Online tool simplifies cross-border currency transactions
By Sara Bedal | February 10, 2011
A new online service promises to make it easier for businesses to send money to—and receive money from—other countries.
American Express FX International Payments (FXIP) allows businesses to make foreign currency transactions at competitive rates with the convenience, security and control of 24/7 online service.
Incoming wires of foreign funds; and
Incoming cash letter items (converts foreign drafts to Canadian dollars).
How it works
It's not necessary to have an American Express credit card to use the service. When a customer makes a transaction, FXIP automatically withdraws funds from the customer's authorized bank account. Transactions are typically completed in 48 to 72 hours. Enrolment is free and there are no monthly service charges.
The service offers wires and drafts in more than 110 foreign currencies. And, through its "Rate Alert," FXIP customers are notified via email or text messages when a specific rate for a chosen currency is available.
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