SET UP WISE FOR AMAZON ROYALTIES
Two problems for authors receiving Amazon royalties are the minimum threshold for payments and the high cost of bank transfers, especially if you live outside the USA, in which case the minimum threshold for payments is USD 100.
Wise is a solution to both of those issues. Essentially, Wise offers borderless banking at the best exchange rates. You can create a "virtual" US bank account into which any Amazon royalties you are owed from any store will be paid (even $0.65 from Brazil, for instance), without having to wait for the threshold to be reached. So, all your royalties from all stores will be swept up together and paid into your Wise account every month, regardless of the balance from each store.
Setting this up is easy:
1. Go to https://wise.com (or the equivalent in your country, such as https://wise.com/nz in New Zealand) and create an account. This will provide you with a debit card that will be posted to you. You can use this like any other debit card, but you don't have to if you only want to use Wise for collecting Amazon royalties. There is a small one-off cost for this.
2. Get verified. This involves depositing some money into your local currency account (by bank transfer or another card) and following the onscreen instructions to provide photo ID verification.
3. Once you are verified and approved, you can open a USD account or an account in dozens of other currencies. For Amazon royalties, though, you'll need a USD account. You don't have to deposit any money into it. Click on the '+' button and choose 'USD'. The USD account is created instantly.
4. Click on 'Your current USD account details' to see all the information that you'll need to enter into Amazon so they can pay you.
5. Login to your KDP account at https://kdp.amazon.com, click 'Your Account' at the top and find the 'Getting Paid' section.
6. Fill out the details like this:
Whenever you receive a monthly payment from Amazon, Wise will email you. You can let the balance accumulate, spend it with your debit card or online (remember it's in USD), or convert it to your local currency account and withdraw it to your bank account at the best exchange rates and low withdrawal fees.
Click here to go to Wise to start setting up your account.
Wise is a solution to both of those issues. Essentially, Wise offers borderless banking at the best exchange rates. You can create a "virtual" US bank account into which any Amazon royalties you are owed from any store will be paid (even $0.65 from Brazil, for instance), without having to wait for the threshold to be reached. So, all your royalties from all stores will be swept up together and paid into your Wise account every month, regardless of the balance from each store.
Setting this up is easy:
1. Go to https://wise.com (or the equivalent in your country, such as https://wise.com/nz in New Zealand) and create an account. This will provide you with a debit card that will be posted to you. You can use this like any other debit card, but you don't have to if you only want to use Wise for collecting Amazon royalties. There is a small one-off cost for this.
2. Get verified. This involves depositing some money into your local currency account (by bank transfer or another card) and following the onscreen instructions to provide photo ID verification.
3. Once you are verified and approved, you can open a USD account or an account in dozens of other currencies. For Amazon royalties, though, you'll need a USD account. You don't have to deposit any money into it. Click on the '+' button and choose 'USD'. The USD account is created instantly.
4. Click on 'Your current USD account details' to see all the information that you'll need to enter into Amazon so they can pay you.
5. Login to your KDP account at https://kdp.amazon.com, click 'Your Account' at the top and find the 'Getting Paid' section.
6. Fill out the details like this:
- Where is your bank? Answer: USA
- Bank currency? Answer: USD
- Account holder name? Answer: your name (exactly as you entered it in Wise)
- Type of account? Answer: Checking
- Account number? Answer: As shown in 'Your current USD account details' on Wise
- Routing number? Answer: As shown in 'Your current USD account details' on Wise
- Name of bank? Answer: Wise
Whenever you receive a monthly payment from Amazon, Wise will email you. You can let the balance accumulate, spend it with your debit card or online (remember it's in USD), or convert it to your local currency account and withdraw it to your bank account at the best exchange rates and low withdrawal fees.
Click here to go to Wise to start setting up your account.
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