Great news from Amazon KDP; if you’re a UK or European author publishing on Amazon KDP, you can probably now receive all royalty payments by Electronic Funds Transfer directly to your bank account! (Many thanks to Catherine, Caffeinated for alerting us to this change, since Amazon didn’t bother to send out any email announcements!)
At WriteHit, we have already been able to receive payment for most outlets in GBP into our UK bank account except Amazon.com. These royalties used to be paid only by cheque in USD. With this new change, we are able to instead opt for bank transfer for this type of payment as well, which is quite wonderful actually!
Receiving payments by cheque can be frustrating; not only is there a high payment threshold before Amazon will actually cut the cheque, also cheques can be lost in the post and some banks charge a hefty amount to cash them. Plus it’s SLOW; you might wait for a while for it to come in the mail, and some banks take weeks to process foreign cheques as well.
Assuming your bank won’t charge you a lot to receive bank transfers, clearly this is a massive improvements for those authors living in Europe or the UK. Sadly our colleagues elsewhere in the world will have to wait until Amazon rolls out this type of payment for more countries.
So, how to make the change:
- Log into KDP
- Go to your payment settings (top right corner, where you’ll see your name written; SO AND SO’s account)
- Scroll down to “Amazon Marketplaces” and select Amazon.com (including India).
- Select “EFT” in the first dropdown list and your preferred currency in the second.
- Hit save and wait for the first payment to come!
For more information about how to get paid on Amazon KDP, check out their help page on the matter.