uszkanni

For those seeking YADP (Yet Another Data Point), my experience with FXIP is:

1) Setting up the account took much longer than I think was necessary. ISTM that it took a couple of weeks. No good reason for the delay.

2) MR points, including bonus points, were credited to my account within 2 or 3 days of making a wire transfer. Very fast.

3) The exchange rates were ok but I could usually get equal or better rates elsewhere. The exchange rate depends on how much you're transferring, etc. The nice thing is that you get an immediate quote on the exchange rate. If you have access to real-time quotes from another institution then you can compare rates.

4) The system will lock you out if you do not sign on regularly. Don't remember exacly how often you have to access your account; maybe 30 days, maybe more, but it can be a PITA if you need to contact CS and get your account re-activated.

5) There is a per-wire fee (forget how much) but that is waived if you have an AMEX Plat associated with the account. Other institutions may also waive wire fees if you have a good enough relationship (ie, enough money) with them.

6) Transfers are done online whereas some institutions (eg, Schwab) still require you to send in a fax authorization.

7) If I remember correctly, the program is free for the first year but has a whopping $175/yr fee after that.

I have been enrolled for 8 months now, give or take, and I don't think I'll continue with the program. The system works well and the CSR's that I've dealt with are responsive and helpful, but I just don't think FXIP provides good value for me.

p112983

Has anyone ever done this before? Not exactly sure what this is.. Please share your experience.

http://www262.americanexpress.com/bu...0120000000CTX9


Will this result in an addtl credit pull?

mia

p112983's question has been combined with the ongoing discussion. Reviewing the preceding posts should answer most questions.

dbh1

So I found a charity in India that seemed deserving so I sent a test payment there. I am looking for other charities though that accept wire transfers.

Also, the security and lockouts, etc are annoying, but 30k points will be nice.

bartman9

Just started looking into this after noticing it on the Amex website. My company does about 30 wire transfers per year, so I am thinking I could get some points and a Platinum card out of it. Since there are no transfer fees if you have a platinum card. I currently pay $20/transfer using my bank account.

- Does anyone know if there is a yearly account fee? Someone mentioned it might be $175. Can anyone confirm this?

- Too bad you only get 1 MR point for each $30 sent. I would be really cashing in if it was 1:1. Anyone know of any other wire transfer deals that offer points?

Thanks,
Dave

exsea

I got approved for this back in December. It took about 3 days.
I have not seen any points yet. Amex wants you to convert the wire transfers into foreign currency, that's where they make their money. The exchange rates are not the best and I got complaints from my suppliers. The system lets you make transfers in US $ but charges $ 30 for each transfer. (Which is cheaper than BOA who charges me $ 45 each). Transfers in US $, however, are not "eligible" transactions and I think do not earn points and don't count towards the 3 transactions required to get the second 15k bonus.
I did 3 transactions in foreign currency, so I should see the points soon. As a matter of fact, I will call my account rep Monday and follow up on that.
I like it because I do about 10 wires a month, you can store the payee information and it takes 1 minute to do the whole transaction versus 10 minutes on the phone with a sometimes pathetic rep from BOA that barely speaks English.

dshargorodsky

Is the $30 dollar fee the only service fee they charge, or do they add an additional foreign exchange fee?

exsea

The $ 30 is charged if you send the funds in US $
If you convert the funds into the foreign currency, the whole transaction is free but the exchange rate is crappy.

AA_EXP09

Has anyone received the points?

FlyingSloth

I have a question about this for anyone who's signed up for International Payments. I'm a sole proprietorship and I wonder if any other sole proprietorships signed up?

The first three questions on the application are as follows:

1: * Does the Business have a current county or state-issued business license?

2: * Has the business been licensed by the county or state for more than one year?

3 :* Is the business strictly an online company with no physical retail or office presence?

NiceLanding

This program looks like it could be good for me, but I noticed in the footnotes that the fee waiver and MR bonuses require you to have signed up before June 30, 2012. Is this just AmEx forgetting to update their web site? (Called, no answer; emailed, no response yet, but it is Friday night.)

More importantly, even if they waive the fees, if they gouge you on the exchange rates, it's not a great deal. There were a few comments upthread about bad exchange rates, but no hard figures. Has anyone actually compared rates with other providers? If so, how "bad" are they?

bsbybms

In logging into AMEX yesterday and today, I've seen banners for FX International Payments offering 30k MRs for qualifying transactions.

Here's the blurb:

Others getting this offer? Thoughts on how to qualify without engaging in too many expensive transactions?

BTW, any thoughts or experience on whether the application for the service will initiate a hard credit pull?

mia

This is a recurring offer. I have appended bsbybms to established thread. Note that this product is for businesses:

bsbybms

Thanks, mia! I promise I searched for this before posting!

mia

I understand. It's much easier to find a thread that I know exists than one that you think might exist. I used Advanced Search > Titles Only with the keyword: "FX" including the quotation marks.