Wise US Bank Account for Amazon Sellers - Complete Review
If you're an Amazon seller operating in multiple countries, you may be dealing with the challenge of managing finances across different currencies. Currency conversions, fees, and the logistics of transferring funds between accounts can quickly become a headache. That's where a multi-currency account comes in. And Wise offers an excellent option for Amazon sellers who want to manage their finances across different currencies. It's also a perfect solution for non-US residents using the Amazon US marketplace. This post will explore the benefits of using Wise for your Amazon business and how it can help simplify your financial operations.
What Is Wise?
If you frequently need to send or receive money overseas, you might already know about Wise. Based in the UK, this financial technology company gained its reputation by facilitating fast and cost-effective international money transfers, circumventing conventional SWIFT transfers.
In addition to its money transfer service, Wise provides a multi-currency account with a debit сard. The account's key feature is its ability to hold over 55 currencies and provide account information for 10 of them.
Wise network for making and receiving payments covers more than 70 countries and provides additional coverage with SWIFT to over 170 countries. With its 15 million customers, the platform is popular among Amazon merchants selling globally, including non-U.S. residents using the Amazon U.S. marketplace.
Why Use Wise for Amazon Business?
Wise is an excellent option for Amazon business because it provides fast, easy, and cost-effective international money transfers. With Wise, you can send funds to 170+ countries in 55+ currencies, including USD, EUR, GBP, and JPY, and receive money from 90 countries via API or SWIFT. However, exchanging currencies may require a small fee. Physical or virtual multi-currency debit cards via API can be issued in 200+ countries.
Reasons to use Wise for Amazon business
Multi-currency account: Wise specializes in direct transfers to bank accounts and provides a fair mid-market exchange rate and transparent and affordable fees. In addition, Wise also provides a multi-currency account that is linked to an international debit card.
Low fees: Wise offers some of the lowest fees in the industry for international money transfers. You can send and receive money in over 55 currencies with low, transparent fees and no hidden costs. You can pay up to 6 times less when making international payments with Wise. Opening an account is free.
Competitive exchange rates: Wise uses mid-market exchange rates, which means you get a fair exchange rate for your money. This is important for businesses that make regular international payments or need to convert currencies. There are no exchange rate markups; you get the real exchange rate with low conversion fees.
Fast transfers: With Wise, 49% of transfers are instant, and 80% will reach the recipient's bank account in 24 hours. This means you can get your money quickly and efficiently without having to wait for extended periods.
Easy to use: The Wise platform is easy to use, with a simple and user-friendly interface. This makes it easy to manage your payments and keep track of your transactions. Wise also offers fees and exchange rate calculator, a Rate tracker for exchange rate notifications, and many other valuable tools.
Amazon PSP: Wise rejoined Amazon Payment Service Providers (PSP) Program at the beginning of 2023, and Amazon sellers can add Wise accounts to Amazon Seller Central.
Wise Solutions for Amazon Sellers
Wise offers a range of payment solutions for Amazon businesses and individual sellers. Below you can find some of the payment solutions provided by Wise.
International money transfers: Wise allows you to send and receive money internationally with low fees and real-time exchange rates. You can send money to over 90 countries in over 55 currencies. Wise account details are compatible with Amazon U.S., Amazon Europe, Amazon U.K., and Amazon Australia.
Multi-currency account: Wise offers a multi-currency account that allows you to hold and manage multiple currencies in one account. You can easily switch between currencies and avoid expensive currency conversion fees.
Wise Business: Wise offers a range of payment solutions for businesses, including international payments, currency exchange, and multi-currency account. These solutions can help businesses save money on international transactions and manage their finances more efficiently.
Wise API: Wise offers an API that allows businesses to integrate Wise's payment solutions into their own platforms. This can help businesses streamline their payment processes and provide more payment options to their customers. Also, Wise is compatible with major accounting software like Xero, QuickBooks, FreeAgent, and more.
Wise debit card: Wise offers a debit card that can be used anywhere Mastercard is accepted. The card allows you to spend in any currency at the real exchange rate with no hidden fees.
How to Receive Money from Amazon with Wise?
To avoid high currency conversion fees, you can directly withdraw your earnings in different currencies from multiple Amazon marketplaces to your Wise account. Follow the steps below to set up your account details and receive local currency payments from your various Amazon seller accounts.
Setting up a Wise account on Amazon step by step
- Step 1. Go to Settings > Account Info > Payment Info > Bank Account Info on Amazon.
- Step 2. To replace existing bank details, select Replace. To add new bank account details, select Assign.
- Step 3. Select Add new deposit method.
- Step 4. Choose the bank location that matches the country listed under the address of your Wise account balance (e.g., GBP account for the U.K., USD account for the U.S.).
- Step 5. Enter your bank account details according to the requirements for each Amazon marketplace. For example, for Amazon Europe, you need to add your IBAN and BIC details.
- Step 6. Verify your bank account details with the account number you used when setting up your Amazon seller account.
- Step 7. Save your details by clicking Set deposit method.
- Step 8. Start withdrawing your earnings into your Wise account.
How to Use Wise for Non-U.S. Amazon Sellers?
Setting up a bank account in the United States as a non-resident Amazon seller can be challenging. Despite being financially knowledgeable, non-residents have limited options for establishing a U.S. bank account. However, there are alternative options to consider. Wise, for instance, provides a quick and inexpensive way to send and receive US dollars. The registration process is straightforward, and your government-issued ID is only required to verify your identity.
Wise account holders can efficiently manage their finances from any location. The account provides a US routing number and account number that anyone can use to make payments as if it were a local account. Wise also offers actual mid-market exchange rates similar to those found on Google. This feature lets users know precisely how much a transaction will cost, with no unexpected or hidden fees.
The fees for using Wise vary depending on the currency, the amount of money being sent, and the payment method used. Wise charges a small percentage of the total amount being sent as a fee, usually between 0.35% to 2,85%. The exact fee depends on the currencies being exchanged and the payment method used.
Wise Multi-currency account fees:
- Opening or holding a Wise Multi-Currency Account is free;
- Spending from currencies in your account is free;
- Receiving payments using your virtual bank details is free;
- Sending money between Wise Multi-Currency Account is free;
- The currency exchange commission fee is between 0.35% and 2.85% of the amount you’re converting;
- Fees for funding your multi-currency account is 0.35% in the U.S. and free in GBP in the U.K.;
- Fixed fees for sending money from a wise multi-currency account to an international bank account.
Using Wise for your Amazon business can save you time and money while making it easier to manage your international payments. Wise offers a range of payment solutions that can help Amazon sellers and businesses save money on international transactions and manage their finances more efficiently.
While managing your finances effectively is crucial, researching profitable products is equally essential to ensure your business growth. Seller Assistant Аpp will effectively and reliably help you with this task. This all-in-one extension incorporates all features vital for product research. Seller Assistant App shows you the product’s profit, margin, and ROI. It also helps you immediately see if a product has sales restrictions or previously triggered account health problems. It combines an FBM&FBA profit calculator, Quick View, Stock Checker, and Restrictions Checker in one tool.