Express Cash Fees With Platinum Card
#1
Original Poster
Join Date: Apr 2010
Location: NYCEWR
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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.
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.
#2
Join Date: Oct 2009
Programs: DL DM, SPG Plat, AMEX Centurion (And All That Goes With It)
Posts: 393
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.
#3
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Join Date: Apr 2010
Location: NYCEWR
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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.
So as it turns out I don't need the Express Cash feature.
#4
Join Date: May 2000
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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.
#5
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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.
#6
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#7
Join Date: May 2000
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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.
#8
Original Poster
Join Date: Apr 2010
Location: NYCEWR
Programs: MP(1K) Million Miler, Marriott Plat
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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.
#9
Join Date: Sep 2006
Location: LAX
Posts: 1,208
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.
Last edited by JFKLAX321; Feb 13, 2012 at 7:25 pm Reason: changed forex fee from 3% to 1%
#11
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Originally Posted by mzkaiser:18010169
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.
#12
Join Date: Feb 2009
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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.
#13
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Join Date: Apr 2010
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Posts: 478
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.
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.
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.
#14
Join Date: Sep 2006
Location: LAX
Posts: 1,208
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.