Express Cash Fees With Platinum Card
 

I've searched on FT but the information I've found is inconsistent.

SO signed up her Platinum card for AMEX Express Cash which is linked to our checking account so that there will be no foreign transaction fee for taking cash from Paris ATMs. (Our bank charges 3%). However the Agreement that came with the PIN states that there is a fee of max[$5, 3% of transaction], plus 2.7% foreign currency conversion fee. It also states that there is a fee of only 1% for buying travelers checks which is waived for Platinum cards.

She will contact AMEX to confirm, but what are the actual fees for transactions at ATMs in France?

Thanks in advance.

If you are just linking to your checking account, why would you even bother with getting AMEX involved in the middle of the transaction? I travel overseas to about 40 countries/year. I always just use my Bank of America or Chase debit card at foreign ATMs. No need for AMEX to be involved. Many banks, like Bank of America, have relationships with foreign banks. So if you use B of A you can withdraw cash at any BNB Paribas atm without a fee to do so. Even if your bank has no relationship like that, putting AMEX in the middle gains you nothing but a higher cost/greater fees.

Thanks. I got the Express Cash as I thought it was the only way I could avoid foreign exchange fees when withdrawing cash. I knew BofA had an arrangement with DB in Germany, but didn't know that it had one with BNP. Chase still has a foreign currency conversion fee.

So as it turns out I don't need the Express Cash feature.

That's not true. If you use your bank's ATM card, you pay whatever foreign transaction charge it assesses. In the absence of a specialized arrangement like you mention, this is often in the range of 1-3% for the forex, plus possibly the standard network ATM fee.

If you use Amex Platinum, the only charge is the 1% Express Cash fee, since as of March of 2011, the forex fee went to 0% for Platinum. Since the transactions hit your checking account as an ACH transaction and not an ATM withdrawal, your checking account bank won't charge you anything for the transaction. So, unless you can make foreign withdrawals using your ATM card for less than 1% total (forex fee + network ATM fee), then using the Platinum card overseas for cash will be cheaper.

Getting more confused. We were told the fee is 3% not 1%. Is there documentation on the Platinum website of the 1% fee?

I think the Express Cash fee is 3%. The 1% fee was for buying travelers cheques.

There was a 2.7% forex fee prior to March 2011. Is there a print date on the collateral that came with the PIN that's prior to 3/11? Also, what I stated about the 1% Express Cash fee is what it is for Centurion - Platinum may be different and you should verify this before using it. Even at 3% with a $5 max, it can be a good deal if you make large withdrawal: US$1000 equivalent would be a 0.5% fee, assuming you can find a machine that will dispense that much in a single transaction. That's another side benefit of Express Cash: its withdrawal limit is set by Amex, not your bank, and is in addition to whatever your bank gives you on your regular ATM card.

Thanks. I will check the date. Sorry for using math notation in my post. The fee is the maximum of $5 or 3%, so its not a good deal unless my other cards are swallowed by an ATM (which has happened to me.)

Using Bank of America at BNP only saves you the foreign ATM withdraw fee (from both BA and BNP). You still pay the 1% forex fee, unless it does not apply to your account at all, in which case using BNP is irrelevant.

Look into a Schwab checking account.

The BofA CSR I spoke to said there were no forex fees for the withdrawal. I'll double check.

I used my BofA at BNP in Paris in January and had no fees (forex, usage or otherwise).

Here is the wikipedia link to the atm alliance. It is a handy reference:

http://en.wikipedia.org/wiki/Global_ATM_Alliance

And BNP has an iphone app in case you need to find an ATM (all in French) of course.

Thanks.

Thanks PWM. I asked Bof A online and the response is below, which says there is a 1% forex fee for ATM usage. But I do remember that when I used my card at a DB ATM in Munich there was no fee.

The International ATM usage fee is $5.00. This fee is assessed for each withdrawal, transfer or balance inquiry performed at a non-Bank of America ATM or non-Global ATM Alliance bank located in a foreign country.

In addition to the ATM usage fee, Bank of America assesses an international transaction fee for Check Card transactions in foreign currency or in U.S. dollars with foreign merchants in the amount of 3% of the U.S. dollar amount of the transaction and 1% for all ATM transactions processed in foreign currency. The fee is assessed as a separate transaction fee on the posting date of the purchase or withdrawal.

Perhaps your account does not include a forex fee? My account with BOA does not include forex (at least for ATM; I haven't swiped a BOA debit card in years). I think this is a standard benefit of Premier accounts.

I do have a Premier card. Thanks

Checked the mail today, got a letter saying my Platinum card "Now eligible for cash access".

It goes on to say that I can use my card at any ATM and am able to withdraw cash off my Platinum Charge Card.

I could see this REALLY handy for emergency situations, especially when traveling, forgetting wallet (I could care less about leaving wallet at home, no matter what I always have my amex card with me), etc...

I just didn't think people were allowed to pull cash off their charge accounts...

I'm pretty sure this "benefit" has been around for a while.

The way this "benefit" is implemented in the USA is that the funds are withdrawn directly from your linked bank account. In effect, you are able to use your American Express charge card as an ATM card. The withdrawal is slower than if you use a real ATM card issued by your bank, but you pay American Express a fee for accessing your own money.

This benefit is implemented differently in other countries, and the cash is actually added to the American Express balance.

Thanks for moving the post :)

Hmmm, interesting. I actually don't have my accounts linked (I really try to have none of my accounts linked). I didn't apply for anything either.

This piece of mail just says:
"You are now eligable for cash access." and just proceeds to tell me: "Cash access is granted for the card account shown above", I can use my Amex wherever Interac is accepted, and then just stuff about my PIN.

Very crisp clean letter (the whole 8.5 x 11 page is very empty).

I received the same letter this week pertaining to my Platinum charge card, and I'm quite curious about this. On my Amex credit card the fee is $2.75 per withdrawl and the interest charges kick in immediately. However, this letter is about my charge card but it contains no details whatsoever about fees ("a funds advance fee applies as set out in your Information Box" but there is no Information Box,) or how interest charges will get calculated.

This indicates that the program has changed. Previously there was no interest because the funds were debited from the cardholder's checking account.

Should've clarified, that I was talking about Canadian cards. It could be that the direct-debit method still applies to the US.

And again, my confusion is that the fee and interst I indicated above apply to Amex credit cards. So it functions like a cash advance with any other card. However, the letter recieved this week pertains to an Amex charge card.

Reference to "Interac" makes it very likely that this poster is also referring to a Canadian-issued card.

Although Amex Canada has been less than straight forward with me on how this works (they keep pointing me to a terms and conditions document which does not exist,) I have at least been able to confirm that the fee is 3% of the amount withdrawn. Whether interest is charged on top of that remains unknown.