Are you looking for Amazon money transfer options to ensure that you can improve the quality of your business? There are many advantages to getting the best money transfer option for your Amazon business, and I’ll cover them in this article. This can improve your profitability and help with cash flow.
Annual remittances worldwide have reached $630 billion, so the industry is massive. It means you now have more options than ever before to choose the perfect money transfer option for your business.
What to Consider When Choosing an Amazon Money Transfer Options
Let’s start by figuring out the top attributes that you want from a good quality Amazon money transfer option. These are the things you should think about when selecting a top quality transfer provider:
- Fees: any fees that you pay to transfer money eats into your Amazon FBA profitability. Therefore, you should look for competitive money transfer options that don’t apply hidden charges.
- Currency conversion: will you need to convert currency when paying yourself? Then you should find a money transfer company that offers competitive currency conversion rates. Check to see the exact rates for the currencies that you want to convert.
- Regulated: make sure that your selected money transfer options is regulated by a trusted government organization. This means they have been vetted for safe financial practices.
- Speed: ideally, the money transfer service will offer fast processing speed. This can help reduce cash flow problems when you need to quickly pay suppliers or employees.
- Mobile app: it helps if there is a good quality mobile that allows you to check the account balance and send money. This should be available on the App Store and Google Play platforms.
- User interface: it’s handy to have a comfortable user interface that you can use to send money frequently. Hence, you may need to give the money transfer service a free trial before committing.
- Reports: you’ll need to create financial reports for tax and business purposes. Therefore, pay attention to the available functionally to see if it meets your needs.
To Money Transfer Options for Sellers
Now let’s dive into 3 high quality options that Amazon sellers can use. These are approved by Amazon, and many sellers use them to get excellent money transfer deals. Also, these services are regulated, so you know the money will be safe.
Wise
Wise, formerly known as TransferWsie, is a top tier money transfer company that offers low fees and competitive currency conversions. In fact, it matches the mid-market rate for many currency conversions, which means you are getting one of the best deals.
Also, Wise supports large transfers of up to $2 million, which is ideal for Amazon businesses who have scaled to massive heights. This means that you can send transfers in one go, instead of having to break them up into smaller chunks.
Also, the user interface of the Wise platform is optimized for ease of use. Therefore, you’ll love using it daily and find that it doesn’t slow you down when handling your Amazon business money transfers.
Payoneer
Payoneer is one of the top Amazon money transfer options because it is a reputable company that Amazon approves. It means adding Payoneer as your banking option will be fast and easy.
Payoneer supports fast transfer, and you’ll find that many suppliers worldwide use the payment service. However, the currency conversion rates are not as competitive as Wise, and the fees are slightly larger too.
Finally, Payoneer shines in the ease of use and customer service departments. You can get help at all hours of the day and night by their responsive live chat feature.
Bank Transfers
Bank transfers are usually more expensive than e-wallets and challenger banks. However, they are viewed as safer by many customers. Also, you may be able to use your existing bank, which means that there’s no need to sign up for another service.
Also, the bank may be more willing to give you a loan for your business, if you’re using their services to transfer money. Finally, your country does not have many options for alternative transfer options, you can usually always rely on banks.
Finally, banks are highly regulated, so your money is safe for the long-term. For example, many banks in the United States are federally regulated and your money is insured up to a specific amount.
Multiple Options
Consider choosing more than one Amazon money transfer option so that you have other choices should the primary one fail. This ensures that you can continue to pay suppliers and employers.
It may take more time to sign up for multiple payment options, but when one fails you may experience little to no disruption to your business. You can start with the money transfer companies above.
Hire An Accountant
Choosing the best money transfer option might not be enough to ensure that your payments are optimized. Consider hiring an accountant that can look at your finances and ensure that your payments are made on time while making sure your cash flow is not negatively affected.
Ideally, the accountant will have experience working with Amazon FBA businesses, since it means they can better understand how to help with inventory management. However, you should also choose an accountant that you can trust and one that offers competitive rates.
Final Thoughts
To conclude, the top 3 Amazon money transfer options in this article are a good starting point. They are currently being used by some of the biggest Amazon sellers on the e-commerce platform, and you can too.
However, you should also look into other payment options if you don’t feel the above options meet your needs. There are so many out there that all Amazon sellers can find one that’s a good match for your needs.
