The film was entered into the 1977 Cannes Film Festival. It has a 91% approval rating on Rotten Tomatoes based on 22 reviews, with a weighted average of 7.33/10. The Critics' Consensus reads, ""The American Friend" is a slow burning existential thriller that does justice to the Patricia Highsmith source novel." Roger Ebert gave the film three stars (out of four), writing: "challenges us to admit that we watch (and read) thrillers as much for atmosphere as for plot. And then he gives us so much atmosphere we're almost swimming in it." David Nusair of "Reel Film Reviews" had a more mixed reaction, calling the film "occasionally thrilling" and praising "Ganz's subtle, thoroughly compelling performance" but criticizing what he called a "disastrous final half hour."