Magneto‐impedance effects have been observed in thin films of amorphous Fe73.5Cu1Nb3Si13.5B9. Large magneto‐impedance values have been obtained in field‐annealed samples, but not in as‐deposited samples. Transverse magneto‐impedance effects with magnitudes comparable to the longitudinal case have been observed. These results are discussed in terms of appropriate magnetic permeability. ©1995 American Institute of Physics.