If you’re a self-published author in Nigeria using Amazon KDP, one important aspect you’ll want to know is how to withdraw your royalties from Amazon.
While Amazon KDP makes it easy to sell and distribute your ebooks and paperbacks worldwide, withdrawing funds from Nigeria can be a bit complicated due to limitations on international transactions.
In this article, we’ll take a look at how to withdraw from Amazon KDP in Nigeria, so you can get paid for your hard work.
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 upload their manuscripts and cover designs easily, 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 Withdraw From Amazon KDP?
If you are a self-published author or publisher using Amazon KDP (Kindle Direct Publishing) to sell your books, then you need to know how to withdraw your royalties.
Amazon KDP provides a simple and efficient system for withdrawing your earnings from book sales, and there are several reasons why you should withdraw your money regularly.
1. It’s your money.
The most obvious reason to withdraw your earnings from Amazon KDP is that it’s your money. You have worked hard to create and promote your books, and you deserve to receive the earnings from your sales.
2. Manage your cash flow.
By withdrawing your earnings regularly, you can manage your cash flow effectively. You can use your earnings to invest in your writing, pay for marketing and promotion, or cover your living expenses.
3. Avoid fees.
If you leave your earnings in your Amazon KDP account for too long, you may be charged fees or other charges. By withdrawing your money regularly, you can avoid these charges and keep more of your earnings.
4. Build your credit score.
Withdrawing your earnings regularly can help you build your credit score. If you have a regular income stream from book sales, you can use this to show lenders that you have a reliable source of income.
5. Increase your motivation.
When you see your earnings adding up to your Amazon KDP account, it can be a real motivator to keep writing and publishing. Regular withdrawals can help to maintain your motivation and focus on your writing goals.
How Do I Withdraw From Amazon KDP?
As a self-published author in Nigeria, it’s essential to know how to withdraw your royalties from Amazon KDP.
Amazon KDP makes it easy to publish and distribute your books globally, but withdrawing funds from Nigeria can be a bit of a challenge due to limitations on international transactions.
In this article, we’ll take you through the process of withdrawing funds from Amazon KDP in Nigeria.
1. Set Up Your Payment Information.
Before you can withdraw your royalties, you need to set up your payment information. To do this, log in to your Amazon KDP account and go to your account dashboard. From there, click on the “Royalties” tab and then select “Payment Information.”
Next, select the option to receive payments via Electronic Funds Transfer (EFT) and enter your bank account details, including your bank name, account number, and bank code.
You’ll also need to provide your name as it appears on your bank account, as well as your address and phone number.
2. Meet the Payment Threshold.
To withdraw your royalties from Amazon KDP, you must meet the minimum payment threshold.
For EFT payments in Nigeria, the minimum payment threshold is $100. This means that you need to earn at least $100 in royalties before you can withdraw your funds.
It’s worth noting that payments are made every month, so you’ll need to reach the minimum threshold each month to receive your royalties.
3. Request Payment.
Once you’ve met the minimum payment threshold, you can request a payment from Amazon KDP. To do this, go to your account dashboard and select the “Royalties” tab. From there, click on “Payment Information” and then select “Request Payment.”
Amazon KDP will review your account and ensure that you’ve met the minimum payment threshold. Once they’ve confirmed this, they’ll process your payment within five to seven business days.
4. Wait for Your Payment to Arrive.
After you’ve requested your payment, you’ll need to wait for it to arrive in your bank account. As we mentioned earlier, payments typically take five to seven business days to process, so be patient.
It’s also worth noting that Amazon KDP charges a small fee for currency conversion and bank charges. However, this fee is relatively small, and you’ll still receive the majority of your royalties.
Withdrawing your royalties from Amazon KDP in Nigeria may seem daunting at first, but it’s a relatively straightforward process.
By setting up your payment information, meeting the minimum payment threshold, and requesting payment, you can get paid for your hard work as a self-published author.
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