related foreign exchange (FX) transactions?
I already use Reward Pay for business expenses but would be great to earn points of FX transactions also?
Amex has their own fx offering which you could try.
Check with your current fx provider if they can accept funds from rewardpay, it’s what I did when the exchange rate was better
Amex FX offers this via their service accessline.
Depending on what y0u get from your forex company and how much you spend in foreign currency, it maybe better or worse.
The best rates we got for our business was via Westpac’s xylo, which offered pretty phenomenal rates.
Accessline is atleast always worse by a few points and the you have to factor in the 2.4% fee on top, which at least is tax deductible normally.
Xylo did not have any transaction fees either.
Do a cost benefit analysis before anything. Good luck!