Categories: Amazon Business

How Canadian Amazon Sellers can get paid in USD? AMZ One Step

How Canadian Amazon Sellers can save up to $1000/month?

Are you selling on amazon.com from Canada? If yes, you need to read this till the end. In this article, I am going to show you how Canadian sellers can get paid in USD from amazon.

When I first started selling on amazon.com I was using my personal TD Bank account for payments from Amazon. After a year of selling, my business started to grow and I was getting bigger deposits from Amazon. I noticed that I was losing up to $800 in conversion rates.

Then I made a rookie mistake, I went to TD bank and opened a chequing account in USD. That month I lost even more money in conversions.

How?

When amazon transferred money to my account, the currency got converted from USD to CAD and then it got converted twice from CAD to USD. I got dinged by Amazon first and then by TD with conversion rates.

This is how I started to save money on conversion rates……..

CROSS BORDER BANKING

Currently, there are three banks in Canada that offer cross-border banking.

  1. TD Canada Trust (personal)
  2. RBC (personal)
  3. BMO Canada (personal)
  4. RBC (business)

You can save money in these three ways

AMAZON LOW CONVERSION RATES AND EXTRA COMMISSION

If you are still a small seller then any of the first three options will work for you. A cross-border account acts as a US account. It allows clients to have a US routing number so funds stay in USD. In other cases, transit or routing is Canadian so funds get converted to another currency.

RBC business account is expensive but it is the way to go if you are planning to grow your Amazon online business.

Let’s take an example if amazon pays you out $10,000/biweekly.

3% conversion rate = $300

Amazon usually pays less than the market rate that can add up to $100.

So total you are losing $400/biweekly and it comes to $800/ month.

WHEN DEALING WITH SUPPLIERS IN CHINA

When making payments with Canadian credit cards to Alibaba or any other country. You are suffering there too with conversion rates. Having a USD credit card or visa debit card will help you save thousands of dollars in long term. Even a few cents difference can be huge when you are dealing with a higher quantity.

Cross-border banking has saved me thousands of dollars which allowed me to reinvest in my business.

If you are still using a Canadian chequing account for Amazon payments, now is the time to switch to cross-border banking.

FOREX BENEFIT

Let’s say now you have some amount deposit in your USD cross-border account. You can always transfer money to a CAD account. This will help you make some extra dollars when the American dollar goes up compared to the Canadian Dollar.

Visit AMZ One Step for more blogs

Recent Posts

Are Your Amazon Product Images Speaking Directly to Buyers’ Needs?

Is your Amazon product image making the case it should be? In the tide of…

1 week ago

How Can You Identify the Best Creative for Your Amazon Ads?

The biggest challenge about running Amazon ads is identifying the right creative for your ad…

1 week ago

Are External Split Tests a Reliable Indicator for Amazon Sales?

As an Amazon FBA seller, you’re always looking for the next strategy to outpace competitors…

2 weeks ago

How Can Optimizing Around Customer Intent Boost Your Conversions?

Indeed, when it comes to selling on Amazon it can be challenging to make the…

2 weeks ago

How Does Amazon’s Influencer Program Work for Sellers?

  Amazon’s Influencer Program is the new way that any seller cannot afford to ignore…

3 weeks ago

What Factors Are Influencing Your Amazon CTR?

A product is the frontrunner on Amazon, with all the attention in the world. You…

3 weeks ago