Update 1/21/25: 2.7% foreign transaction fee getting added back beginning 2/21/25
Original Post 8/1/25:
American Express has announced that it will be removing foreign transaction fees temporarily on the business checking product. The following notice was given to account holders:
- Effective July 17, 2024, we are temporarily suspending Foreign Transaction Fees for cash withdrawals and purchases made with your Business Debit Card. You will not be charged a Foreign Transaction Fee for cash withdrawals and purchases in foreign currency made with your Business Debit Card until we notify you otherwise. ATM owners or merchants may charge a separate fee on foreign transactions.
- We will provide you with advanced notice of when we will resume charging the Foreign Transaction Fee.
It’s unclear why this change is being made and also why it’s only temporary.
Hat tip to DDG
View Comments (32)
Very petty of AMEX seriously none of the cards should have FTF
As was stated below, I received an email regarding both business and personal checking.
Oops I was massively wrong in my assumption :)
Amex checking products are not as robust as some would like. When Amex announced the adoption of Zelle and the elimination of foreign transaction fees, perhaps like you, I thought these products were making and would continue to make progress towards broader utility. This backward step signaled to me that the road would be longer. Being at a decision point, I closed my accounts.
Neat
Question: If I opened such an account for a bonus and it's left at $0 balance, will Amex eventually close it for you, or must I ask?
They eventually close, mine had a $0 balance for at least a year.
Schwab brokerage or checking debit card
Fidelity CMA debit card
Very Different type of accounts, tho
The Schwab and Fidelity products listed are functionally similar to checking accounts, plus you can also access a vast array of investment products. They are good alternatives to the Amex personal checking account.
The one difference is they are not official "business checking" accounts.
Also added on personal rewards checking.
Yep. Got an email today
Just got that email too. You can bet we will see more of this coming back.
@2 Just got an email about this for my AmEx personal checking too, so it’s all AmEx checking across the board.
@2
Effective February 21, 2025, we are reinstating the 2.7% Foreign Transaction Fee on your American Express® Business Checking account.
Here's what you should know
Effective February 21, 2025, we are reinstating the 2.7% foreign transaction fees for cash withdrawals and purchases made with your Business Debit Card that are paid in a currency other than U.S. Dollars. ATM owners or merchants may charge a separate fee on foreign transactions.