What is Amazon Currency Converter for Sellers? Amazon Currency Converter for Sellers Review, Features

Amazon Currency Converter is an optional service that enables Amazon sellers to deposit revenue into their local bank accounts even if their accounts and the marketplace where they sell their products are located in different countries or regions. It was officially launched in January 2008.

About Amazon Currency Converter for Sellers

Amazon Currency Converter is mainly for customers who use credit cards with American Express, Mastercard or Visa logos (of course, it also includes debit cards issued overseas with these logos) when checking out. Customers can choose to settle in the corresponding Amazon settlement currency (for example, the US Amazon is USD, the German Amazon is EUR, and the British Amazon is GBP), or choose their own currency for settlement (for example, if you use a credit card issued in China, you can choose RMB CNY).

Support Site

Amazon US, Amazon Germany, Amazon UK, Amazon France, Amazon Italy, Amazon Spain, etc.

Supported currencies

Including Australian Dollar, Danish Krone, Euro, Hong Kong Dollar, Japanese Yen, New Zealand Dollar, Norwegian Krone, British Pound, South African Rand, Swedish Krona and Swiss Franc.

Exchange rate calculation

Amazon Currency Converter for Sellers uses the exchange rate of the day the transfer is initiated to your bank account. For failed payments, the exchange rate of the day the transfer is re-initiated is applied.

Procedure

1. Select [Account Information] in the [Settings] menu.

2. In the Deposit Method section, click Edit.

3. In the Deposit Method Details pop-up window, click Edit in the mall section you want to change.

4. Select [Use a new bank account].

5. Select the country or region where your bank account is located from the drop-down menu next to [Bank Location].

6. Fill in the requested bank account information. Make sure you have read the terms and conditions of the "Amazon Currency Converter Agreement for Sellers" and then click the checkbox to confirm that you have read these terms and conditions.

7. Click [Submit].

8. Enter the account and set the account information.

9. Then click on Replace Deposit Method.

10. Then find "Add new deposit method" in the upper right corner of the current payment account list.

11. Finally, fill in the payment method in English and Chinese according to the instructions above. It is very simple, just fill in the bank name, branch, city, etc.

How to change currency

1. When choosing a payment method or adding a new credit card, if you encounter the following options, please select according to the currency type icon displayed on the Amazon product page.

2. If you use a non-UnionPay single-currency credit card during settlement and the final settlement amount is in RMB, you can directly select and change the settlement currency below the total amount.

FAQ

Q: If I have a bank account registered with a bank in a different country than the marketplace where I sell products, how will I receive payment?

A: Once you have registered your bank account, all payments will be automatically transferred to that account in the local currency of your bank's country through the Amazon Currency Converter for Sellers.

Q: Will payments transferred using the Amazon Seller Currency Converter take longer to arrive in my bank account?

A: No. However, your first payment after adding or changing your bank account details may be delayed by up to 14 days.

Q: Are there any additional fees for using the Amazon Seller Currency Converter?

A: All fees and charges associated with using the Amazon Seller Currency Converter are included in the exchange rate. When you receive a transfer to your account, you will see a [View Exchange Rate] button on the [Payment Summary] page. Click on this button to view the exchange rate.

Q: When I receive a payment from Amazon Currency Converter for Sellers, how will my bank statement appear?

A: It depends on your bank, the payment will appear as one of the following names: Amazon, HSBC or Amazon and HSBC. If you need more information, please contact your bank.

Q: Why does the exchange rate used by Amazon Seller Currency Converter not match the exchange rate I saw in the newspaper?

A: The exchange rates you see in newspapers or other print media are usually wholesale or interbank rates. Amazon is committed to ensuring that our sellers receive the most competitive exchange rates.

Q: What exchange rate will be applied to my payment?

A: The Amazon Currency Converter for Sellers uses the exchange rate on the day the transfer is initiated to your bank account. For failed payments, the exchange rate on the day the transfer is re-initiated will be applied.

Q: If my earnings are converted into another currency before being transferred to my local bank account, what are the tax implications?

A: Amazon cannot provide advice or comment on your tax obligations. Please contact your tax advisor to discuss your specific situation.

Q: Will I receive documents priced in my local currency to hand over to the local tax authorities?

A: All documents provided by Amazon will be presented in the base currency of the marketplace where you sell the products.

Q: Can I choose the currency for my payment?

A: Payments can only be made in the local currency of the country where your bank account is located. For example, if your bank account is located in the UK, payments can only be made in GBP, even if your bank account can accept deposits in GBP and EUR currencies.

Q: My bank account is set up at the Amazon Seller Currency Converter, how can I receive my earnings?

A: When you enter a non-US bank account, you must accept the terms and conditions of the Amazon currency converter for payments to sellers from that bank account. Each time Amazon pays the seller, it will be automatically converted to the bank account number in the bank currency of your account location; if you switch to another non-US bank, you must accept the seller's terms and conditions for entering the new bank information again at the Amazon conversion agency.

Q: Will my payment be delayed because my bank account is international?

A: No, there may be a delay of a few minutes in receiving the funds, but you will receive your funds on the same day as in your US bank account.

Q: Does Amazon currency conversion cost me a certain amount of money? Are there any other additional fees?

A: If you enter a non-U.S. bank account, you can convert the applicable exchange rate for your bank account by clicking "View Exchange Rate" on the Payment Summary page. The applicable exchange rate includes all seller fees at no additional charge.

Q: My bank account information has changed. How can I change my bank account number online so that I can receive funds on the accurate due date?

A: If the seller wants to log in to the bank account, they must wait 14 days before Amazon processes the seller's account. If you submit or modify the bank account information, the payment will be delayed by 14 days to the seller's account.

Q: If I want a refund, will it be the same exchange rate as before I received the payment? If the exchange rate has changed, is there a way to refund the buyer according to the exchange rate?

A: The amount refunded to the buyer is in the currency of the Amazon.com website (i.e., US dollars), so it is not subject to any risk of exchange rate fluctuations. However, there may be changes in the exchange rate of the issuing bank. When encountering this situation, the buyer can contact us and we will recommend that they contact their issuing bank or institution to refund the corresponding fees.