Get 30,000 bonus Membership Rewards points with Amex FX International Payments

If you have a business which makes international payments, American Express has launched a new offer which could get you 30,000 bonus Membership Rewards points.

Remember that Membership Rewards points transfer at 1:1 into Avios and Virgin Points, as well as many other airline programmes. They also transfer at 1:2 into Hilton Honors, 2:3 into Marriott Bonvoy and a generous 1:3 into Radisson Rewards.

You can find out more about the offer here.

Does your business make international payments?

Let’s take a step back before looking at the 30,000 points offer.

You may not know that American Express has a payments business called American Express FX International Payments (full details here).

FX International Payments allows your business to make payments to other businesses in 80+ currencies to 110+ countries.  Everything is handled via an online platform.  You can even have American Express issue you with a draft for any suppliers who insist on cheque payment.

Here is the key bit.  You also earn Membership Rewards points on every transaction of £1,000 or more.

How many Membership Rewards points can you earn?

At the standard rate, you will earn 1 point per £20 transferred, up to a maximum of 5,000 points per payment.  Payments over £100,000 can be split to avoid the cap.

Points will be credited within 12 weeks of your transaction completing.

Points are not awarded on ‘same currency’ transactions.

How do I earn the 30,000 bonus points?

Any customer, new or existing, who makes three foreign exchange transactions worth £15,000+ each will receive 30,000 bonus Membership Rewards points.

This is on top of your base points, which would (at 1 point per £20) be 750 Membership Rewards points on a £15,000 FX transfer.

All three transfers must be completed by 31st March.

The offer is limited to customers in the UK, Channel Islands and Isle of Man.

How does American Express FX International Payments work?

American Express used to have the following example on its website, which is still valid:

Your business places an order as usual and receives an invoice denominated in a foreign currency.

You log in to your FX International Payments online account, or contact your Account Manager by telephone, to provide the payment details for the supplier. You have the option to lock in exchange rates in advance if you wish.

American Express sends the payment to your supplier and credits your Membership Rewards account with your points. Payment is made on the same day for major currencies.

You can also earn points when you receive international payments

You can also use American Express FX International Payments to handle your incoming foreign currency payments.

You will benefit from a competitive exchange rate and will also earn Membership Rewards points based on the amount received.

Are there any fees to pay?

There are no account set-up or account maintenance fees.

American Express charges a small transaction fee per outgoing payment, as well as a small margin added to the exchange rate.

There are no fees on incoming payments.

Conclusion

If your business makes regular payments in foreign currencies, American Express FX International Payments offers an easy to use and good value platform to settle your invoices.

As an extra perk, you will also receive Membership Rewards points on all qualifying transactions.

You can find out more on the American Express international payments website here.

PS. Don’t forget the huge bonuses just launched on Business Platinum and Business Gold

On Monday, American Express launched two chunky sign-up bonuses on the American Express Business Platinum Card (100,000 Membership Rewards points) and American Express Business Gold Card (50,000 Membership Rewards and no fee for your first year).

You can read more about those offers in this HfP article. Links to our card reviews are below.