Does Amazon Accept Transferwise In 2026? (Your Full Guide)
Transferwise has become a popular online money transfer service, providing a fast and low-cost way to send money abroad. With its borderless multi-currency account and debit card options, many Amazon sellers are curious – can Transferwise be used to receive payouts from Amazon?
In this comprehensive guide, we‘ll explain everything you need to know about using Transferwise with Amazon in 2024, including:
- How Transferwise works and its benefits over banks
- Setting up Transferwise to get payouts from Amazon
- Which Amazon domains allow Transferwise
- Pros and cons vs. alternatives like Payoneer
- Tips for smooth payouts and avoiding fees
So if you want the inside scoop on connecting Transferwise to your Amazon Seller account, read on!
An Introduction to Transferwise
Founded in 2011, Transferwise is a London-based fintech company providing an online platform that allows customers to send money internationally at favorable exchange rates.
Rather than wiring money through traditional banks, Transferwise uses a peer-to-peer model that matches people sending funds in one direction with recipients going the other way. This allows them to waive many costly fees that banks charge.
Some key benefits of using Transferwise include:
- Lower fees – Banks often charge high hidden fees for wire transfers. Transferwise is up to 8x cheaper in some cases.
- Better exchange rates – Bank transfer rates are often marked up 2-4%. Transferwise uses the mid-market rate.
- Speed – Transfers can be completed in hours, much faster than bank wires.
- Transparency – All fees and exchanges rates are shown upfront. No hidden charges.
- Convenience – Easy to send money online without visiting a bank.
In addition to transfer services, Transferwise also offers multi-currency accounts that let users store money in over 50 currencies. You can convert between currencies instantly within the account, taking advantage of their favorable rates.
They also provide a debit card that can be used to spend direct from the account balance in multiple currencies. This can be handy for world travelers or expats living abroad.
Overall, Transferwise aims to provide a faster, cheaper, and more convenient way to send, receive, and manage money globally. This has made them very popular for international ecommerce like users of Amazon.
Connecting Transferwise to Your Amazon Account
The good news is Transferwise is compatible with Amazon seller accounts, allowing you to receive your Amazon payouts via Transferwise rather than a traditional bank account.
While customers cannot use Transferwise debit cards to pay on Amazon directly, as a seller you can setup Transferwise to collect your earnings. Here are the steps involved:
Step 1: Create a Transferwise Account
If you don‘t have one already, you‘ll first need to create a Transferwise account. Make sure to link your bank account details so you can transfer funds out of Transferwise to your local bank.
At this point, you can also order the Transferwise debit card if desired, which is accepted anywhere Mastercard is.
Step 2: Add Your Transferwise Details to Amazon
Next, you need to provide your Transferwise details within your Amazon Seller Central account:
- Go to Settings > Account Info
- Select Payment Info > Bank Account Information
- Click Add New Deposit Method
- Choose the location of your bank account (like United States)
- Enter your bank account details, selecting Transferwise as the bank name
- For the US, you‘ll need to provide your Transferwise account number and routing number
- Verify the details and click Set Deposit Method
Amazon will then send micro-deposits to your Transferwise account to confirm access. This verifies Transfewise is setup properly to receive payouts.
Step 3: Receive Amazon Payouts to Transferwise
Once connected, your Amazon earnings will be deposited directly into your Transferwise account on your standard payout schedule. You can then hold balances in multiple currencies or transfer money to your local bank.
No more waiting for international wire transfers – just fast, low-cost payouts using Transferwise!
Does Transferwise Work Outside the US?
Transferwise acceptance varies depending on which Amazon domain you are selling on:
- Amazon.com (US) – Accepts Transferwise
- Amazon.co.uk (UK) – Accepts Transferwise
- Amazon.ca (Canada) – Transferwise not available currently
- Amazon EU (Europe) – Transferwise not available currently
- Amazon.com.au (Australia) – Accepts Transferwise
So if selling on Amazon outside of the US, UK, or Australia, Transferwise may not be an option for payouts. Be sure to check your local Amazon help documentation for your country.
Where available, Transferwise allows you to avoid cross-border payment fees. For example, as a UK seller on Amazon.com, you can receive payouts fee-free to your Transferwise EUR or GBP balance.
How Transferwise Compares to Payoneer
Payoneer is another popular payment processor used by Amazon sellers to receive payouts. How does it compare to Transferwise?
| Transferwise | Payoneer | |
|---|---|---|
| Fees | Low, transparent fees | Slightly higher fees than Transferwise |
| Accepted by Amazon | US, UK, Europe (limited), Australia | US, UK, France, Germany, Italy, Spain |
| Account balance | Can hold funds in 50+ currencies | Balance only available in currency account is setup in |
| Withdrawing funds | ACH to US bank accounts Local bank transfers in UK/EU |
ACH to US bank accounts Local bank transfers in supported countries |
| Debit card | Yes, allows spending in multiple currencies (may have monthly fee depending on account type) |
Yes, allows point-of-sale spending (no monthly fee) |
| Exchanging currencies | Can exchange between balances instantly Uses mid-market conversion rates |
Need to convert before withdrawing Exchange rates not as favorable |
| Ease of use | Very user-friendly, easy to setup | More steps involved in setup process |
| Customer support | 24/7 chat & phone support | Email support |
Recommendation
For selling on Amazon in the US or UK, most sellers would likely appreciate Transferwise‘s lower fees, better currency conversion, and smoother user experience.
However, Payoneer may be preferable if you need to receive payments from multiple platforms beyond just Amazon. Payoneer also has a stronger global footprint in some emerging markets.
Check which services are available in your country and consider whether you need just Amazon payouts or a broader payment solution. Either provider can be a good option – weigh the pros and cons for your needs.
Tips for Getting Started With Transferwise
To help avoid fees and ensure smooth payouts, keep these tips in mind when connecting Transferwise to Amazon:
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Double check your Transferwise account and routing numbers when adding to Amazon. Test with micro-deposits first.
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If receiving non-US currency, update your Transferwise settings to avoid conversion fees on Amazon payouts.
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Transferwise has transaction limits unless ID verification steps are completed. Make sure your account is verified.
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Initially funds may be held for clearance. After 2-3 Amazon payouts, transfers should be available immediately.
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Contact Support if experiencing any issues linking accounts. They can help troubleshoot.
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Use the Transferwise debit card to easily spend your Amazon earnings. Top it up first from your Transferwise balance.
The Bottom Line
Transferwise makes receiving Amazon seller payouts fast, low-cost, and convenient by bypassing traditional international bank wires and fees.
While some Amazon domains don‘t support Transferwise yet, it can provide significant benefits for US, UK, and Australian sellers. Just link your Transferwise account in Seller Central to get started.
While Payoneer also works, Transferwise stands out with lower fees, better currency conversion, and smoother payouts for most sellers.
Now that you know Amazon accepts Transferwise in 2024, sign up for an account and connect it to your Amazon seller profile. You‘ll then be ready to receive and manage your seller earnings easier than ever before!