Express Cash

[aschmid]

I found that AMEX offers an "Express Cash" option on their charge card. To my understanding when you sign up for it you give them your bank account details and then you can withdraw cash with your AMEX card which they take out of your account.

Has anybody used this facility? Fees? Is it worth setting it up?

Thanks!

 

[ric_melb]

I have the facility on my Amex charge card, although I haven't used it for 5 years!
Setting the facility up was free, but you pay a small fee on each withdrawal.
From memory it was $1.50. Subject to currency conversion fee if overseas.
Might be worth checking current fees with Amex.
Facility worked very well when I used it.

 

[Diesellife]

I thought express cash is cash advance on the card?!
It charges a % as fee rather than $1.5 (iirc):shock:

 

[lowan74]

Hi -

I have used this facility a lot in recent years - in Japan, Hong Kong, Mainland China, Macau, NZ, Singapore, Thailand, UAE, UK, USA, France, Czech Republic, Netherlands, Germany, Austria, Italy, South Africa and Egypt and always found it an efficient hassle free way to withdraw money. The current charge is 1.25 plus any percentage conversion, but the total conversion (incl the $1.25) has always worked out monetarily better than changing cash for me.

Hope this assists-
ML

 

[ric_melb]

The Express Cash I have with my charge card, seems to be the same as lowan74.
It is not a cash advance but through Amex debits your nominated bank account.
That fee of $1.25 sounds right also, plus I found currency conversions to be very reasonable.

 

[aschmid]

ric_melb, lowan74, thanks for your posts and confirmation. What you say was my understanding, just wanted to confirm. This sounds like a good option to get cash if the charge is only $1.25 and the conversion fee. My bank card charges me $5!

Good to know I'll go and sign up for it then, better to have than not to have.

 

[moa999]

But then the Wizard card is $0 and 0% conversion.
versus Amex presumably at $1.25 and 3%

 

[aschmid]

But then the Wizard card is $0 and 0% conversion.
versus Amex presumably at $1.25 and 3%

Interesting!

I got Wizard as well but I thought on Wizard it being a CREDIT CARD you would be charged CASH ADVANCE fee straight away which is around 20%?

The difference to AMEX it being a CHARGE CARD there is no cash advance fee.

Is that right or not?

 

[mvjs]

Interesting!

I got Wizard as well but I thought on Wizard it being a CREDIT CARD you would be charged CASH ADVANCE fee straight away which is around 20%?

The difference to AMEX it being a CHARGE CARD there is no cash advance fee.

Is that right or not?

If you preload the Wizard card with cash (i.e. transferring money via BPay), you will not be charged interest.

 

[Diesellife]

Well it also depends on the country of issuance for the AMEX.

My HK AMEX gold charge has express cash on it and it does not attach my personal bank account. The handling fee is 7% + any applicable foreign currency %. (No interest applies)

In Australia, it seems that Amex no longer does the cash advance facility. So you only get the bank direct debit option. The fee is $1.25 flat + any applicable foreign currency %.

 

[aschmid]

If you preload the Wizard card with cash (i.e. transferring money via BPay), you will not be charged interest.

That's correct but you also forgo the 55 days interest free period on your purchases.

This got me once when going on holiday I thought I transfer some money onto it to withdraw cash overseas for free. This would have worked but I was also using the card to pay for things will traveling and those will also apply against any credit you have on the card.

So that will only work if you are willing to prepay your card for all your cash and credit purchase needs while overseas and forgo the 55 days interest free.

For me having a home loan with an offset account the AMEX currency conversion charge seems to be a better option as I can leave money in my account offsetting my home loan for the credit free period.

 

[Cynicor]

Or... 2 wizard cards!

Just load one with cash and have the partner apply for another and you have your credit line and a cash line. I use the higher limit card for the purchases and the lower limit card for cash, as there seems to be a $1000 maximum/day limit anyway.

Jon

 

[Fifa]

Or... 2 wizard cards!

Just load one with cash and have the partner apply for another and you have your credit line and a cash line. I use the higher limit card for the purchases and the lower limit card for cash, as there seems to be a $1000 maximum/day limit anyway.

This is exactly what we do and it works perfectly. No confusion - 2 cards each!

 

[aschmid]

Or... 2 wizard cards!

Just load one with cash and have the partner apply for another and you have your credit line and a cash line. I use the higher limit card for the purchases and the lower limit card for cash, as there seems to be a $1000 maximum/day limit anyway.

Jon

Great idea, thanks! I hadn't thought about that at all. Need to get a card for my wife now.

 

[gregff]

Now that Amex doesnt do cash advances of the Plat CREDIT card, can you sign up for Express Cash on it and get cash from a linked bank account?

 

[Diesellife]

Now that Amex doesnt do cash advances of the Plat CREDIT card, can you sign up for Express Cash on it and get cash from a linked bank account?

No you can't express cash is only for charge card holders.

However, the EXISTING express cash with cash advance enrolled members can still do cash advance. It's just the new enrolment will not be accepted (Kinda Stupid)

I did a testing for $50 (cash advance) the other day and it worked :shock:

 

[lowan74]

The other quirk of Express Cash is that I have never been able to get it to work when travelling to Malaysia, when using the nominated/correctly branded ATMs. This has been the case in over 6 trips.