American Express Business Checking to Reinstate 2.7% Foreign Transaction Fee

American Express Business Checking Drops Foreign Transaction Fees

Update (Jan 21, 205) – Effective on February 21, 2025, American Express will re-instate the Foreign Exchange Fee on ATM and Debit Card Transactions. The Foreign Exchange Fee is 2.7% of the transaction amount.

Original article (Jul, 31, 2024) – American Express is notifying Business Checking customers that ATM cash withdrawals will no longer be charged the 2.70% foreign transaction fee.

This fee is being temporarily suspended, and it seems that it will resume again in the future.

Here’s what American Express says:

• 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.

Check out the Business Checking Account Agreement and the Rates & Fees Table for full details.