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<\/strong> from amazon.<\/p>\n 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.<\/p>\n 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.<\/p>\n How?<\/p>\n 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.<\/p>\n This is how I started to save money on conversion rates\u2026\u2026..<\/em><\/p>\n Currently, there are three banks in Canada that offer cross-border banking.<\/p>\n You can save money in these three ways<\/p>\n 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.<\/p>\n RBC business account is expensive but it is the way to go if you are planning to grow your Amazon online business.<\/p>\n Let\u2019s take an example if amazon pays you out $10,000\/biweekly.<\/p>\n 3% conversion rate = $300<\/p>\n Amazon usually pays less than the market rate that can add up to $100.<\/p>\n So total you are losing $400\/biweekly and it comes to $800\/ month.<\/p>\n When making payments with Canadian credit cards to Alibaba or any other country. You are suffering there too with conversion rates. Having a USD<\/strong> credit card<\/strong> 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.<\/p>\n Cross-border banking has saved me thousands of dollars which allowed me to reinvest in my business.<\/p>\n If you are still using a Canadian chequing account for Amazon payments, now is the time to switch to cross-border banking.<\/p>\n Let\u2019s 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.<\/p>\nCROSS BORDER BANKING<\/strong><\/h3>\n
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AMAZON LOW CONVERSION RATES AND EXTRA COMMISSION<\/strong> <\/u><\/em><\/a><\/h3>\n
WHEN DEALING WITH SUPPLIERS IN CHINA<\/u><\/em><\/strong><\/h3>\n
FOREX BENEFIT<\/u><\/em><\/strong><\/h3>\n