How To Receive Amazon KDP Royalties With Wise [UPDATED]

Introduction.

If you’re a self-published author on Amazon’s Kindle Direct Publishing (KDP), you probably know how exciting it is to see those royalties from your book sales start to add up.

However, figuring out the best way to receive your payments—especially if you live outside the U.S.—can be a bit challenging.

Amazon KDP pays in several currencies, but if you don’t have a U.S. bank account, you might be facing hefty currency conversion fees or delays with your payments. That’s where Wise (formerly TransferWise) can come in to make things easier.

Wise is a popular digital payment platform that’s especially helpful for international authors who want to minimize fees and receive payments quickly.

This post dives into why Wise is a great option for receiving KDP royalties, how to set it up, and what you need to know before making the switch.

Why Wise Is A Great Option For Amazon KDP Royalties

Amazon KDP offers bank transfers in multiple currencies, but it doesn’t support direct deposits for all countries.

Authors in regions where Amazon only pays by check, for example, often face significant fees and delays.

Wise helps cut through these issues by offering international bank details, which can act as if you had a local bank account in the U.S., U.K., or other major markets.

This means you can receive your royalties in USD or another currency directly into your Wise account, avoiding costly international wire transfer fees and bad conversion rates.

Additionally, Wise uses the mid-market exchange rate—the “real” exchange rate you’ll find on Google or other financial sites—without hidden markups.

For authors in countries where Amazon doesn’t support electronic transfers, this can mean significant savings and faster access to your earnings.

How Do I Set Up Wise For Amazon KDP Payments?

If you’re interested in receiving your KDP royalties through Wise, here’s a step-by-step guide to get started.

1. Create a Wise Account.

Head to the Wise website and set up an account. You’ll need to verify your identity with some basic information.

2. Get a Wise Multi-Currency Account.

Wise offers a multi-currency account that allows you to receive money in several major currencies, including USD, GBP, EUR, and more. This is perfect for Amazon KDP, which often pays in these currencies.

3. Get Your USD Account Details.

Within your Wise account, you can generate U.S. bank account details, which will include a routing number and account number. Amazon will see this just like a regular U.S. bank account.

4. Add Your Wise Account to Amazon KDP.

Go to your Amazon KDP account settings, navigate to “Payment Settings,” and enter your Wise bank account details in the appropriate fields.

5. Receive Payments.

Once your Wise account is linked to KDP, you’ll start receiving your royalties in your Wise account. From there, you can transfer them to your local bank account or use your Wise debit card (if you’ve requested one) to spend or withdraw the funds.

Pros and Cons of Using Wise for Amazon KDP Payments

Like any service, Wise has its upsides and downsides. Here’s a quick look to help you decide if it’s right for you:

Pros

• Lower Fees: Wise is known for its low fees, especially compared to traditional banks.
• Faster Transfers: Unlike international wire transfers, payments received via Wise can be quicker.
• Multi-Currency Flexibility: You can hold multiple currencies in one account, making it easier to manage payments if Amazon pays you in more than one currency.
• Mid-Market Exchange Rate: Wise uses the actual exchange rate without hidden fees, which can save you money on currency conversions.

Cons

• Availability: Wise isn’t available in every country, so make sure it’s supported where you live.
• Setup Process: The initial setup with Wise can take a few days, as Wise requires verification of your identity.
• No Cash Deposits: Wise is entirely digital, so it doesn’t support cash deposits, which could be a downside for some users.
• Fee for Local Transfers: If you want to transfer your money from Wise to a local bank, there may be a small fee involved.

Overall, though, the benefits of using Wise generally outweigh the cons, especially if you’re dealing with currency conversions and high bank fees for receiving international payments.

Frequently Asked Questions About Receiving KDP Royalties With Wise

1. Is Wise safe to use for Amazon KDP payments?

Yes, Wise is a licensed financial technology company, regulated by financial authorities in multiple countries. It’s known for its transparent fees and security measures, making it a reliable option for receiving Amazon KDP payments.

2. What currencies can I receive with Wise?

Wise allows you to receive payments in USD, EUR, GBP, AUD, and several other major currencies. You can also hold multiple currencies in your Wise account, making it easier if Amazon pays you in different currencies.

3. Can I use Wise if I’m outside the U.S.?

Absolutely! Wise is specifically useful for people outside the U.S. who need a U.S. bank account to receive payments. Once you have a Wise multi-currency account, you’ll get U.S. bank details, which you can then use for Amazon KDP payments.

4. Does Wise charge fees for currency conversion?

Wise does charge a small fee for currency conversions, but they’re usually much lower than what traditional banks charge. Plus, Wise uses the mid-market rate for conversions, which means you get a fair and transparent rate without hidden markups.

5. How long does it take to receive Amazon KDP payments through Wise?

Amazon typically processes KDP payments around the end of each month, and Wise usually receives payments quickly after Amazon sends them. Transfers to your local bank account from Wise can also be completed within one to two days, depending on your country.

Conclusion.

Choosing how to receive your Amazon KDP royalties is an important decision, especially if you want to avoid high fees and long processing times.

Wise offers a flexible, affordable, and secure way to receive your earnings, especially for authors outside the U.S. who don’t have easy access to a U.S. bank account.

So, if you’re looking for a reliable way to get paid by Amazon without losing a chunk of your earnings to fees, Wise might be the answer.

Have you tried receiving your KDP royalties through Wise? What has been your experience with the service so far?