This is a topic I have posted about before. I’m sure it affects many thousands of KDP authors. I believe I have finally found the best method of having your KDP royalties in foreign currencies paid to you swiftly and at little extra cost to you.
Before I explain who TransferWise are and how it works, please take a look at the image below.
That’s grabbed from my KDP dashboard. As you can see, I’m now set up to receive separate payments to three different bank accounts in three separate currencies: GBP, USD, and EUR.
That’s great as I now do not suffer at the hands of currency conversion for those currencies. The only currencies that are omitted are the Japanese Yen, and the Australian and Canadian dollar. That’s no big deal as I sell few books in those marketplaces.
I do sell most of my books in the UK market followed by the US in second place. I also have my Audible audiobook royalties (always in USD) paid into my TransferWise US account.
This way of receiving my money is painless, safe, and costs me next to nothing. TransferWise (TW) make it simple to transfer from any one of my TW accounts into another one or any of my other accounts with banks either in the UK or in the Philippines where I now live.
So, I now only pay the market rate currency conversion once when I transfer money from one of my TW accounts into an account with a different currency, as opposed to at least twice: (a) when foreign currency royalties are paid in to an account with a different currency and (b) subsequent transfers out of one currency into another currency account.
Opening a TW account is simple. If you decide it’s for you, may I ask you to use this link when opening the account.
I’m not an affiliate but I will receive a small bonus if you use it to open an account and make a first deposit of £200 (or the equivalent, I guess). That was true but several months into using TransferWise, I decided to become an affiliate and promote it because it’s the best thing since sliced bread! They pay me a small commission for recommending the service. You pay me nothing.
My advice – try it and you will be delighted. Then you will start making your own referrals.
If you would like to know more about the company, her is a video explaining how it all works.
Alternatively, here is a link to their website if you wish to read more.
They already have more than 4 Million customers worldwide and it’s one hundred percent safe as it’s regulated by the FCA.
I almost forgot – they also offer a MasterCard in many countries they operate in.