How to withdraw money from Amazon
The question that concerns most Amazon entrepreneurs is how to withdraw money from Amazon with minimal fees. It seems like there are many legal procedures to go through (since the money is in a different currency and country!) and part of the amount must be immediately spent on taxes and fees. However, it’s not as complicated as it seems if you break down the process of profit withdrawal. And that’s exactly what we did.
First of all, it’s important to note that you cannot transfer money to PayPal, except for payments to suppliers and contractors. To withdraw profits, you need a bank account registered in one of the Eurozone countries, Australia, New Zealand, India, Hong Kong, or Canada. If you have one, great! Just enter the necessary information in the account settings in Seller Central.
For those who don’t have a bank account in one of the above-mentioned countries, the payment system Payoneer comes to the rescue. Since 2015, Amazon has officially partnered with Payoneer, so its use is quite legal.
All you need to do is order a Payoneer card and link it to your Amazon account.
How to use Payoneer?
You will receive a Payoneer card by mail for free within 2-3 weeks after registration. If you don’t want to wait that long, there is an option for delivery within a week by DHL courier service for $40. The card service costs $29.95 per year. There are no fees for online and in-store payments, but there is a $3.15 fee for cash withdrawals at ATMs. You can withdraw money at ATMs in your country’s currency or transfer it to Privat24.
The Payoneer system allows you to open a collection account in a US bank. This free service is called the US Payment Service, and you can fill out an application for it in your Payoneer account immediately after registering – you don’t have to wait for your card to be delivered. Once your application is processed and your account is opened, you can enter its details in your Amazon account.
Payoneer also offers a $25 bonus after your balance reloads exceed $100. You can register for an account with the bonus using the link provided.
In Seller Central, go to “Settings” > “Account Info” > “Deposit Method” > “Edit” and enter your Payoneer account details, which you can find in your Payoneer account under “Receiving.” The default country is the United States. From that point on, Amazon will transfer your earnings to the designated account.
How often can you withdraw your earnings?
Amazon will automatically transfer your money every two weeks. You can check the date of the next transaction in the “Reports” > “Payments” menu. If you don’t want to wait two weeks for the next transfer, you can initiate a manual transfer under “Request Transfer” in the “Payments Report” menu.
Remember when you registered your account and provided your credit card information? Your card is primarily used to verify your identity, and Amazon will not transfer money to it. However, if you have no sales and end up with a negative balance, Amazon will charge the commission to that card. Make sure the information you provide is accurate and that your card is valid. Also, remove any restrictions on online payments immediately.
As you can see, there’s nothing difficult or supernatural about withdrawing earnings from Amazon. The company is interested in creating comfortable conditions for entrepreneurs to conduct their businesses, so this process will only become easier over time.