I’ve just discovered something quite startling, something that I hadn’t realised. UK Amazon authors can set up Electronic Fund Transfers (EFT) payments for their .uk, .de, and other european sales!
Most authors outside the US have heard of the cheque debarkle, i.e the fact that you have to accumulate at least $100, £100 etc before a cheque will be issued. You’re not notified when it’s popped in the post, and dealing with it in the UK can be troublesome because many banks charge to process the currency change, losing you yet more hard earned royalty. It is annoying, but it’s something that we have to deal with for the time being, all whilst continually hoping that Amazon will one day change the process.
However, until a few moments ago I had no idea that UK and EU authors can receive EFT payments if you have a bank in Europe. All you need for this is your IBAN and BIC numbers and hey presto, you’re receiving money every time your European sales reach at least £10.
The process is easy and all I did was:
1. Log into your Amazon account and scroll to ‘Your Royalty Payments‘
2. Under ‘Your Bank Accounts‘ select ‘add‘ and fill in the details. You’ll need your IBAN and BIC for these. I’m with HSBC and as long as you have internet banking, these two numbers are very easy to get. Simply go to your current account, click ‘previous statements‘, choose any month and both your IBAN and BIC will be at the top of the statement page.
3. Amazon will automatically process your bank details and reveal which markets you can receive EFT’s for. On my account it instantly changed all European destinations to EFT, meaning that I could receive ££ or €€ conversions as soon as I reached a minimum of £10 or €10 (they may charge a fee for the latter depending on banks and exchange rates but I NEVER sell in these markets so don’t have to worry).
It really seems to be that easy. I haven’t yet saved the process as I’m waiting for my W8-BEN to go through with Amazon. However, as soon as this is complete, I’m going to switch to EFT and enjoy at least some of my royalties without the lengthy cheque process.
Have you used this process? Did you know of it before reading this? Is it as easy as it seems?
I’ve now had my EIN accepted by Amazon, changed by European payments to EFT and have my first royalty payment. It’s amazingly quick, and I definitely encourage you to do it if you want to reduce the time it takes to get paid for your hard work. 🙂