Well, I think Amazon will make wire transfers, which is pretty much what Western Union does (got a noticable fee). But generally you want to try very hard to get ACH (electronic deposits) to your bank account. I don't know if that can be done in India, but I suspect it can, since India actually has a Kindle store.
You don't need to. For Indian accounts (like I do):
a) For USA and IN payments, you can have direct NEFT transfer if you provide Bank account number,Name and IFSC code (SBI,HDFC,BOI etc) (30% tax cut on US payment if PAN is not shared)
b) For other market area, open payoneer account OR keep it as cheque (it will come to your designated address once it cross 100 dollar/pound threshold)
I initially thought payoneer was just another scam,but it actually is pretty nice and hassle-free.
For India, due to strict RBI regulations, payoneer company has to deposit your money directly to Bank account. (no registration fee,no card in india etc)
It was banned for few years,but opened since jan 2016.
All I had to do was tag my bank account no and IFSC code (like i did for Amazon US and IN) into my payoneer account. (free registration similar to opening amazon kdp account)
They generate 3 virtual bank account alias, one for Europe,another for UK and another for US. (don't use UK as it do not map correctly to Amazon)
Use US account for Canada,Brazil,UK and Mexico related payments.
For NZ and other European countries us the European Account (a german bank account alias). You are now set. Your money will land up in the Indian bank account on mid-market rate exchange,every bi-monthly. (due to 60 day amazon kdp payment rule)
I refrain myself from using US payment through payoneer..just not to keep all eggs in one basket. Mostly other payments are less than US, You may even get the 30% if you use US account payment through payoneer, but it is better safe than be greedy. Although it will be your personal choice. Due to 30% tax I pay I receive 1024S form, which serves as a proof of tax paid for these incomes/royalties.
If you still feel Payoneer is risky, you may opt for plain cheque. But as these are international cheques, they take months to come and many more to encash. My personal experience ranges from 3 weeks to 5 months +...For UK I got a cheque around Nov 2015, after two months it showed failed. I mailed amazon,they replied they could not deliver to the address hence again re-issued it. Received it in March 2016 . Then went to SBI, they have taken in the check after going to them for 2 weeks,signing various forms. And atlast they accepted to encash. (only advantage the branch is in walkable distance to my home) Now still waiting for it to reflect in my bank account (earlier went to HDFC when I got another check, they were fast enough ,got encashed within 3 weeks)..So if you select cheque, try to approach private reputed banks for encash for speedier deliver,if you have savings account in such bank with the same name as in check.
Hope these experience and information helps you to take better decisions.
Edited by: MRITTIKA CHATTERJEE on Apr 11, 2016 4:15 AM
It will be great option if we can receive money via PayPal or Western Union. because in most cases there is a problems in Wire transfer and it take too long and a lot of banking procedures and eventually it might be returned of there is a simple wrong
NJ, I have not faced any charges yet, may be after an year they may cut an annual fee. As per community blogs of payoneer it is 30$, but I have no idea how this will be deducted as till date I have received the entire amount (as low as 0.01$ for one market ) (off course, post conversion the amount is a bit lower than conversion rate shown in google) NEFT-ed to my regular domestic savings account. May be that amount is applicable for those countries who hold a payoneer card, not sure though.
Edited by: MRITTIKA CHATTERJEE on May 5, 2016 1:21 AM