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Thread: Time for Amazon to switch to EFT payments for overseas authors.


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Permlink Replies: 14 - Pages: 1 - Last Post: Jun 29, 2012 7:12 AM Last Post By: kwoulfe
wrexaur

Posts: 22
Registered: 07/01/11
Time for Amazon to switch to EFT payments for overseas authors.
Posted: May 16, 2012 9:41 PM
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Enough is enough. Pretty much every other major multinational corporation uses EFT technology to make payments around the world. Google and Linkshare are two such companies.

Amazon's insistence on sending paper checks is antiquated and ridiculous. For those unaware, a check sent internationally must be sent back to the US by the receiving bank for validation. In some cases this can result in a 6 to 8 week delay in payment.

Given that Amazon has carved out a niche being an online retailer, this insistence on slow and outdated payment methods (where checks can get lost in their journey around the globe) is just ridiculous. Especially when an EFT transfer is faster, less damaging to the environment and far more secure.

Before you go waving the T&C's yes. We all know it's in there. It doesn't matter. Amazon's payment system to its international members is bad and they should feel bad for it.
hardwarehero

Posts: 1,630
Registered: 02/15/10
Re: Time for Amazon to switch to EFT payments for overseas authors.
Posted: May 17, 2012 3:15 AM   in response to: wrexaur in response to: wrexaur
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You preach to the converted, wrexaur, yet I am afraid your prayer won't be heard. Payment methods inside and outside the US differ way too much and I am afraid that the Americans will stick to their cheque system even in the 23rd century.
wrexaur

Posts: 22
Registered: 07/01/11
Re: Time for Amazon to switch to EFT payments for overseas authors.
Posted: May 17, 2012 3:19 AM   in response to: hardwarehero in response to: hardwarehero
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I just went and had a looksie and I see they're now paying by TT or EFT or whatever to anywhere in the UK and EU. You can get paid in Romania if you like. Australia and New Zealand remain out of luck.

It does blow the whole 'payments outside US differ too much' argument though. Most US companies have no issues using TT. Amazon is being an unexpected dinosaur on this issue.
hardwarehero

Posts: 1,630
Registered: 02/15/10
Re: Time for Amazon to switch to EFT payments for overseas authors.
Posted: May 17, 2012 8:35 AM   in response to: wrexaur in response to: wrexaur
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You sure, man? I live in Germany and if I try to set my payments from amazon.com to EFT I need to have a bank account in the US - which is impossible since 9/11. Where do you live? Can you enter a domestic bank anywhere? Have you tried out what you write below?
wrexaur

Posts: 22
Registered: 07/01/11
Re: Time for Amazon to switch to EFT payments for overseas authors.
Posted: May 17, 2012 4:01 PM   in response to: hardwarehero in response to: hardwarehero
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If you go to your account page, there should be an 'add bank account' option above the 'Send checks in $ dollars' lines. You can add a German bank account there. You can add any European bank account actually.
hardwarehero

Posts: 1,630
Registered: 02/15/10
Re: Time for Amazon to switch to EFT payments for overseas authors.
Posted: May 17, 2012 11:14 PM   in response to: wrexaur in response to: wrexaur
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Doesn't work for me, if I choose this option I can only add a US bank account, account # and routing #. I could not even add an IBAN or BIC. IMHO this is still only possible for US (and maybe UK) citizens.
lawrence2132

Posts: 118
Registered: 04/19/11
Re: Time for Amazon to switch to EFT payments for overseas authors.
Posted: May 18, 2012 9:13 AM   in response to: hardwarehero in response to: hardwarehero
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Just out of interest Createspace (an Amazon company) are now printing and selling in Europe as well as the US (At last) and they only want one account for US and European sales and all royalties no matter where they originate will be paid by EFT into that account.

IF CS CAN DO IT WHY CAN'T AMAZON!!!!!!!!!
fresiegrant

Posts: 169
Registered: 12/19/11
Re: Time for Amazon to switch to EFT payments for overseas authors.
Posted: May 18, 2012 9:48 AM   in response to: lawrence2132 in response to: lawrence2132
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One thing we need to understand, guys, is that sending an overseas EFT payment is expensive. At the moment, all the expense they have is a stamp and an envelope to stuff the check in, and the author pays all the bank charges in order to cash the check. While if they send it by EFT, THEY will have to pay to have it delivered to the author's bank. You see my point? :)
venezia8

Posts: 92
Registered: 04/30/12
Re: Time for Amazon to switch to EFT payments for overseas authors.
Posted: May 19, 2012 5:41 AM   in response to: wrexaur in response to: wrexaur
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I have had the same problem. I can receive EFT payments to my UK bank account if they are in UK pounds or euros, but not US dollars. The latter can only be paid by EFT to a US account.
itibook

Posts: 1
Registered: 06/04/12
Re: Time for Amazon to switch to EFT payments for overseas authors.
Posted: Jun 4, 2012 4:18 AM   in response to: wrexaur in response to: wrexaur
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Cashing in a USD check in France costs a whopping 42 Euros...

I'd rather be paid in Amazon Credits than checks in USD...
thailandebooks

Posts: 9
Registered: 06/27/12
Re: Time for Amazon to switch to EFT payments for overseas authors.
Posted: Jun 26, 2012 11:42 PM   in response to: wrexaur in response to: wrexaur
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We get paper checks sent from USA amazon and UK amazon... now even Germany. The USA checks we get charged $30 usd to cash. We must wait an average of 28 days.

The UK amazon checks we also must pay $30 USD to deposit. Then we have to pay AGAIN because all the UK checks are bouncing and NO GOOD our bank tells us.

Now, sure, Thailand banks don't know WHAT they are doing to deposit international checks... but, we have a $2,000 USD balance on UK checks that is just floating around in the AMazon UK accounts - and should be in our pockets - MONTHS ago.

Paper checks are absolutely RIDICULOUS in this age. Beyond ridiculous.
leaowens

Posts: 9
Registered: 11/30/11
Re: Time for Amazon to switch to EFT payments for overseas authors.
Posted: Jun 27, 2012 1:16 PM   in response to: thailandebooks in response to: thailandebooks
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I can't understand why they can't use Paypal if they are unable to do EFTs to countries like Australia. I have to pay my bank $30 to deposit an Amazon cheque. Amazon don't seem to send them out all that often, though - I have had thousands of dollars of sales in my accounts since November 2011, but have only received two small cheques in the seven months since then. By the time I pay the $30 to bank the cheques, it doesn't leave much profit for me. I don't know where the money for book sales is going, but it isn't coming to me.
skookumpete

Posts: 466
Registered: 07/25/11
Re: Time for Amazon to switch to EFT payments for overseas authors.
Posted: Jun 27, 2012 3:58 PM   in response to: fresiegrant in response to: fresiegrant
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One thing we need to understand, guys, is that
sending an overseas EFT payment is expensive. At the
moment, all the expense they have is a stamp and an
envelope to stuff the check in, and the author pays
all the bank charges in order to cash the check.
While if they send it by EFT, THEY will have to pay
to have it delivered to the author's bank. You see my
point? :)

Also understand that EFT is a domestic U.S. system, although there is something like it within the EU. Money going abroad from the U.S. has to go by something equivalent to what used to be called "wire transfer". The last time I experienced this, it cost 15 bucks at both ends and someone in the middle took another 15.
rosaliemarsh

Posts: 9
Registered: 10/05/10
Re: Time for Amazon to switch to EFT payments for overseas authors.
Posted: Jun 28, 2012 4:28 AM   in response to: lawrence2132 in response to: lawrence2132
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I too had a newsletter from CS promoting the fact that they now sell in the UK and EU with direct payments. I queried Amazon re plans for KDP to pay into UK banks in GBP. That if Smashwords can do it via PayPal why can't they.
They replied that 'they have no plans at present but always welcome feedback to improve things.
They must like the interest from the accruing royalties up to $100.
kwoulfe

Posts: 230
Registered: 05/18/12
Re: Time for Amazon to switch to EFT payments for overseas authors.
Posted: Jun 29, 2012 7:12 AM   in response to: wrexaur in response to: wrexaur
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I just went and had a looksie and I see they're now
paying by TT or EFT or whatever to anywhere in the UK
and EU. You can get paid in Romania if you like.
Australia and New Zealand remain out of luck.

It does blow the whole 'payments outside US differ
too much' argument though. Most US companies have no
issues using TT. Amazon is being an unexpected
dinosaur on this issue.


I live in Ireland, and can't get payments into my bank, so they are not covering all of the EU. With our banking system here I dread to think what the charges are going to be for cashing a US cheque! I would say half of my royalties will disappear down the banking black hole. It is rather unfair. A company the size of Amazon, it is totally ridiculous, especially as they are big on selling ebooks, but still using old payment technology, ironic isn't it. Perhaps we should all bombard support with 'feedback' on this issue. Those who shout loudest etc
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