For an international seller who is selling on multiple Amazon platforms, it is crucial not to ignore the different currencies Amazon uses for payments.
In the US, the currency is obviously the USD, however in Europe it gets a little more complicated.
An Amazon seller, selling on multiple European marketplaces of which at least one is the UK, will have to deal with two currencies. Amazon offers the disbursement of payment in GBP (£) for all sales from the UK and in EUR (€) for all sales from Germany, France, Spain and Italy.
When the currency of the country in which the seller’s bank account is located is different from the currency in which the customers pay for the product, sellers are asked to change the disbursement currency by using Amazon Currency Converter. This leads to unnecessary currency rate exchange losses.
For example: If you are selling in Germany and you have bank account in the UK, the disbursement currency is automatically exchanged from EUR to GBP.
How can these potential losses be avoided?
It’s actually very easy: by using a multi-currency account.
We, FBA-hero.com, teamed up with World First, the currency specialist, to help (our) international online sellers to save time and money.
World First provides free access to international receiving bank accounts so you can collect payments from oversea marketplaces. You can then transfer your funds back home through World First at a great exchange rate — better than those typically offered by most marketplaces and banks — helping you to maximize your profit.
Give it a try, it’s absolutely free: worldfirst.com