Wise Business integrates with Amazon
Those that have an Amazon selling business or dropship can now use Wise Business to receive their sales profits in multiple currencies. Simply link Wise with Amazon to withdraw to one account and implement a seamless connection with your clients. If your clients don’t have Wise, they can still use their bank account to instantly send and receive payments from you. Wise is renowned for favourable exchange rates, small fees and fast international payments – get started with Wise Personal or Business.
Why open a Wise account?
- Hold multiple foreign currencies and convert them instantly.
- Receive payments from Amazon in 10 currencies without the need to convert (local account details).
- Set-up Direct Debits and scheduled payments to pay sales tax abroad.
- Create batch payments to freelancers or contractors by adding contacts.
- Easier and faster cross border transfers with transparent, fixed conversion fees.
- Multiple payment options which clearly state the amount you pay. See Wise Calculator.
Drawbacks to integration with regular banks
Many Amazon entrepreneurs in the U.S, Europe, U.K and Australia are non-residents of these regions and Amazon marketplaces. Let’s say a Canadian is selling in the U.S on www.amazon.com, then Amazon pays the business in US dollars. If they withdraw using their Canadian bank then Amazon pre-converts USD to Canadian dollars by the Amazon Currency Converter for Sellers (ACCS). Consequently, the business incurs fees, included in the exchange rate, whilst payments can take up to 5 days. Further, you can’t connect your Amazon account to an intermediary such as PayPal because bank details are required.
The alternative method for receiving money overseas
Suppose you want to sell in the U.K in addition to Canada. Unless you’re physically based in U.K you might not be able to set-up a bank account. The Wise multi-currency account enables withdrawals and payments from Amazon in your desired currency, removing the requirement of a bank account. You’ll avoid excessive fees and hassle associated with cross-currency transactions (ACCS). Wise also removes the need to use a third-party payment provider, like the Hyperwallet, making the process fast and convenient. See Wise fees.
Wise Business Products
Whether you’re making online payments or travelling abroad, the debit card provides efficiency in regards time, cost and coverage. The Wise card allows payments in up to 200 countries enabling businesses and their employees to be as global as modern business requires. Another benefit is the ability to pay with the currency that has the lowest transaction fees and the best exchange rates.
Wise business has many of the same aspects as the personal account, for example, instant payments in 80 currencies and 70 countries. However, the business account offers integration with accounting software like Xero and QuickBooks to conveniently collect your earnings and manage payments. If your business manages international associates and clients or has remote employees then the Wise account ticks all the boxes.
Who is Wise Business suitable for?
Businesses of all sizes can open a Wise Business account, including:
- Self-employed or sole traders.
- Limited and public companies or partnerships.
- Trusts and charities in the UK, EEA (European Economic Area), US, Canada, Switzerland, Australia and New Zealand.
- Anyone that needs to pay suppliers, invoice clients and receive sales income internationally.
- People who sell products on their own website or platforms like Shopify, Stripe and PayPal.