Personal Finance

Amex foreign exchange rate

  • Last Updated:
  • Oct 29th, 2013 1:27 am
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Member
Oct 5, 2010
287 posts
111 upvotes

Amex foreign exchange rate

I'm heading down to Florida the beginning of December for two weeks and don't want to bring down too much cash probably $1500 us tops. I was wondering if anyone knows how/what American Express charges for purchases made in the USA.

I went this Saturday down to Grand Forks, North Dakota.
I got $95 us from the bank on Saturday for $101.28
I made 2 purchases on the amex
1 @ $39.78 us converted to $42.55
the other @ $20.05 us converted to $21.45

The rate amex charged me doesn't seem to be much different than the bank.
7 replies
Jr. Member
User avatar
Nov 25, 2012
101 posts
34 upvotes
ETOBICOKE
marriot visa does not charge 2.5% currency exchange fee.
Deal Addict
Feb 10, 2013
3330 posts
364 upvotes
Richmond
apply for the no fee amazon visa or the no fee sears mastercard. No forex fee as well
Deal Addict
User avatar
Nov 28, 2007
2176 posts
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Whitehorse, YT
d60 wrote:
Oct 28th, 2013 8:13 am
I'm heading down to Florida the beginning of December for two weeks and don't want to bring down too much cash probably $1500 us tops. I was wondering if anyone knows how/what American Express charges for purchases made in the USA.

I went this Saturday down to Grand Forks, North Dakota.
I got $95 us from the bank on Saturday for $101.28
I made 2 purchases on the amex
1 @ $39.78 us converted to $42.55
the other @ $20.05 us converted to $21.45

The rate amex charged me doesn't seem to be much different than the bank.
You should be able to tell us what the Amex fee is. Read your CC agreement and report back, please. I bet it is at least 2.5% like all the Visa/MC CCs except the Chase Canada ones. You still have time to get a Chase Canada (Amazon, or Sears, or Marriott, or Best Buy or Future Shop) Visa.
Sr. Member
Oct 21, 2012
737 posts
100 upvotes
Toronto
They don't tell you the conversion charge. You need to find out the currency exchange rate for that day and see what you would have been charged and compare to what you were charged. It is very likely you were charged 2.5% extra.
Member
May 2, 2008
290 posts
58 upvotes
Amex charges 2.5% for USD to CAD, like most other cards. If you are spending a lot in USD there are better options (Amazon Visa, for example). Personally, it's not worth me having another card for the few times I buy something in USD.

One difference between Amex and other cards is the way they handle conversions from other currencies such as the Euro. The amount is always converted to USD first, then to CAD (the 2.5% only applies once). I guess there may well be a disadvantage for the cardholder in this method... but I find that Amex is virtually unusable in Europe (little to no acceptance), so I've never yet made a Euro transaction on my Amex card.
Deal Fanatic
User avatar
Aug 22, 2005
7382 posts
684 upvotes
Does the AMEX Plat charge forex fees?
Newbie
Dec 15, 2012
35 posts
4 upvotes
HBP wrote:
Oct 29th, 2013 1:14 am
Does the AMEX Plat charge forex fees?
Yes, same as their other cards issued in Canada.
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