AMERICAN EXPRESS OPENS ITS FIRST RETAIL FOREIGN EXCHANGE BUREAU IN HONG KONG

25 July 2002

American Express Foreign Exchange Service today announced the official opening of its first high street retail foreign exchange bureau in Hong Kong.

Located in Causeway Bay, the new foreign exchange bureau is open 7 days a week to provide optimum convenience and flexibility to tourists and outbound travelers in Hong Kong. Its comprehensive suite of products and services includes currency exchange, travellers cheques, phone cards, travel insurance, and MoneyGram fund transfers. Certain services for American Express Cardmembers like collection boxes for card payments and emergency funds access are also available.

To mark the opening of its first high street foreign exchange bureau in Hong Kong, from now until September 30, American Express offers a "Destination Currency Promotion" which provides three main benefits for Hong Kong's outbound leisure travelers. Five currencies used in popular tourist destinations including Renminbi, Taiwan Dollars, Thai Baht, Korean Won and Philippines Peso can be exchanged at competitive rates, generally better than other major banks and foreign exchange bureaus in Hong Kong. Secondly, American Express offers a guaranteed buy-back of these currencies at the exchange rate sold to customers within three months of the purchase date, up to 50% of the original transaction amount. This arrangement is first in the market, giving customers peace of mind and protecting them from exchange loss. And thirdly, the supply of these currencies is guaranteed.

"The opening of this Foreign Exchange Bureau further strengthens American Express' network of over 1,700 Travel and Foreign Exchange Service locations worldwide. It also demonstrates our commitment to providing unparalleled levels of service and a host of unique benefits to customers and tourists," says Mr. David Cronin, Country Manager for Hong Kong, American Express International, Inc. 

The American Express Foreign Exchange Bureau offers more than 30 currencies for exchange, while the American Express Travellers Cheques are available in 7 currencies including the Euro. 

Located at Shop No. 4, G/F, The Goldmark, 502 Hennessey Road, Causeway Bay, the American Express Foreign Exchange Bureau is open daily from 10:30am to 10:30pm. This is American Express' third foreign exchange location in Hong Kong. The other two are located next to the branches of American Express Bank in Central (1/F Henley Building, 5 Queen's Road Central) and Tsimshatsui (1/F China Insurance Building, 48 Cameron Road).

The American Express Company is a diversified worldwide travel, financial services and network services company. Founded in 1850, it is a leader in charge and credit cards, Travellers Cheques, Travel, financial planning, investment products, insurance and international banking. 

For more information about American Express products and services, visit the worldwide web site at https://www.americanexpress.com