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Managing Intra Day Spot Contracts

With Intra Day Spot Contracts, American Express^® FX International Payments allows you to request a quote for the total of your foreign currency requirements, for multiple beneficiaries with spot value. This feature is especially useful if you want to secure a rate now for a transaction you intend to process later in the day.

Requesting a Quote

To access Intra Day Spot Contracts, go to Create & Manage Payments > Intra Day Spot Contracts, then:

1Select the currency you want to purchase from the Currency of Contract drop-down menu.
2Enter the amount of currency you want to purchase in the Contract Amount field.
3Specify whether you want to purchase the Local Equivalent of the amount you’ve entered, or whether you want to purchase the amount in the Foreign Currency you’ve selected.
4Enter the Value Date by which the full contract must be settled.
5Once you have entered all the mandatory information, click Quote. The Summary box will then show details, including the Payment Amount, Rate, Sub Total, Fee and Total Cost.

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.

Note: The total Intra Day Spot Contract must be used the same day.

Steps to request a quote to set up an intra day spot contract.

Completing your payment

Once you have entered all the mandatory information, you have two options:

1If 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.
2If 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 sent 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 or Create a Drawdown.

To start the process again, click Create Another Contract.

Open Contracts

Any open contracts will be displayed in the lower portion of the Intra Day Spot Contracts section. Here you can view the details of each open contract, such as the Creation Date, Amount and Total Cost, and make drawdowns by clicking the appropriate Drawdown button.

View the details of each open contract while setting up an intra day contract.

Making a Drawdown

The amount Available for Drawdown will be indicated, then:

1Choose how much you wish to drawdown from the available amount by completing the Contract Amount field.
2Specify 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.
3Choose how you want to pay for the transaction from the Settlement Method drop-down menu. If applicable, select the appropriate account. For all other settlement methods, click the Pay to American Express button to view receiving bank information.
4If you wish to make certain payments, they must be instructed to your beneficiary on the same working day the Intra Day Spot Contract is approved.
5Enter the Value Date on which you want the payment to be made by clicking the appropriate date in the pop-up calendar. The Value Date will normally default to two working days after date of creation. We will endeavor to value the funds on the Value Date; however, please note that some factors may delay the valuation.
6Once you have entered all the mandatory information, click Continue. The Summary box will show details including the Payment Amount, Rate, Sub Total, Fee and Total Cost.

TIP : For further information on the date funds will arrive, you can consult Customer Services. Details can be found at the bottom 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 wire transfers, the payee section will display the Search for Bank option, as well as the related bank information fields. 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

Once you have entered all the mandatory information, you have two options:

1If 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.
2If 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 sent 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 or Create a Drawdown.

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.

NMLS ID # 913828

Managing Intra Day Spot Contracts

Requesting a Quote

Completing your payment

Open Contracts

Making a Drawdown

Entering Payment Details for the Payee

Completing your payment

Related Tutorials

Contact us

Make International Payments