Earning an income through selling products on Amazon or participating as an Amazon affiliate has become a popular online venture. To effectively manage your Amazon deposits and disbursements, it is essential to find the right Amazon Payment Service Providers and banks that cater specifically to Amazon sellers, including those involved in Amazon FBA. This article aims to guide you in identifying the best banks for your Amazon business.
How to Withdraw Money From Amazon Seller Account
When opening a new Amazon seller account in a different marketplace, you have several ways to set up your account for receiving payments. Here are the available options:
- Use a bank account in the marketplace country: If you prefer to have control over your financial accounts, you can open a bank account in the country where you plan to sell. This option allows you to receive payments directly into your local bank account, but it may require the creation of a legal business entity in that country.
- Use Amazon Currency Converter for Sellers: If you don’t want to open a bank account in the marketplace country, you can use the Amazon Currency Converter service. This service enables you to receive payments in your local bank account, provided it is in a country and currency supported by Amazon Currency Converter. It automatically converts the received funds into your local currency at the prevailing exchange rate.
- Hyperwallet: If you don’t want to open a bank account in the marketplace country or use Amazon Currency Converter, you can use Hyperwallet, a third-party payment service provider. Hyperwallet offers currency conversion services and allows you to receive funds from your Amazon sales in a Hyperwallet deposit account.
How to Add Bank Details to Amazon Seller Account
For you to start receiving money from Amazon using, you need to add your bank account to Amazon. The process is as follows:
To add your bank details to your Amazon seller account, sign in and go to “Settings” > “Account Info” > “Payment Information” > “Bank Account Information.” From there, you can select an existing bank account or add a new one by providing the necessary details. Make sure the information is accurate and click “Submit” to complete the process. This means you need to have an existing supported Amazon bank account such as the ones we have listed below.
Best Bank Account for Amazon Seller
Payoneer Amazon Seller
Payoneer is one of best online bank for Amazon sellers that offers you a US non resident account to receive Amazon disbursements of your Amazon sales into your Payoneer account and transfer them directly to your local bank in your local currency. You can receive paymets from Amazon marketplaces in the US, the UK, France, Germany, Italy and Spain.
Whether you are a resident or a non-resident of the US, you can sign up for Payoneer and create a virtual bank account specifically for your Amazon sellers. To register, visit the Payoneer sign-up page and provide the necessary information, such as your name, email address, date of birth, and country. Once you complete the registration process, you will receive a confirmation, and your Payoneer virtual bank account will become active.
As an Amazon seller using Payoneer, you will need to provide Amazon with a bank account statement from your Payoneer account. Payoneer’s Store Manager allows you to easily download this statement. It’s important to note that Payoneer charges transaction fees for certain services, such as $2.99 for a local bank transfer and $15 for a USD SWIFT transfer. Additionally, a 1% service fee is applied to each payment received.
Wise Amazon Payment Provider
Wise is a virtual bank account that provides receiving account for Amazon sellers from around the world. Wise multicurrency account offers non resident bank account with local bank details in UK, Eurozone, Australian, New Zealand, and US for a small, one-time setup fee.
One of the main benefits of Wise Amazon payments is that if you sell on multiple Amazon marketplaces, you can withdraw your earnings directly into your Wise account in the currency of your earning and avoid paying high currency conversion fees. Wise account details are compatible with Amazon US, Amazon Europe, Amazon UK and Amazon Australia.
To create a virtual bank account on Wise with no monthly fee, you should go to Wise website to register. You need to get verified, usually with government ID, proof of address, and/or a picture of you holding that ID. It usually takes about 2 working days. Once your account is verified on Wise, you will have to add Wise bank details to Amazon seller account (as explained above).
Currencies Direct for Amazon
Currencies Direct is a service that assists Amazon sellers with currency exchange and international payments. With a simple sign-up process, your account can be approved within 24 hours, and you will receive your bank details shortly after. Currencies Direct has established procedures for bank account verification with Amazon, allowing you to easily initiate payments.
There are no monthly charges or payment fees for opening an account, although a 0.1% receiving fee applies to all funds collected. Virtual accounts can be opened for sales in the USA, UK, France, Germany, Spain, Italy, and Japan, with support for EUR, USD, GBP, and JPY payments.
WorldFirst for Amazon
WorldFirst is an Amazon Payment Service Provider (PSP) that allows you to receive payments in multiple currencies. This can be helpful for Amazon sellers who sell products in multiple countries and who want to receive payments in the currency of the country where they are selling. With WorldFirst, you can open receiving accounts in multiple currencies, such as USD, EUR, GBP, JPY, CAD, AUD, and more.
To use WorldFirst as an Amazon PSP, you must first create a WorldFirst account. Once you have created an account, you can link your Amazon Seller Central account to your WorldFirst account. Once their accounts are linked, sellers can start receiving payments from Amazon directly into their WorldFirst account. You can open receiving accounts in the UK, USA, Europe, Canada, China and Japan. These accounts can only be used to receive funds from Amazon marketplaces in those countries.
It is free to open an account with WorldFirst and there are no fees for receiving money and no monthly charges. All transfers of over $1,000 USD (or foreign currency equivalent) are free while exchange rate margins of as low as 0.5% to 0.15% applies.
Mercury Business Account for Amazon Sellers
Mercury business account is also one of the best bank accounts for Amazon FBA sellers. Mercury specializes in the e-commerce industry and you can link it with Amazon payment processors. This way, you can manage payments from Amazon FBA directly.
Mercury is a highly recommended bank account for Amazon FBA sellers, specializing in the e-commerce industry. By linking your Mercury account with your Amazon account, you can easily manage payments directly from Amazon FBA. With Mercury, you can access their business account services in over 200 countries, with the exception of those sanctioned by the U.S. They support a wide range of currencies, including AUD, BGN, CAD, HRK, CZK, DKK, EUR, HUF, ILS, MXN, NZD, NOK, PLN, RON, SEK, CHF, GBP, and AED.
Registering for a Mercury business account is free, and there are no monthly fees involved. Domestic wire transfers carry a fee of $5, while international wire transfers cost $20. When it comes to currency exchange, there is a 1% exchange fee.
Revolut Business Account for Amazon Sellers
Revolut business account is a popular online bank option for Amazon sellers, offering different account tiers to suit varying needs. With a Revolut business account, sellers can easily transfer funds from their Amazon FBA account. There are different account options available, including Revolut Standard (free), Revolut Plus, Revolut Premium, and Revolut Metal.
To connect your Revolut account to your Amazon seller account, it’s important to use local account details and the appropriate Revolut addresses based on your chosen currency. Account verification can be completed by providing the account confirmation statement. If you have an Amazon Seller account outside of the UK: choose the UK as your bank country and convert your EUR IBAN into a sort code plus BIC format. Please note that if you have an Amazon Seller account outside of the UK, Amazon is only able to make payouts in GBP.
Starling Bank Account for Amazon Sellers
Starling Bank is an excellent choice for Amazon sellers seeking a reliable bank account, as it is fully licensed by the Financial Conduct Authority (FCA) in the UK. With a Starling Bank account, you can efficiently manage your Amazon disbursements across various European marketplaces. One of the key advantages of opening a business account with Starling Bank is the absence of monthly fees for the basic account option. However, it’s important to note that this account does not offer full integration with Xero or QuickBooks.
Starling Bank currently supports three major currencies: EUR, GBP, and USD, making it convenient for sellers dealing with transactions in these currencies. The best part is that even non-UK residents are eligible to apply for a Starling account, widening its accessibility to international sellers. It’s worth noting that while the basic account has no monthly fees, the Starling Business Plus account entails a $10 monthly fee, and the Starling Business Premium account carries a $25 monthly fee.
Amazon Payment Service Provider Program List
Amazon launched its Payment Service Provider Program in February 2021. Through this program, Amazon sellers who were using third parties to receive payments, now have to choose a payment service provider (PSP) from a list of vendors approved by Amazon.
- China CITIC Bank
- Glofortune Company Limited
- LianLian Global
- Netease Global Pay
- OTT PAY HK
- Photon Dance
- Zhejiang Chouzhou Commercial Bank
Some Payment Service Providers have met requirements for provisional enrollment.
- Bank of Ningbo
- Bank of Wenzhou
- Currencies Direct Ltd
- GPS Capital Market
- Lakala Payment
- PingAn Elink
- Revolut Ltd
- Shanghai Pudong Development Bank
- Vcan FinTech
- Zhejiang Tailong Commercial Bank
Countries and Currencies Supported by Amazon for Disbursement
|Euro zone: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Monaco, the Netherlands, Portugal, San Marino, Slovakia, Slovenia, and Spain||EUR|
|United Arab Emirates*||AED|
|Switzerland and Lichtenstein||CHF|
|Denmark (including Greenland and the Faroe Islands)||DKK|
|South Korea*||KRW ||
*Disbursements in these currencies through Amazon Currency Converter for Sellers are supported by Hyperwallet, a third-party payment service provider offering currency conversion services, which require a separate Hyperwallet account.
Choosing the Best Online Bank Account for Amazon Sellers
Having an online bank account specifically designed for Amazon sellers can greatly benefit your business. These specialized accounts offer convenient ways for you to receive your Amazon earnings. Look for accounts that support multiple currencies, offer competitive rates, and integrate with Amazon’s payment processors. Consider factors like supported marketplaces, fees, and additional services. By using an online bank account for Amazon sellers, you can simplify financial processes and focus on growing your Amazon business.
How do Amazon sellers get paid?
Amazon sellers have multiple payment options to receive their earnings, such as ACH, wire transfer, check, Amazon Payments, and supported banks or Amazon Payment Service Providers.
Does Amazon accept Wise account?
Yes, Amazon does accept Wise accounts for disbursements. Wise account details are compatible with Amazon US, Amazon Europe, Amazon UK and Amazon Australia.
What are best banks for Amazon FBA?
Best banks for Amazon FBA include Wise, WorldFirst, Mercury Bank, Starling Bank, and Payoneer.
What's Amazon Currency Converter?
Amazon Currency Converter for Sellers is a service that allows Amazon sellers to convert their sales proceeds into their local currency. This can be helpful for sellers who sell products in multiple countries and who want to receive payments in their local currency.
Can I use my personal bank account for Amazon seller?
Yes, you can use your personal bank account for Amazon Seller, but it is not recommended.