Posted by William Charles on March 12, 2018
Credit Cards

Published on March 12th, 2018 | by William Charles


American Express: 30,000 Membership Rewards Points For Sending 4 Wire Payments Of $500+

The Offer

Direct link to offer

  • American Express is offering 30,000 Membership Rewards points when you send 4 eligible foreign wire payments of at least $500 each within 90 days of enrollment.
  • You’ll also earn 1 Membership Rewards point for every $30 of eligible foreign currency transaction (up to 4,000 points per transaction)

The Fine Print

  • 30K Membership Rewards® offer: To earn 30,000 Membership Rewards points for activation of your FXIP account, you must satisfy the following conditions:
    • (i) you must complete an FXIP application form and a Membership Rewards registration form and submit them to us
    • (ii) your FXIP application and Membership Rewards registration must be processed and approved by us; and
    • (iii) you must complete at least four foreign currency payments each equivalent to at least $500 through your FXIP account no later than 90 days after you have received your welcome email and account login information from FXIP.
  • Same currency transactions (such as USD to USD) are not eligible for this offer.
  • If all eligibility criteria have been met, points will be credited to your Membership Rewards account within 12-15 business days after the 90 day period ends. The value of the points received may be taxable income to you.
  • Please consult your tax advisor if there are any questions about the tax treatment of points. Bonus ID B2YY

Our Verdict

Some things to note:

  • All American Express business cardholders receive a waiver on the Amex transaction fees charged for the first six months. American Express Business Platinum cardholders always receive this fee waiver.
  • They require a lot of information regarding your business to be eligible. If you don’t have a legitimate business that regularly sends foreign payments it’s unlikely you will be approved
  • Despite no fees being charged, make sure you compare the exchange rate being offered with other exchanges

I suspect most readers won’t be eligible for this bonus as they won’t be approved for an account. Despite the spread likely being quite large, if you send four payments of $500 you should still come out well ahead with the fees being waived.

Hat tip to Frequent Miler

Leave a Reply


newest oldest
Notify of

You’re missing a comma in the amount in your title there.

A zero, rather.

Fixed, thanks

Interesting offer. Being American/Canadian seems pretty straightforward but I wonder where the MR points go if you don’t have an Amex MR card yet? just this FXIP account?

I don’t think you can have MR without an Amex card, but this offer does seem ambiguous about this.

thanks… i have AMEXs (including biz one) but no Amex MR cards.

Is this actually taxable?

Looks like it is:

“The value of the points received may be taxable income to you. Please consult your tax advisor if there are any questions about the tax treatment of points.”

On the offer page it says – Business Platinum receives “a waiver on the international wire transaction fees”. This sounds nice. 30k pts on $2k wire.

what about conversion rate? is it similar to bank rate or we are going to get short end of stick here….

Just applied. Form was a bit long, but only took 5 minutes. Will keep youse updated here.

wire payments, welcome to 1984

Halfway though the application:

“This must be a business checking account based in the United States.”

Amex Platypus
Amex Platypus

I checked on one USD to GBP transaction and the spread was $11.90 more expensive than TransferWise. For 4 transactions, that would be $47.59. Not a bad deal for 30000 points.

Haven’t gotten the points yet. Still doing my 3rd and 4th transaction.

Back to Top ↑