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Thread: Is It About Time KDP Caught Up With The Digital Banking Era?


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Permlink Replies: 5 - Pages: 1 - Last Post: Aug 7, 2017 3:46 PM Last Post By: Ward Rogers
Steve Bentley

Posts: 1
Registered: 07/12/17
Is It About Time KDP Caught Up With The Digital Banking Era?
Posted: Aug 7, 2017 4:14 AM
 
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I ask this question in the rather forlorn hope that KDP may actually consider catching up with the banking revolution. This is the thing:

TransferWise (no I am not an affiliate) have been active in Europe for some years now. They offer low cost and secure money transfers from one currency to another in almost every country in the world.

They have now started a 'Borderless Account.' That means I can open a virtual bank account complete with Sort Code/Routing Number/IBAN/SWIFT in up to 28 currencies. In fact I have done so for the US, UK and one to receive Euros.

That is fantastic for any income I receive from my business activities other than my self-publishing through KDP or for that matter CS.

The whole object of my post and the business philosophy of TransferWise (TW) is to point out and avoid the cost of currency conversions and the exorbitant fees charged by traditional banks for international money transfers.

So, it begs the question - if in the main my royalties are shown in 3 currencies in my KDP dashboard as GBP, USD, and Euros then why can't KDP simply pay me in the same currency to 3 separate accounts in my name but in the relevant currency? USD to USD, GBP to GBP, and Euro to Euro - Voila! No currency conversion and just 3 clicks for KDP rather than one.

I say let's all contact KDP and ask for it!
writerbn

Posts: 5,249
Registered: 05/12/12
Re: Is It About Time KDP Caught Up With The Digital Banking Era?
Posted: Aug 7, 2017 4:49 AM   in response to: Steve Bentley in response to: Steve Bentley
 
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Steve Bentley wrote:
So, it begs the question - if in the main my royalties are shown in 3 currencies in my KDP dashboard as GBP, USD, and Euros then why can't KDP simply pay me in the same currency to 3 separate accounts in my name but in the relevant currency? USD to USD, GBP to GBP, and Euro to Euro - Voila! No currency conversion and just 3 clicks for KDP rather than one.
Presumably, because most people would rather have all deposits in their local currency and not bother with multiple accounts. I know I would.
P.M. Laidlow

Posts: 89
Registered: 05/21/17
Re: Is It About Time KDP Caught Up With The Digital Banking Era?
Posted: Aug 7, 2017 5:34 AM   in response to: Steve Bentley in response to: Steve Bentley
 
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You have to convert the currency sooner or later so you can spend it, and the tax man isn't interested in how many dollars, pounds, rupees, euros, pesos, and reals we earn, only in how they convert to the currency of the land.
A Woodley

Posts: 321
Registered: 03/06/17
Re: Is It About Time KDP Caught Up With The Digital Banking Era?
Posted: Aug 7, 2017 5:57 AM   in response to: Steve Bentley in response to: Steve Bentley
 
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Steve Bentley wrote:
I ask this question in the rather forlorn hope that KDP may actually consider catching up with the banking revolution. This is the thing:

TransferWise (no I am not an affiliate) have been active in Europe for some years now. They offer low cost and secure money transfers from one currency to another in almost every country in the world.

They have now started a 'Borderless Account.' That means I can open a virtual bank account complete with Sort Code/Routing Number/IBAN/SWIFT in up to 28 currencies. In fact I have done so for the US, UK and one to receive Euros.

That is fantastic for any income I receive from my business activities other than my self-publishing through KDP or for that matter CS.

The whole object of my post and the business philosophy of TransferWise (TW) is to point out and avoid the cost of currency conversions and the exorbitant fees charged by traditional banks for international money transfers.

So, it begs the question - if in the main my royalties are shown in 3 currencies in my KDP dashboard as GBP, USD, and Euros then why can't KDP simply pay me in the same currency to 3 separate accounts in my name but in the relevant currency? USD to USD, GBP to GBP, and Euro to Euro - Voila! No currency conversion and just 3 clicks for KDP rather than one.

I say let's all contact KDP and ask for it!


Replied to this in CS, I wouldn't use TW & I don't think it would benefit many people.
The digital banking era has caught up even more than TW by having all payments in one place in one currency. :)
Emily Veinglory

Posts: 3,379
Registered: 04/25/13
Re: Is It About Time KDP Caught Up With The Digital Banking Era?
Posted: Aug 7, 2017 7:06 AM   in response to: Steve Bentley in response to: Steve Bentley
 
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There are literally hundreds of services like these in different countries; I am not surprised that Amazon is having non of it--inconvenient as that might be for some of us.
Ward Rogers

Posts: 1,308
Registered: 12/02/16
Re: Is It About Time KDP Caught Up With The Digital Banking Era?
Posted: Aug 7, 2017 8:13 AM   in response to: Steve Bentley in response to: Steve Bentley
 
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Steve Bentley wrote:
I ask this question in the rather forlorn hope that KDP may actually consider catching up with the banking revolution. This is the thing:

TransferWise (no I am not an affiliate) have been active in Europe for some years now. They offer low cost and secure money transfers from one currency to another in almost every country in the world.

They have now started a 'Borderless Account.' That means I can open a virtual bank account complete with Sort Code/Routing Number/IBAN/SWIFT in up to 28 currencies. In fact I have done so for the US, UK and one to receive Euros.

That is fantastic for any income I receive from my business activities other than my self-publishing through KDP or for that matter CS.

The whole object of my post and the business philosophy of TransferWise (TW) is to point out and avoid the cost of currency conversions and the exorbitant fees charged by traditional banks for international money transfers.

So, it begs the question - if in the main my royalties are shown in 3 currencies in my KDP dashboard as GBP, USD, and Euros then why can't KDP simply pay me in the same currency to 3 separate accounts in my name but in the relevant currency? USD to USD, GBP to GBP, and Euro to Euro - Voila! No currency conversion and just 3 clicks for KDP rather than one.

I say let's all contact KDP and ask for it!

So, you're an ex-spurt on US banking laws, ACH rules, RICO statutes and international finance transaction regulations? Probably with a minor in regime change to make countries have better governments and banks? Perhaps you should apply for employment on Amazon's legal staff. I'm sure you could get all those ponces sorted out toot-sweet.

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