How To Receive Amazon KDP Royalties With Wise [UPDATED]

Introduction.

If you’re an author or self-publisher who has embraced the digital publishing world through Amazon’s Kindle Direct Publishing (KDP) platform, congratulations on your literary endeavours!

As you navigate the world of e-books and paperbacks, it’s essential to ensure smooth and cost-effective management of your royalty payments.

This is where Wise (formerly TransferWise) comes into play, offering a reliable and efficient solution for receiving money from your Amazon KDP royalties.

Amazon KDP is a popular platform that empowers authors and publishers to self-publish and distributes their books to a global audience.

While Amazon KDP offers several payment options, utilizing Wise can enhance your financial operations by simplifying the transfer process and reducing costs associated with international royalties.

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.

What Is Wise?

Wise, formerly known as TransferWise, is a leading financial technology company that specializes in international money transfers and borderless banking.

It was founded in 2010 by Kristo Käärmann and Taavet Hinrikus to provide a more transparent, convenient, and cost-effective alternative to traditional banks for transferring money across borders.

Wise operates on a peer-to-peer model, which means that it matches individuals and businesses who want to convert and transfer currencies with others who are seeking to do the opposite.

By matching transfers in this way, Wise can eliminate the need for traditional international bank transfers, which often incur high fees and unfavourable exchange rates.

One of the key advantages of Wise is its transparent and low-cost fee structure. Instead of charging a percentage-based fee, Wise applies a small and upfront fee, clearly displayed before the transfer is initiated.

This fee is typically significantly lower than what traditional banks charge for similar services, making Wise an attractive option for individuals and businesses that frequently engage in cross-border transactions.

Additionally, Wise offers a multi-currency account and a borderless debit card, providing users with greater flexibility and convenience in managing their money globally.

The multi-currency account allows users to hold and manage multiple currencies, making it easier to receive, hold, and convert funds at competitive exchange rates. The borderless debit card, on the other hand, enables users to spend money in different currencies while enjoying low conversion fees.

Wise has gained a solid reputation for its reliability, security, and commitment to transparency. It is regulated by financial authorities in various countries, including the Financial Conduct Authority (FCA) in the United Kingdom and the Financial Crimes Enforcement Network (FinCEN) in the United States.

The company also employs robust security measures to protect users’ personal and financial information, ensuring a safe and secure online experience.

Wise has revolutionized the way people transfer money internationally by leveraging technology and innovative business practices.

Its user-friendly platform, competitive rates, and commitment to transparency have made it a trusted and popular choice for individuals, freelancers, businesses, and even large enterprises, enabling them to save money and simplify their global financial transactions.

Why Should I Join Amazon KDP?

Publishing on Amazon Kindle has become increasingly popular in recent years, with more and more authors choosing to self-publish their books on the platform.

If you’re considering publishing your work on Kindle, here are some reasons why it could be a great choice for you.

1. Wide audience reach.

With millions of readers around the world, Amazon Kindle provides a huge audience reach for your book.

This means that your work can potentially reach readers in different countries, expanding your reach and increasing your chances of success.

2. Easy-to-use platform.

Amazon Kindle offers a user-friendly platform for self-publishing, making it easy for authors to get their work published.

The platform guides you through the process of uploading your book, formatting it correctly, and setting the price. Once your book is published, readers can purchase it directly from Amazon.

3. High royalties.

Amazon Kindle offers high royalties to authors, with rates of up to 70% for books priced between $2.99 and $9.99.

This means that you can earn a significant amount of money from your book sales, especially if you have a large following or a popular niche.

4. Control over your work.

When you publish on Amazon Kindle, you retain complete control over your work. You can set your price, choose the cover design, and make changes to your book at any time.

This level of control is important for many authors who want to maintain creative control over their work.

5. Quick publication process.

Compared to traditional publishing, publishing on Amazon Kindle is a quick and efficient process. Once you have finished your book and uploaded it to the platform, it can be published within 24 to 48 hours.

This means that you can get your work out to readers quickly, without having to wait for a lengthy publishing process.

6. Access to marketing tools.

Amazon Kindle offers a range of marketing tools that can help you promote your book and reach more readers.

These tools include advertising options, book promotion services, and access to Amazon’s recommendation algorithms. With these tools, you can increase your visibility and reach a wider audience.

7. No need for physical inventory.

Unlike traditional publishing, publishing on Amazon Kindle doesn’t require you to produce physical copies of your book. This means that you don’t have to worry about printing costs, storage space, or shipping logistics.

Instead, your book is available for readers to download instantly, which is more convenient for them and more cost-effective for you.

8. Reader engagement.

Amazon Kindle offers a unique opportunity for authors to engage with their readers through reviews, comments, and feedback.

This feedback can help you improve your writing and better understand your readers’ preferences.

Additionally, Amazon’s recommendation algorithms can help connect your book to readers who are likely to enjoy it, which can lead to increased engagement and sales.

9. Increased credibility.

Publishing on Amazon Kindle can also help increase your credibility as an author. With a published book available on a popular platform, you can demonstrate your writing skills and build a following of loyal readers.

This can help you establish yourself as an authority in your niche, which can lead to other opportunities such as speaking engagements or collaborations with other authors.

10. Flexibility.

Lastly, publishing on Amazon Kindle offers a level of flexibility that traditional publishing does not. You can choose to publish as many or as few books as you like, on your schedule and terms.

This allows you to focus on writing what you are passionate about, without having to adhere to the constraints of traditional publishing contracts.

How do I receive money From Amazon KDP With Wise?

For independent authors, navigating the world of self-publishing can be daunting.  But once your book is out there, capturing your hard-earned royalties shouldn’t be another hurdle. 

Thankfully, services like Wise (formerly TransferWise) offer a smooth and cost-effective solution for receiving your Amazon KDP royalties internationally.

 Why Choose Wise?

Traditional bank transfers for international payments often suffer from hidden fees and unfavourable exchange rates, eating into your royalty income. Wise eliminates these pain points by providing:

• Transparent fees: You see the total transfer cost upfront, with no hidden charges or markups.
• Competitive exchange rates: Wise uses the mid-market rate, often significantly better than banks.
• Fast and secure transfers: Your money moves quickly and securely through Wise’s global network.
• Local bank details: Receive your royalties directly into a Wise account with local bank details in various currencies.
• Multi-currency account: Hold and manage multiple currencies in one account, perfect for authors selling globally.

1. Setting Up Your Wise Account.

1. Sign up for a free Wise account online.
2. Verify your identity.
3. Open a borderless account: This gives you bank details in various currencies, including USD, EUR, GBP, and many more.
4. Add your Wise account details to your KDP payment settings:

• • Go to your KDP account.
  • Click “Your Account” -> “Payment Info” -> “Bank Account Info.”
  • Select “Add new deposit method.”
  • Choose your desired currency and enter your Wise account details.

2. Receiving Your Royalties.

• Amazon KDP deposits your royalties directly into your chosen Wise account currency.
• You can then convert your royalties to another currency if needed, at the competitive mid-market rate.
• Withdraw your funds to your local bank account or use your Wise debit card for convenient spending.

Bonus Tips.

• Utilize the multi-currency account feature to hold different currencies and avoid conversion fees.
• Monitor exchange rates and transfer funds when rates are favourable.
• Familiarize yourself with Wise’s fee structure and limits.

Conclusion.

By choosing Wise, you can kiss those international transfer headaches goodbye and focus on what truly matters: writing and engaging your readers.

Receiving your Amazon KDP royalties doesn’t have to be a complicated and costly process. By utilizing Wise’s services, you can simplify and optimize your payment workflow, ensuring you receive the full value of your royalties while minimizing fees.

Setting up a Wise account, linking it to your Amazon KDP account, and utilizing the Wise Borderless account allow for seamless royalty payments.

Wise’s transparent exchange rates, low fees, and intuitive platform make it a reliable and efficient choice for authors and publishers worldwide.

Embrace the power of Wise to streamline your Amazon KDP royalty payments and focus on what you do best – creating captivating content for your readers. Click the link below to get started.

TRY IT NOW – Wise.com