It is important for Asian e-merchants who wish to sell on Amazon Europe (i.e. amazon.fr, amazon.de, amazon.it, and amazon.es) to be aware of more efficient ways for receiving their sales revenues.
There are three main payout options available to e-sellers on Amazon Europe:
1) EU bank account of e-seller
2) Local Asian bank account of e-seller
3) Payment service provider such as Currenxie which issues the e-seller a unique IBAN
Very few Asian e-sellers have access to their own bank account in the EU, which means that the vast majority of e-merchants would have to receive their sales revenue from Amazon to their local Asian bank accounts.
Amazon Europe would typically charge e-sellers an additional fee of 5% for sending the EUR sales revenues to a non-European (e.g Asian) bank account. This means an e-seller from HK or China will be incurring substantial additional costs when receiving funds from Amazon.
Luckily, there are a handful of dedicated payment service providers such as Currenxie which offer a reliable cost-saving method for repatriating Amazon sales revenues to local Asian bank accounts. The way it works is very simple! An e-seller would just need to register online with Currenxie and get access to our dedicated digital e-seller platform. Our platform automatically issues them their own unique collection account numbers around the world (including the EU). E-sellers would then register these unique bank account numbers within their Amazon Sellers Portal and instruct Amazon to send their accrued EUR sales revenue to their newly issued European IBAN.
As soon as the Amazon funds are received, a client would see an increase in his/her EUR balance on the Currenxie online platform. An e-seller can then decide to either continue accumulating the EUR funds or to convert their funds into the local currency (e.g. HKD or RMB) using real-time mid-market fx rates. Funds are credited to their domestic bank accounts (e.g. in Hong Kong or China) by the next business day. The withdrawal fee associated with using Currenxie is much lower than the fee typically charged by Amazon EU for direct withdrawals to non-EU bank accounts.
Some of the main advantages of using Currenxie are as follows:
Currenxie is a licensed financial institution and partners exclusively with well known banks and other service providers.
Moreover, Currenxie relies on robust in-house technology, including multi-level authentication and encryption.
2. Registration, Annual or Maintenance Fees
Unlike many other payment service providers, registering your account with Currenxie is absolutely free. Currenxie does not charge any annual or maintenance fee.
3. Collection Fee
Receiving your e-sales revenues to your unique Currenxie collection accounts is free of charge.
4. Withdrawal Fee
Currenxie only charges a withdrawal fee of 1%.
5. The Time for Withdrawal
As soon as Currenxie receives your sales revenues from e-marketplaces, you will be able to log in to your Currenxie account and withdraw the funds to you domestic bank account in your local currency. You would typically receive the funds the same day or the next business day.
6. The Variety of Collected Currencies
Currenxie is currently offering e-seller collection accounts in Euros, Indonesian Rupiah and Hong Kong Dollars. More currencies will be added to our e-seller platform during 2017 – stay tuned!
We hope this content was useful.
Currenxie is dedicated to offering the best and most cost-efficient digital payment solutions to e-sellers from around the world.
If you are interested in learning more about how to sign up and start saving money with our E-seller solutions, please contact us on firstname.lastname@example.org. We would love to hear from you!