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American Express Gave Small Businesses One Rate, Then Secretly Raised It

By Tony Seruga

The forex division’s commissions-driven culture was cited by current and former employees as fueling the practice

For more than a decade, American Express Co.’s foreign-exchange unit recruited business clients with offers of low currency-conversion rates before quietly raising their prices, according to people familiar with the matter.

AmEx’s foreign-exchange international payments department routinely increased conversion rates without notifying customers in a bid to boost revenue and employee commissions, the people said. The practice, widespread within the forex department, was occurring until early this year and dates back to at least…

American Express Gave Small Businesses One Rate, Then Secretly Raised It

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