Please watch: "How to use Kindle Create Software to Format eBooks"
UPDATE: Use Payoneer to earn royalties via direct deposit from all 13 marketplaces - watch this updated video on how to do that.https://www.youtube.com/watch?v=OubXeVR5wws
Buy from Amazon: http://amzn.to/2vCpbQN - How to Self Publish your eBook in Indian Languages on Amazon KDP: A step-by-step guide to self-publish your ebook in Indic Languages - Tamil, Hindi, Marathi, Gujarati and Malayalam. Check out the ebook now on Amazon!
Are you facing a problem in updating your payment option for accounts in other countries?
We will sort that issue for you in this video!
How to update payment info to receive KDP royalty from all countries? We'll also see what's the difference between ACH and Wire transfer and which is the best mode to receive royalty payments from Amazon KDP.
Hello youtube, this is Arun from Tech Library TV and in this video we will address the issue of updating royalty payment options for our local marketplace and what to do for other marketplaces.
Amazon provides 13 marketplaces worldwide, as you know, that comprises of: US, India, UK, Germany, France, Spain, Italy, Netherlands, Japan, Brazil, Canada, Mexico AND Australia.
However, we certainly don't have bank accounts in all the 13 countries across several continents, unless you excessively travel across the globe and have a place to stay everywhere!
So now comes the genuine problem of how do we get paid royalties from all the countries where Amazon operates? Well, that's where Amazon currently offers 3 options: 1. direct deposit, also known as EFT or electronic funds transfer, 2. wire transfer, and 3. check - all options are based on the location of your bank.
The benefit of direct deposit into your bank is that there is no minimum threshold. For check and wire payments, there is a "minimum threshold" in each marketplace after deducting the applicable taxes - for the countries as displayed on your screen. (1)
That's why, you can go ahead and update your bank account details - be it State bank, Axis bank, ICICI bank, or any local bank you have an account in your country. For all the remaining marketplaces, select Check payments or wire transfers - as shown on the screen. (2)
Please note that although Amazon calls it "Wire transfers" sometimes they refer to "ACH transfers" and there is a difference between the two. Let's now compare and contrast between these 2 options - ACH and Wire transfers to understand it better.
Wire transfers move funds from one bank to another in one business day, and the funds can even be made available within that day; sometimes when you receive a wire transfer, you won’t see the funds immediately. Whereas ACH transfers often take two to three business days to complete. Banks process ACH payments in batches – they’re all done together instead of being handled individually.
If you receive a genuine wire transfer, you can be confident that the funds were sent, as they cannot be reversed. On the other hand, ACH transfers are quite safe too, except that they can be reversed in situations of fraud or a mistake of overpayment.
Wire transfers almost always comes with a fee tag. However, ACH transfers are almost always free, especially if you're receiving funds into your own account.
As you would have observed by now, Direct deposit is the best way to receive royalties from Amazon. It's also the fastest, most secure and environmentally friendly way to receive your royalty payments. Wire transfers or ACH transfers are the second best options. The 3rd one - check payment is the last option which even Amazon feels it as a overhead - a note of caution here that AMAZON is planning to phase it out, that is...discontinue it by the end of 2017. So only direct deposit and wire or ACH transfers might prevail. (3)
To summarize: update bank accounts to all the marketplaces possible. And for the remaining marketplaces, select check or wire transfers. If you have any questions or comments, please let me know in the comments section below.
Credits: Subscribe animation and Like button animation from https://www.youtube.com/channel/UCwjqUjrLmw13Ot4IrgeAHjg
Side Path - Kevin MacLeod
In this video, we see how to receive KDP (Kindle eBook) Royalties from all of Amazon's marketplaces.