Using 3rd party currency exchange services and Amazon
We had an interesting question from a Tamebay reader concerning using one of the many currency arbitrage services to repatriate Euro funds from Amazon EU sales back to the UK in Sterling.
The premise of these services is that Amazon will apply their own exchange rate but third party companies can offer more attractive rates. You use a virtual Euro bank account provided by the third party and they then send the funds in British pounds back to your bank account with perhaps as much as a 2% advantage over using Amazon’s own rates.
Amazon however in general insist that the account holder details in Seller Central need to be in the name of our your company. To use a third party service provider you’d need to put their bank details in Seller Central and the name of the account would be in their name.
This is the first time we’ve heard of such an issue, but if you have any problem getting Amazon to accept your third party currency partner’s bank account accepted on Amazon, speak to the provider and they should be able to assist.