Amex B2B forex challenge

TECHNOLOGY NEWS

LONDON -- American Express claims its online international payment service will challenge banks to charge less for their FX services in the UK. The firm charges clients a £10 flat fee for each transaction conducted on its international payment system, whereas banks profit by adding spreads to their foreign exchange rates.

While American Express also charges pre-negotiated spreads, it claims to offer competitive rates because, as an internet service, its operating costs are very low.

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