Amazon seller businesses target customers across the globe and not just in the United States. For any business to run smoothly, it needs to have a bank account to collect all its revenues. How do you collect payment for your Amazon seller business if you are outside the US? This is the big question.
The Traditional Method
Setting up a US Bank Account Directly.
First, to open a bank account, you will need to submit your personal and contact details, ID document, your SSN (or EIN), and an opening deposit amount. The opening deposit varies from bank to bank. You can open a bank account through online banking platforms or visit the bank offices and apply them physically (which can be a major logistical pain!).
Below are the charges that you will incur when using a regular US bank account for your Amazon seller business:
1. International transfer fees; will vary from bank to bank, and they will also be determined by the amount being transacted.
2. Monthly maintenance fees; regular banks will charge a monthly maintenance fee to your account.
3. ATM fees; if you withdraw money using your ATM card, you will be charged transaction fees, which will depend on the amount of money you transact.
How to open a US bank Account without actually going to the USA?
The Non-Traditional (Better) Method
The Use of Airwallex for Amazon Seller Businesses
This payment platform gives your Business the ability to make fast and easy payments in multiple currencies. The maintenance costs are also low, making it suitable for Amazon Seller businesses. Below are the advantages of using Airwallex for your banking needs in your Amazon seller business:
1. Seamless and paperless services; Airwallex as a banking option offers its customers the ability to make transactions easily and seamlessly. No paperwork is required, and self-service is enhanced to ensure you save on time because there are no queues like in normal banking systems. Not to mention, that you can open an account with yourself and a computer anywhere outside of the USA!
2. Saves money; using Airwallex will save your Amazon seller business money because there are no software subscription costs. The platform allows you to make international transactions at zero costs. The exchange rates are also 90% cheaper than those of normal banks.
3. Seamlessly integrates with Xero to make accounting a breeze!
4. Makes delegation easy; if you need to delegate payment duties to staff in your Business, all you need to do is give them their own Airwallex multicurrency card, which will enable them to make transactions on your behalf.
5. Enables you to manage your transactions online; Airwallex saves you time and energy because you can access all banking services through your desktop. You do not have to go to a physical location or office to make transactions. Easy right?
Using TransferWise in Your Amazon Seller Business.
Do you need a platform that brings all banking services to your home through your desktop? TransferWise is the way to go. This payment method is popular among the Amazon Seller business because it is easy and cheaper to operate, unlike regular bank accounts. Below are the benefits you derive from using TransferWise.
1. With TransferWise, you can send and receive money from abroad at a rate that is eight times cheaper than regular bank rates.
2. Transparency; transaction costs on TransferWise are clearly stated to promote transparency. There are no hidden charges, unlike in some regular banks that hide some of their costs.
3. Easy to open, all you need is a laptop, coffee and you are ready to go! No residing in USA required!
4. For reseller businesses on Amazon, it is a convenient way of receiving money because money is sent directly to the recipient’s bank account. Chances of money getting lost in between are negligible.
5. TransferWise is suitable for both business and personal use. You can use it in your Amazon seller transactions and still carry out personal transactions through it. That sounds fantastic!
Using World First in Your Amazon Seller Business.
Finally the last payment services we would like to mention is World First. World First
1. World First employs a transparent pricing scheme at margin rates of 0.50% or less and no additional fees.
2. Just like the ones above, World First does not require you to open an account while being physically present in the United States.
3. Integrates with Xero to make balancing the books an automated process.
4. Links with all the major online marketplaces but also has financing options for import export businesses as well.
5. World first it not only for business, they also have personal product offering as well. Time to check it out!
Well that wraps it all up, we hope this has been informative and helped you compare the bank options to do business in the United States for Amazon seller businesses. If you do have any questions and want help from an Amazon Seller Accountant please feel free to get in touch with the team from infinity22 HERE.