American Express Business Checking Account Review

Choosing the right checking account is an important decision for small business owners and entrepreneurs. American Express® is a well-known name in the financial industry as a global integrated payments provider. Its Business Checking Account caters to the needs of US businesses.

In this American Express® Business Checking Account review, we'll look into the key features, fees, advantages and possible drawbacks of the account. This will give you a comprehensive understanding of whether this account is suitable for your business.

American Express Business Checking Account Review: Quick Overview

American Express Business Checking Account: Key Features

The American Express Business Checking Account is an online-only account aimed at its existing US American Express® Card Members and any eligible US small business. Its features include²:

• An Amex Business Debit Card, which pays one membership reward point for every $2 spent on eligible purchases

• No monthly fees or minimum balance requirements

• Access to the MoneyPass ATM network with free withdrawals from 37,000 ATMs

• The Business Blueprint mobile app, a free cash flow management tool

• Interest of 1.30% APY variable on balances up to $500,000 at the time of writing

• A sign-up bonus of 30,000 membership reward points for completing qualifying activities

• The ability to connect the account to QuickBooks accounting software

Ease of Use

It's straightforward to open an Amex business checking account. You can apply online or via the Business Blueprint app in a few minutes.

You will need to upload some basic information about yourself and your business, including the business structure and articles of incorporation or certificate of formation. You can link your existing business checking account to seamlessly transfer the balance by making a direct payment.

The mobile app makes it easy to manage the account, showing all the checking, lending, and credit card products for the business in one place.

Account holders can add their American Express Business Debit Card to a digital wallet to make fast payments in-store and at participating online retailers.

Customer Service

The American Express business checking offers customer support 24 hours a day, seven days a week. The website offers a frequently asked questions section and chat feature, or you can reach the customer service team by phone or mail.

Positive reviews on Trustpilot (an independent customer review site) state that American Express offers helpful and responsive customer service.¹ The company is quick to detect potentially fraudulent transactions and contact customers to ensure their accounts are secure, quickly providing replacement cards when necessary, which would benefit business account holders.

However, some negative reviews from Trustpilot mention that American Express froze their business credit card accounts or cut their credit limits.¹ It should be noted that this can be due to required security measures.

American Express Business Checking Account Fees

You should be aware of the various fees associated with a business account before signing up. Amex fees include¹:

• Processing services: No fee
• Domestic ACH: No fee
• Domestic Same Day ACH (Outgoing): $10
• Domestic Wire (Incoming): No fee
• Domestic Wire (Outgoing): $25
• MoneyPass ATM Withdrawals: No fee
• E-checks: No fee
• Checkbook (optional): No fee, third party cost varies
• International ACH (Incoming): No fee
• Foreign Transaction Fee: 2.7% per transaction after conversion to US dollars

American Express Business Checking Account Pros and Cons

What are the Benefits of American Express for Business Banking?

American Express offers a convenient online business checking account that offers several benefits, including interest on balances, limited account fees, and simple online account management. From November 7, 2023, the account is also available to any eligible US small business.

The account provides membership rewards for spending, with no limit on the number of points that can be earned. The points can be converted into travel rewards or cash deposits directly to the account. This makes the account well suited to small businesses that do a lot of travel.

American Express also has a reputation for responsive customer service, which should offer some peace of mind to business owners who may need to contact the company to deal with urgent inquiries.

What are the Drawbacks of American Express for Business Banking?

While the American Express Business Checking account offers unique benefits, it may not suit small businesses that receive primarily cash payments. This is because the account does not allow cash transfers. They would have to deposit the cash into another bank account and transfer the funds into the American Express account.

Conclusion: Is the American Express Business Checking Account the Best Choice for Your Business?

The American Express Business Checking Account can be a solid option for businesses looking to earn rewards and interest on their funds, and that prioritize the reputation and strong customer service of an established financial institution.

However, the decision ultimately depends on the specific needs and financial circumstances of your business.

Discover Wise Business: The Easy and Low-Cost Way to Make International Payments

If you're looking for a business account with low fees, especially for international transactions, or additional features like multi-currency support, you may consider signing up with Wise Business.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in 40+ currencies. You can also get 9 major currency account details for a one-off fee to receive overseas payments like a local.

Learn more about Wise Business

✔️ Make international payments at the mid-market rate
✔️ Manage multiple currencies all in one place
✔️ Make easy batch payments

About the author:
	Panna is an expert in business finance topics for the US, covering content from invoicing to international expansion. She creates high-quality reviews on business finance tools and products with the aim to help businesses save time and make informed decisions. You can read more useful business articles on her author profile.