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Thread: Royalty Payments to UK Bank Account


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Permlink Replies: 9 - Pages: 1 - Last Post: Mar 21, 2012 10:38 PM Last Post By: randomas
juice37

Posts: 10
Registered: 10/21/11
Royalty Payments to UK Bank Account
Posted: Jan 6, 2012 4:30 AM
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Hi,

Can anyone help with this please as KDP support are not helping and I'd like to get paid...

I emailed KDP support a few times for advice and spoke with my bank when setting up my account in October and entered all of the details for each country/currency, thought everything was fine. I've just received an email to say I need to update the data on the "Royalty Payments" page as my deposit has failed for every currency.

Questions:

  • Can US dollar be paid via EFT into a UK bank or do I need to change this to check? (KDP initially told me they will pay $ to UK bank)

  • For non US $ currencies after entering the (22 digit) IBAN and (11 digit) BIC Code into the relevant fields, why do they get shortened after clicking save, logging out of your account and back in?

Example:

I enter these numbers into the 2 fields:

IBAN: GB27ABBY09012743124528 (22 digit)

BIC Code: ABBYGB2LXXX (11 digit)

I click "save" and everything looks exactly as I entered it. But when I log out and then back in, the above numbers have changed too:

IBAN: *******4528 (11 digits)

BIC Code: ******* (7 digits)

Can anyone shed any light on, this if it's correct or is there a problem and what to do about it?

Thanks
Ian
notjohn

Posts: 15,241
Registered: 01/06/10
Re: Royalty Payments to UK Bank Account
Posted: Jan 6, 2012 1:22 PM   in response to: juice37 in response to: juice37
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Amazon.com pays through EFT only to a US bank account with a routing number. IBANs etc won't work. Hence a paper check is your only option.

I get EFT payments as well for UK and DE, but I don't know how that works for non-US bank accounts.
juice37

Posts: 10
Registered: 10/21/11
Re: Royalty Payments to UK Bank Account
Posted: Jan 6, 2012 1:42 PM   in response to: notjohn in response to: notjohn
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With regards US to UK in dollar and check only, thanks for the heads-up and how come KDP support don't know about this and more importantly why do they not detail this on the payment page. Surely they get asked about this 100 times a day form us UK aliens?

And TBH I'm even more hacked off now with Amazon as its 2012 and I'm still messing about with paper cheques. I do this with CreateSpace and every time I pay the thing in at my bank, they literally cannot believe Amazon are still taking the p*ss and not doing EFT.

And about my initial enquiry the IBANs and Swift is about accepting currencies other than Dollars such as GBP to UK bank, and I can't understand why the numbers are being shortened when entering and saving them and just generally are being declined when a transfer is made.

We'll see what the jokers in KDP support come up with.

Cheers

Message was edited by: juice37
notjohn

Posts: 15,241
Registered: 01/06/10
Re: Royalty Payments to UK Bank Account
Posted: Jan 6, 2012 2:42 PM   in response to: juice37 in response to: juice37
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Your IBAN and SWIFT codes are simply being truncated to the number of digits acceptable for a US routing code. Then they will be rejected as wrong numbers.

You are misled by the unified banking system of the EU. Do you find it easy and free to get EFTs from Japan, China, or Russia? Think of the EU as the Confederacy before the Constitution was adopted: the former colonies were more or less independent states who for reasons of their own had joined in a loose association. We have no problem sending wire transfers from North Dakota to Virgina, which is the rough equivalent of sending one from the Netherlands to the UK (though the distance is certainly greater!).

An EFT via Global Travelex to a UK bank costs me $8. An actual wire transfer costs $25. (The problem with EFT is that if it goes astray, it is very difficult to trace, so I only use that system when sending money to an employee's bank account, and the employee is also a relative who I know won't cheat me.) To send euro to the UK is even more expensive.

No way is Amazon going to pay even half those charges.
juice37

Posts: 10
Registered: 10/21/11
Re: Royalty Payments to UK Bank Account
Posted: Jan 7, 2012 3:39 AM   in response to: notjohn in response to: notjohn
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Paypal do it every day of the week. And guess what so do Google eBooks, Apple iBookstore, Kobo and Smashwords pay into Paypal which is ideal. Amazon being awkward?

What I don't understand is Amazon.co.uk and Amazon.de sales/accounts I assume are handled in Luxembourg, so why no EFT to UK bank?

Anyway's no response yet from accounts dept.

Is Payoneer the only/recommended virtual bank account that may work for non US residents?

Cheers

Message was edited by: juice37

Message was edited by: juice37
juice37

Posts: 10
Registered: 10/21/11
Re: Royalty Payments to UK Bank Account
Posted: Jan 9, 2012 2:47 AM   in response to: juice37 in response to: juice37
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Interesting from the KDP T&C's...

Getting Paid

The Kindle Store is invoice-free! We'll pay you automatically by Electronic Funds Transfer (EFT) to a US, UK, or euro-denominated bank account or mail a check approximately sixty (60) days following the end of the calendar month during which applicable sales occur.

Payments are issued when:

• Your account has a positive balance of $10/£10/€10 or more for EFT, or
• Your balance reaches $100/£100/€100 or more for check payments.

You must complete the Company/Publisher Information and Payment Information sections in Your Account in order to publish content in the Kindle Store. A red error messages may alert you to missing or incorrect information.

You can read more information about entering your Company/Publisher and Payment Information on the Creating Your Account Help page.

Payment Information

Please choose the method of payment you prefer for each of Amazon's distribution channels.

Receive Amazon.com payments via:

• Electronic funds transfer in USD($) to your US bank account
• Check in USD($)

Receive Amazon.co.uk payments via:

• Electronic funds transfer in USD ($) to your US bank account
• Electronic funds transfer in GBP (£) to your UK bank account
• Paper cheque in GBP (£)

Receive Amazon.de, Amazon.fr, Amazon.es, and Amazon.it payments via:

• Electronic funds transfer in USD ($) to your US bank account
• Electronic funds transfer in GBP (£) to your UK bank account
• Electronic funds transfer in EUR (€) to your EUR denominated bank account
• Paper check in EUR(€)

In order to receive electronic payments for your sales, please enter your bank account information. To add an account or edit an existing one, click "Add or edit account."

blackoaktomes

Posts: 782
Registered: 02/28/11
Re: Royalty Payments to UK Bank Account
Posted: Jan 9, 2012 1:19 PM   in response to: juice37 in response to: juice37
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So you can use EFT for us in the UK? Is there a charge. If I take a $ cheque into my bank they charge me about £10....
juice37

Posts: 10
Registered: 10/21/11
Re: Royalty Payments to UK Bank Account
Posted: Jan 19, 2012 6:10 PM   in response to: blackoaktomes in response to: blackoaktomes
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Having spoken with KDP support and the girls in the Amazon accounts dept, the answer is No you cannot accept US $ as EFT outside of the US. So you can only get a cheque in US dollar sent to the UK. Santander charge me £10 as well to deposit a cheque so this is what I've set up this week.

Get a Payoneer card (cheapest if you have an Elance account - you can sign up through your Elance account page) or sign up direct from Payoneer or one of their partners. Then you can accept payment to your Payoneer card from KDP for a few dollars then either use your Payoneer Mastercard to spend the money, transfer it from an ATM (cost about $3 I think) or transfer it to your Paypal account or to your bank. You now have options and its collectively a lot less than £10.

If you can speak with a girl called Talia at Payoneer, she's really good.
darkpassenger

Posts: 43
Registered: 01/23/12
Re: Royalty Payments to UK Bank Account
Posted: Jan 23, 2012 5:15 AM   in response to: juice37 in response to: juice37
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How do you refill your account in Payoneer i checked their settings it says nothing about filling an account from Amazon?
randomas

Posts: 56
Registered: 01/29/12
Re: Royalty Payments to UK Bank Account
Posted: Mar 21, 2012 10:38 PM   in response to: juice37 in response to: juice37
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Missing, what are the monthly fees and interest rates associated with this card?
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