How To Create a Dollar Account For Amazon KDP [UPDATED]

Introduction.

Amazon KDP (Kindle Direct Publishing) is a self-publishing platform that allows authors to publish and sell their books on Amazon.

While Amazon KDP supports payments in multiple currencies, including US dollars, some international authors may prefer to receive payments in their local currency.

To do so, authors can create a dollar account and use it to receive royalty payments from Amazon KDP in US dollars, which can then be converted to their local currency.

In this article, we’ll explore how to create a dollar account for Amazon KDP, so international authors can receive royalty payments in US dollars.

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What is Amazon KDP?

Amazon KDP stands for Kindle Direct Publishing, which is Amazon’s self-publishing platform for authors to publish their books as e-books and paperbacks.

It allows authors to easily upload their manuscript and cover design, set their prices, and earn royalties on the sales of their books.

With KDP, authors have control over the publishing process, including the ability to make updates and changes to their books as needed.

Amazon KDP has made it easier than ever for authors to reach a wide audience and potentially become successful independent publishers.

It has also made it easier for readers to discover new authors and books that might not have been available through traditional publishing channels.

Why Should I Create a Dollar Account For Amazon KDP?

If you’re an international author publishing on Amazon KDP, you may be wondering whether you should create a dollar account to receive your royalty payments in US dollars. Here are some reasons why creating a dollar account may be beneficial:

1. Avoid Currency Conversion Fees.

If you receive your royalty payments in your local currency, you may be subject to currency conversion fees charged by your bank or payment processor.

By creating a dollar account, you can avoid these fees and receive your payments in US dollars, which can then be converted to your local currency at a better rate.

2. Greater Control Over Exchange Rates.

When you receive payments in your local currency, you’re at the mercy of the exchange rates offered by your bank or payment processor.

By creating a dollar account, you can have greater control over the exchange rates and choose the best time to convert your dollars into your local currency.

3. Access to Global Marketplaces.

If you plan on selling your books in multiple Amazon marketplaces, such as the US, UK, Canada, and Australia, having a dollar account can make it easier to receive payments in a single currency.

This can simplify your accounting and make it easier to manage your finances across multiple marketplaces.

4. Simplify Tax Reporting.

If you’re required to file taxes in the US, having a dollar account can simplify your tax reporting by allowing you to receive your royalty payments in US dollars. This can also make it easier to track your income and expenses for tax purposes.

5. Faster Payments.

International authors who receive their royalty payments in their local currency may have to wait longer for their payments to clear due to additional processing times required for currency conversion.

However, by receiving payments in US dollars through a dollar account, payments can be processed faster and deposited into your account more quickly.

6. Better Royalty Rates.

In some cases, Amazon KDP may offer better royalty rates for authors who receive their payments in US dollars.

By creating a dollar account and choosing to receive payments in US dollars, you may be eligible for better royalty rates, which can increase your earnings.

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How do I Create a Dollar Account For Amazon KDP?

If you’re an international author publishing on Amazon KDP and want to receive royalty payments in US dollars, you’ll need to create a dollar account. Here are the steps to follow:

1. Choose a Bank

The first step is to choose a bank that offers US dollar accounts for international customers. You can research online to find banks that offer this service or ask for recommendations from other authors in your community.

If you are a Non-US citizen you can do this at the local bank in your country by filling out a domiciliary account to collect foreign currencies.

2. Check Account Requirements

Once you’ve chosen a bank, check the account requirements and make sure you have all the necessary documents and information.

Some banks may require you to provide proof of identification, residency, and income, as well as your Amazon KDP account details.

3. Open the Account.

Once you have all the necessary documents and information, you can open a US dollar account with your chosen bank. Follow the bank’s instructions to complete the application process and set up your account.

4. Add Account Details to Amazon KDP.

Once your US-dollar account is set up, you’ll need to add your account details to Amazon KDP so that you can receive royalty payments in US dollars.

To do this, log in to your Amazon KDP account and go to the “Account Information” section. Click on “Edit” next to “Royalty Payment Information” and select “Add new bank account”.

5. Enter Account Details.

In the “Add Bank Account” section, enter your bank account details, including the bank name, account holder name, account number, and routing number.

Make sure to select “United States Dollars (USD)” as the currency and “United States” as the country.

6. Save and Verify

Once you’ve entered your account details, click on “Save”. Amazon KDP will then send two small deposits to your bank account, which you’ll need to verify within a few days.

Check your bank account statement to find the deposit amounts and enter them in the “Verify Your Bank Account” section in Amazon KDP.

7. Receive Payments.

Once your bank account is verified, you can start receiving royalty payments in US dollars through your dollar account.

Payments will be deposited directly into your account on the scheduled payment dates, which can be viewed in the “Payment History” section of your Amazon KDP account.

It’s important to note that some banks may charge fees for maintaining a US dollar account or for receiving wire transfers, so it’s important to research and compare bank fees before choosing a bank.

Additionally, it’s a good idea to keep track of exchange rates when transferring funds between your US dollar account and your local bank account.

Exchange rates can fluctuate daily, so it’s important to be aware of the rates and consider transferring funds when rates are favourable.

8. Use Payoneer

Payoneer is a popular online payment service that allows users to receive payments from companies and clients all over the world.

By linking your Payoneer account to your Amazon KDP account, you can receive royalty payments directly into your Payoneer account.

Here are the steps to set up Payoneer for receiving royalty payments from Amazon KDP:

Step 1: Sign up for a Payoneer Account

If you don’t already have a Payoneer account, sign up for one by visiting the Payoneer website and completing the registration process. Make sure to select the option for receiving payments from US companies.

Step 2: Link Your Payoneer Account to Amazon KDP

Log in to your Amazon KDP account and go to the “Account Information” section. Click on “Edit” next to “Royalty Payment Information” and select “Add new bank account”.

Choose “Payoneer” as your payment method and enter your Payoneer account details, including your account number and routing number.

Make sure to select “United States Dollars (USD)” as the currency and “United States” as the country.

Step 3: Receive Payments

Once your Payoneer account is linked to your Amazon KDP account, you can start receiving royalty payments directly into your Payoneer account.

Payments will be deposited into your account on the scheduled payment dates, which can be viewed in the “Payment History” section of your Amazon KDP account.

It’s important to note that Payoneer may charge fees for receiving payments and for transferring funds to your local bank account, so it’s important to research and compares fees before choosing Payoneer as your payment method.

Additionally, Payoneer may require additional verification steps to confirm your identity and account information.

9. Use Wise.

Wise is a renowned fintech platform that revolutionizes international money transfers, providing authors with a seamless solution for receiving Amazon KDP royalties.

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No matter where your family, friends, or business partners are, Wise ensures your funds reach them securely.

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How Do I Use Wise for Amazon KDP Royalties?

Sign up for a Wise account: Visit the Wise website or download the mobile app and create an account. The registration process is straightforward and typically requires basic personal information.
Verify your identity: To comply with regulations, Wise may require some form of identity verification, such as submitting a copy of your passport or ID.
Generate local banking details: Once your account is set up, Wise provides you with local banking details, such as an account number and routing number or IBAN, for various countries. Choose the currency that matches your royalty payments.
Update your Amazon KDP account: Log in to your Amazon KDP account, navigate to the “Payment Information” section, and update your banking details using the local account information provided by Wise.
Receive your royalties: Once your banking details are updated, Amazon will send your royalties to your Wise account. Wise will convert the funds into your chosen currency at competitive rates and deposit them into your Wise account.

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Conclusion.

Creating a dollar account for Amazon KDP can offer several advantages for international authors, including avoiding currency conversion fees, greater control over exchange rates, access to global marketplaces, simplified tax reporting, faster payments, and better royalty rates.

If you’re an international author publishing on Amazon KDP, it’s worth considering whether creating a dollar account is the right choice for you.