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Managing Forward Contracts

American Express^® FX International Payments can help you reduce your exposure to exchange rate fluctuations. With the Forward Contracts feature, you can purchase a set amount of foreign currency at a fixed price for future payments.

TIP : A Fixed Contract specifies a precise maturity date. A Window Contract (or drawdown) specifies a date range during which payments can be made until the full amount is settled by the maturity date.

Requesting a Quote

To access Forward Contracts, go to Create & Manage Payments > Forward Contracts, then:

1 Choose Fixed or Window from the Forward Type drop-down menu and select the currency you want to purchase from the Currency of Contract drop-down menu.
2 Select if the value indicated in Amount is in Foreign Currency or Local Equivalent.
3 Enter the Maturity Date by which the full contract must be settled.
4 Once you have entered all the mandatory information, click Quote. The Summary box will then show details, including the Amount, Rate, Subtotal, Fee, and Total Cost.

Use of forward contracts to purchase foreign currency helps mitigate FX risk while making future global payments.

TIP : The quote expiry date will be indicated in the orange box. If the rate expires, or if you are otherwise unsatisfied with the quoted rate, you can click Re-Quote for a new rate.

Part Payments

A Part Payment may be required for your contract. The amount owed will be displayed. You should then:

1 Choose how you wish to pay from the Settlement Method drop-down menu.
2 If paying by direct debit, select the appropriate Account Number.
3 You will be prompted for authorization before any payment is collected.

Completing your Payment

You have two options to complete your transaction:

1 If you have the required authorization, click Accept to execute the transaction immediately. As an additional security measure, you must re-submit your Username and Password. Then click Approve Payments. If successful, you will see ‘Your payment is complete’ followed by the Payment Reference Number.
2 If you do not have the required authorization level, click Send for approval and check the box to alert an approver by email. The transaction will be routed to Approve a Payment. For more details, view the Approving a Payment tutorial.

With both options, you will be able to Print Details of the transaction. To start the process again, click Create Another Contract.

Open Contracts

Any open contracts will be displayed in the lower portion of the Forward Contract section. Here you can view the details of each open contract, such as the Creation Date, Amount and Total Cost, and make drawdowns. To make a drawdown on an open contract, click the appropriate Drawdown button.

Creating a Drawdown

1 Choose Window or Fixed from the Forward Type drop-down menu and select the currency you want to send your payee from the Currency of Contract drop-down menu. The amount Available for Drawdown will be indicated.
2 Choose how much you wish to drawdown from the available amount by completing the Contract Amount field.
3 Specify whether you want your payee to receive the Local Equivalent of the amount you’ve entered, or whether you want your beneficiary to receive the amount in the Foreign Currency you’ve selected.
4 Enter the Maturity Date on which you want the payment to be made in the pop-up calendar. The Maturity Date will normally default to two working days after date of creation.
5Once you have entered all the mandatory information, click Continue. The Summary box will then show details, including the Amount, Rate, Subtotal, Fee, and Total Cost.

TIP: We will endeavor to value the funds on Maturity Date, however please note that some factors may delay the valuation. For further information on the date funds will arrive, please consult Customer Services – details can be found at the end of this page.

Entering payment details for the Payee

You must also enter the information for the payee receiving the payment. To do so, either Select from Your Existing Payee List or Create New.

To select from the existing list, simply search or scroll through and click the appropriate one; the information fields on the right will be automatically populated.
To create a new payee, manually enter the information in the fields on the right. For more details, view the Payees tutorial.

Entering payment details of an existing payee or creating a new payee for receiving payments.

Searching for a Bank

For outgoing wire transfers, the payee section will display the Search for Bank option. Here you can search for payee bank details either by IBAN or country. After entering your search criteria, click Search and select the appropriate bank from the results displayed below; the information fields will automatically be populated.

TIP : Should you wish to add a note, Notes to Payee will be sent with the payment instruction and are viewable by your payee. Notes for You/Internal comments are for your use only; they will not be viewable by your payee.

Completing your Payment

1 If you have the required authorization, click Accept to execute the transaction immediately. As an additional security measure, you must re-submit your Username and Password. Then click Approve Payments. If successful, you will see ‘Your payment is complete’ followed by the Payment Reference Number.
2 If you do not have the required authorization level, click Send for approval and check the box to alert an approver by email. The transaction will be routed to Approve a Payment. For more details, view the Approving a Payment tutorial.

With both options, you will be able to Print Details of the transaction.

Make International Payments

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Existing FX International Payments customers log in here

FX International Payments is a service of American Express Travel Related Services Company, Inc. ("American Express"). This service is not available to consumers. To enroll in this service, your business will be required to complete an application, which is subject to review and approval by American Express.

1. FX International Payments incorporates encryption, both for stored data (such as account information) and for payments created and transmitted in real-time. The FX International Payments platform is deployed within American Express’ state of the art data center that features advanced online and offline security and monitoring against internet attacks. FX International Payments implements American Express standards relating to information integrity, transaction security and information security.

2. American Express makes money from currency exchange.

3. Transfer times for Outgoing Wire Transfers, typically 1-4 business days (delivery times depend on currency and country).

4. Forward contracts are not suitable for every business. American Express is not providing you with legal, tax or financial advice. We recommend that you consult your own advisers to determine whether Forward Contracts are suitable for you. Eligibility requirements apply.

5. One (1) Membership Rewards^® point will be awarded for every USD $30 your business wires internationally using the FX International Payments (“FXIP”) service. The maximum award per transaction is 4,000 points. Not valid for same currency wire transactions (e.g. US Dollar to US Dollar). For a designated Card Member to be eligible to receive Membership Rewards points, your business must first enroll in the FXIP service. Your business must also complete and submit to us a form designating an American Express Card Member who is already enrolled in the individual Membership Rewards program to whom points will be credited. With respect to a company enrolled in the Corporate Membership Rewards program, any earned points will be credited to the relevant Program Administrator Corporate Card linked to the company’s Membership Rewards program. If you select a basic personal American Express Card Member or a basic small business American Express Card Member (e.g., OPEN from American Express) to receive the award of Membership Rewards points, please note that the designated Card Member for that personal or small business account is authorized to determine how and when to redeem those points. You agree not to make any claims against American Express with regard to the manner in which the basic Card Member redeems such points. The American Express Card Member you select to receive the award of points, or in the case of Corporate Membership Rewards, the company, must be current and enrolled in the Membership Rewards program at the time the transaction is initiated. FXIP must have a completed registration on file for the Card Member’s Card account or company’s Program Administrator Card Corporate Card account, and there must be no unpaid FXIP obligations of your business or other violation of or defaults under the FXIP Terms and Conditions at the time of point fulfillment. No points will be awarded retroactively for transactions processed prior to the enrollment of the business in the FXIP service and the processing of the Membership Rewards program registration form. In the event a registered Card is lost, stolen or renewed, you must register the new Card by submitting an updated form to FXIP with the new Card information. Processing of the registration form takes approximately 2-4 weeks. To obtain a registration form, call 1-833-319-7265. Points will be credited to the Card Member’s Membership Rewards program account or Corporate Membership Rewards account, if applicable, within 10-12 weeks after the eligible transaction is completed. Membership Rewards points that are awarded for transactions with FXIP are subject to the terms and conditions of the Membership Rewards program, including rules regarding forfeiture of Membership Rewards points. Note that the rewards available in the Membership Rewards program vary depending on the type of American Express Card enrolled in Membership Rewards. The value of Membership Rewards points varies according to how you choose to use them. To learn more, go to Membership Rewards. Participating partners and available rewards are subject to change without notice. See Membership Rewards Terms or call 1-800-AXP-EARN (297-3276) for more information. A company that is enrolled in Corporate Membership Rewards, and points earned under that program, are subject to the terms of the Corporate Membership Rewards program (see Membership Rewards – Corporate TnC). Transactions by university or financial institution clients are not eligible for this offer. FXIP reserves the right to change, limit, modify or cancel this offer at any time.

Bonus ID A9PE

It is your responsibility to find out if you are liable for any federal, state or local taxes as a result of earning or using points.

FX International Payments is a service of American Express Travel Related Services Company, Inc. ("American Express"). This service is not available to consumers. To enroll in this service, your business will be required to complete an application, which is subject to review and approval by American Express.

Click here for information about addressing complaints regarding our money services business, lists of our money services business licenses and other disclosures.

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Managing Forward Contracts

Requesting a Quote

Part Payments

Completing your Payment

Open Contracts

Creating a Drawdown

Entering payment details for the Payee

Searching for a Bank

Completing your Payment

Related Tutorials

Contact us

Make International Payments