What is the Amazon Currency Converter for Sellers?
Amazon Currency Converter is an optional service that enables Amazon sellers to deposit revenue into their local bank accounts even if their accounts and the marketplace where they sell their products are located in different countries or regions. It was officially launched in January 2008.
Amazon Currency Converter for Sellers supports the following currencies:
Including Australian Dollar, Danish Krone, Euro, Hong Kong Dollar, Japanese Yen, New Zealand Dollar, Norwegian Krone, British Pound, South African Rand, Swedish Krona and Swiss Franc.
Common issues you may encounter when using the Amazon Currency Converter for Sellers:
Q: If I have a bank account registered with a bank in a different country than the marketplace where I sell my products, how will I receive my funds?
A: Once you have completed the registration of your bank account, all payments will be automatically transferred to that account in the local currency of your bank's country through the Amazon Seller Currency Converter.
Q: Will payments transferred using the Amazon Seller Currency Converter take longer to arrive in my bank account?
A: No. However, your first payment after adding or changing your bank account details may be delayed by up to 14 days.
Q: Do I need to pay any additional fees to use the Amazon Seller Currency Converter?
A: All fees and charges associated with using the Amazon Currency Converter for Sellers are included in the exchange rate. When you receive an account transfer, you will see a [View Exchange Rate] button on the [Payment Summary] page. Click this button to view the exchange rate.
Q: When I receive a payment from Amazon Currency Converter for Sellers, how will my bank statement appear?
A: It depends on your bank, the payment will appear as one of the following names: Amazon, HSBC or Amazon and HSBC. If you need more information, please contact your bank.
Q: Why does the exchange rate used by Amazon Seller Currency Converter not match the exchange rate I saw in the newspaper?
A: The exchange rates you see in newspapers or other print media are usually wholesale rates or interbank rates. Amazon is committed to ensuring that our sellers receive the most competitive exchange rates.
Q: What exchange rate will be applied to my payment?
A: The Amazon Currency Converter for Sellers uses the exchange rate on the day the transfer is initiated to your bank account. For failed payments, the exchange rate on the day the transfer is re-initiated will be applied.
Q: If my earnings are converted to another currency before being transferred to my local bank account, what are the tax implications?
A: Amazon cannot provide advice or comment on your tax obligations. Please contact your tax advisor to discuss your specific situation.
Q: Will I receive documents with prices in my local currency that I can then hand over to the local tax authorities?
A: All documents provided by Amazon will be presented in the base currency of the marketplace where you sell the products.
Q: Can I choose the currency for my payment?
A: Payments can only be made in the local currency of the country where your bank account is located. For example, if your bank account is based in the UK, you can only make payments in GBP, even if your bank account can accept deposits in both GBP and EUR currencies.
Q: My bank account is set up with the Amazon Seller Currency Converter, how can I receive my earnings?
A: When you enter a non-U.S. bank account, you must accept the Amazon Currency Converter's terms and conditions for payments to sellers received from that bank account. Each time Amazon pays the seller, it will be automatically converted to your bank account number in the bank currency of your account location; if you switch to another non-US bank, you must accept the seller's terms and conditions and enter the new bank information again at the Amazon conversion agency.
Q: Will my payment be delayed because my bank account is international?
A: No, there may be a delay of a few minutes in receiving the funds, but you will receive your funds on the same day as in your US bank account.
Q: Does Amazon currency conversion cost me a certain amount of money? Are there any other additional fees?
A: If you enter a non-U.S. bank account, you can convert the applicable exchange rate for your bank account by clicking "View Exchange Rate" on the Payment Summary page. The applicable exchange rate includes all seller fees at no additional charge.
This is the end of this Thursday’s article on Amazon Currency Converter for Sellers. If you want to learn more about Amazon Currency Converter for Sellers, please stay tuned~
