$0 commission Amex Travellers Cheques offer from Amex.

[Mal]

I have noticed in SE Asia the traveller cheque exchange rate is always better than the cash exchange rate and no commission is charged. So if you can get traveller's cheques at pay no commission here in Australia you have done well.

Not in Singapore any more judging on recent experience there. Only a slight difference (~ $SGD1), but still a difference.

 

[Mal]

Looks like this offer has been relaunched for purchases both at Amex Forex locations and online.

https://www.fx4you.com/feefree/

Valid 1 August to 31 October.

T&C's apply of course:

" 1. For purchases made instore at American Express Foreign Exchange locations:
The commission fee will be waived on the purchase of forgeign Travellers Cheques (excludes Australian-dollar Travellers Cheques). However, if you also purchase foreign currency in conjunction with the purchase of forgeign Travellers Cheques, the fee on the foreign currency purchase will also be waived.
2. For purchases made online at americanexpress.com.au/fx4you:
The commission fee will be waived on the purchase of forgeign Travellers Cheques (excludes Australian-dollar Travellers Cheques).
3. This fee-free promotion is only valid at American Express Foreign Exchange branches across Australia and for online purchases through americanexpress.com.au/fx4you site.
4. Travellers cheques are issued by American Express Travel Related Services Company, Inc. and certain related entities. A Disclosure Document (DD) will be provided where Travellers Cheques are sold and is also available upon request. You should request an American Express Financial Services Guide and consider the appropriatemess of Travellers Cheques in relation to your individual requirements.
"

Now the interesting part is condition #1. Could be a nice way of getting commission free overseas $'s when buying instore at Amex (Just buy a $50 traveller's cheque with the cash!). Looking at the online site, it also seems to offer the same deal, but according to the T&C's above, perhaps it shouldnt!

 

[JohnK]

Now the interesting part is condition #1. Could be a nice way of getting commission free overseas $'s when buying instore at Amex (Just buy a $50 traveller's cheque with the cash!). Looking at the online site, it also seems to offer the same deal, but according to the T&C's above, perhaps it shouldnt!

Fee free traveller's cheques in A$ is a good idea. It would be even better if we could pay for them with an Amex credit card.

The cash foreign exchange rates appear to be too low. Am I looking at the right rates?

A$1 = 25.79THB, NZ$1.12, SG$1.11, US$0.73, 0.56Euro

When looking at XE.com

A$1 = 28.68THB, NZ$1.1866, SG$1.2013, US$0.7631, 0.5956Euro

 

[Mal]

Fee free traveller's cheques in A$ is a good idea. It would be even better if we could pay for them with an Amex credit card.
The cash foreign exchange rates appear to be too low. Am I looking at the right rates?

Promo excludes purchases of $A traveller's cheques... otherwise I would have lots of fun ala Citibank's disputed promotion :mrgreen:

Agree about the forex rates. They do seem a little low when I check with other sources. Nothing forcing anyone to use the Amex promo. Just cause I post about a promotion doesn't mean it's the best deal on the market!

 

[ditto]

Amex are also offering fee free currency (no need to buy travellers cheques as part of the transaction) if purchased on line. You need to give 3 days notice if collecting from an Amex office or Westpac bank or 4 days from an Aust Post office (which may be more convenient). You can pay for your cash (and trav chqs) using direct debit or a credit card through bpay. I have used my credit card, earnt points and not been charged a cash advance fee when I have used the bpay facility of the ANZ bank which issued my visacard - so check with your bank that issued your credit card to see if same rules apply.

I have compared Amex to Travelex who also do commission free cash ordered on line and the exchange rate is about one point higher with Travelex BUT you can only guarantee and pay for the order with a credit card. Travelex charge a flat rate $7 for using a credit card plus your bank will charge a cash advance fee for the transaction. Add this all up and on a $3000 transaction, the charges amount to $52 - more than what you are loosing in the lesser exchange rate.

XE.com gives a better exchange rate but it would appear you cannot actually purchase currency.

 

[JohnK]

Buying foreign currency in Australia is always going to be a lot more expensive, even without fees, than buying the foreign currency in that country. Given the rates I have seen offered by Amex and Travelex there is no incentive, fee free/ff points, to purchase foreign currency from them. There are exceptions like if your first port of call overseas is likely to be a place like Taiwan, Honduras etc then it may be advisable to have some notes before departing. For the majority of destinations you can generally get a rate much closer to Xe.com when purchasing overseas.