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Thread: How EFT payments work if you are not in the US?


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Permlink Replies: 5 - Pages: 1 - Last Post: Sep 30, 2017 5:17 AM Last Post By: mediamorphosis Threads: [ Previous | Next ]
Pete

Posts: 2
Registered: 08/06/17
How EFT payments work if you are not in the US?
Posted: Aug 6, 2017 12:08 PM
 
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Hi all,

I want to self-publish a book on KDP and I have a few questions about EFT payments, which is the option that I think will work best for me:

1. I wasn't able to find out if there are any location restrictions (i.e. not being able to transfers to the country) if I'm located in Europe, country of Romania.

2. All my bank accounts are in RON (Romania's currency). is it mandatory to have an USD account instead?

3. Can I control when I can transfer the payments from Amazon to my banking account? For example, a few small payments can accumulate quite some taxes. It would help to have one large...ish value transfer instead of many small value transfers (i.e. less taxes).

Thank you,
Pete
Joseph M Erhardt

Posts: 4,454
Registered: 12/21/15
Re: How EFT payments work if you are not in the US?
Posted: Aug 6, 2017 12:54 PM   in response to: Pete in response to: Pete
 
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Here are my thoughts, but they're only thoughts--please do NOT act on them until you've done the necessary research. Specifically, I don't want to get you into trouble
with your local tax authorities.

Comments interspersed ...

I want to self-publish a book on KDP and I have a few questions about EFT payments, which is the option that I think will work best for me:
1. I wasn't able to find out if there are any location restrictions (i.e. not being able to transfers to the country) if I'm located in Europe, country of Romania.

I do not think EFT transfers to Romania are currently done. Do you have a local branch of a German bank a British bank available, in which you'd be able to set up an account?

2. All my bank accounts are in RON (Romania's currency). is it mandatory to have an USD account instead?

Another alternative is Payoneer (research them). They essentially set up a credit/debit card for you that looks, at the account end, like a U.S. bank account, and Amazon DOES pay into those accounts. Authors in South Africa, Nigeria and other countries use it. However, there's at least an annual fee involved, so check to see what the costs are. Also check to see how you can transfer any card balance into local currency, or if there are currency conversion charges.

3. Can I control when I can transfer the payments from Amazon to my banking account? For example, a few small payments can accumulate quite some taxes. It would help to have one large...ish value transfer instead of many small value transfers (i.e. less taxes).

Are you saying that there are per-transaction currency conversion charges that you need to avoid? Otherwise I can't see how taxes on RON 500 would not equal taxes on RON 50 + RON 50 + ... + RON 50 (10 transfers).

One other thought: You might try to find another Romanian writer whose books are in KDP and see if you can contact them to see what payment solution they've come up with.

Lastly, I don't think Romanian is a supported KDP language. The current list of supported languages is here:

https : // kdp . amazon . com/ en_US/help/topic/A9FDO0A3V0119 (take the spaces out of the link, copy and past into a new browser tab URL field)

Best of luck.

EDIT! EFT in Euros -- Current list of supported countries for EFT in Euros (€): DOES INCLUDE ROMANIA.

See here:
https : //kdp . amazon . com/ en_US/help/topic/A23QVBQQRUMTW9

Edited by: Joseph M Erhardt on Aug 6, 2017 1:00 PM
Notjohn

Posts: 22,960
Registered: 02/27/13
Re: How EFT payments work if you are not in the US?
Posted: Aug 6, 2017 1:27 PM   in response to: Pete in response to: Pete
 
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Do a search for Romania in this forum and in the nearby Ask the Community forum (which gets more traffic). There was a thread on just this subject last week.

I don't think you can get EFT to a Romanian bank, just a paper check in USD. Ask your bank how much it would cost to deposit a check for $100 USD. You might do better with Payoneer. (Do a search on this forum for Payoneer.)

Good luck! -- NJ

Notjohn's Guide to E-Book & Print Formatting

The blog:
http://notjohnkdp.blogspot.com
Pete

Posts: 2
Registered: 08/06/17
Re: How EFT payments work if you are not in the US?
Posted: Aug 7, 2017 12:47 PM   in response to: Joseph M Erhardt in response to: Joseph M Erhardt
 
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Thanks for your response.

Are you saying that there are per-transaction currency conversion charges that you need to avoid? Otherwise I can't see how taxes on RON 500 would not equal taxes on RON 50 + RON 50 + ... + RON 50 (10 transfers).

There are fees for each transfer to your account. Each transfer has a commission of 2 USD for example (varies between the banks, but let's stick with that). So if I transfer 100 USD, my bank gets 2 USD, so I get to keep 98 USD. But if two transfers of 50 USD and 50 USD are received, my bank keeps 2 + 2 = 4 USD, so I get to keep 96 USD this time. This is why I want few transfers :). If the amount of money is very large, sometimes a commission as a percentage of the amount is taxed, But not less than 2 USD.

All my RON accounts have zero fees, but USD and EUR accounts have large fees attached to them.

I will have a look at Payoneer.

Lastly, I don't think Romanian is a supported KDP language.

This I already knew. But my ebook is in English, so no worries there.

EDIT! EFT in Euros -- Current list of supported countries for EFT in Euros (€): DOES INCLUDE ROMANIA.

Does that mean Amazon can directly transfer to one of my Romanian accounts if it is in EUR?

Thank you!
Joseph M Erhardt

Posts: 4,454
Registered: 12/21/15
Re: How EFT payments work if you are not in the US?
Posted: Aug 7, 2017 2:27 PM   in response to: Pete in response to: Pete
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EDIT! EFT in Euros -- Current list of supported countries for EFT in Euros (€): DOES INCLUDE ROMANIA.

Does that mean Amazon can directly transfer to one of my Romanian accounts if it is in EUR?

Thank you!


Well, do check it out, first. This is a specific-enough question that you can ask via the Contact Us link at the bottom right of this web page.

You might also ask if it's possible to put a hold on EFT transfers periodically, to diminish transfer fees.

Anyway, glad you found some ideas here. :)
mediamorphosis

Posts: 1
Registered: 07/10/10
Re: How EFT payments work if you are not in the US?
Posted: Sep 30, 2017 5:17 AM   in response to: Pete in response to: Pete
 
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Pete wrote:
Does that mean Amazon can directly transfer to one of my Romanian accounts if it is in EUR?

Yes, we use EFT with our EUR account (Unicredit Bank) in Romania. It works flawlessly and it's been working for years.
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