How to use TransferWise to receive your Amazon Affiliate earnings through direct deposit
As I had mentioned in easy and effective ways for programmers’ websites to earn money, I use Amazon Affiliate program to earn some commission fees for keeping this website running.
However, receiving your Amazon Affiliate earnings can be costly if your bank account is not eligible for direct deposit.
If you are looking for a fast and affordable way to receive your Amazon Affiliate earnings through direct deposit, this post will show you how to use TransferWise to receive your Amazon Affiliate earnings.
Why use TransferWise to receive your Amazon Affiliate earnings?
If your bank is eligible for Amazon Affiliate's International Direct Deposit, then you can simply submit your bank details at Amazon Affiliate's Your Payment Method page.
Before using TransferWise, receiving payments from Amazon Affiliate had been painful for me.
Since my local bank is not eligible for Amazon Affiliate's International Direct Deposit, the only way to receive my earnings will be through the "Pay me by check" payment method.
Comparing with using TransferWise, there are only disadvantages in receiving payment by check and then depositing it into my local bank.
It takes a long time to receive the Amazon Affiliate earnings through check
First of all, there is a 100 USD minimum earning threshold before Amazon sends me the payment check. After I had reached that threshold, it took another 2 to 3 weeks for the check to reach my mail box. When I dropped the check at a local bank branch, it took at least another 3 weeks for the bank to clear the check and credit the amount in my local bank account.
The local bank took a lot of money from the earnings
If you try to bank in a foreign check, then your local bank can charge you an arm and a leg off your check amount. Even though I have a multi-currency wallet, my bank still take a big cut out of the check amount.
For example, when I bank in a USD 204.97 check to my USD wallet, my local bank happily took a USD 10.22. That is a whopping 5% out of my enrichment fund. I could have used that money to learn a new course or buy a Raspberry Pi Zero W for another IoT project.
TransferWise charges more reasonably and transfers money faster than the local bank
First of all, the minimum threshold for using direct deposit is 10 USD. This will mean that I do not wait as long for Amazon to issue me my earnings.
In addition to that, I was not charged for using TransferWise to receive my Amazon Affiliate earnings through direct deposit.
TransferWise starts charging when I convert the earnings from USD to my local currency.
For example, I paid 0.87 USD (0.45%) to convert 190.60 USD to 262.78 SGD at current international exchange rate.
After that, I paid 1.40 SGD (0.532%) out of the 262.78 to send that sum to my local bank. All in all, currency conversion took seconds while money movement between accounts of the same currency took less than a week.
These TransferWise movements cost a lot less than the charge that the local bank impose for moving USD alone.
If I am to convert my USD in my local bank wallet into SGD, then I will give my local bank another chance to get more money out of my earnings.
Therefore, unless TransferWise charges more in the future, I will not deposit my earnings as a check into my local bank anymore.
If you have not do so, I encourage you to sign up for a TransferWise account too.
Steps to get money from Amazon Affiliate into your local bank account via TransferWise
Before getting the money from Amazon Affiliate
Before you can get money from Amazon Affiliate into your local bank account via TransferWise, there are some steps that you need to perform.
- If you have not done so, sign up for a TransferWise account.
- Set up a borderless account.
- Add a USD balance account.
- Add a balance account for your local currency.
- Click on the USD currency to see your TransferWise USD balance account details.
- Change your Amazon Affiliate payment method to receive International Earnings In Your Local Bank Account
- Map the TransferWise USD bank account details to the fields at the Pay me by direct deposit section of your Amazon Affiliate dashboard. If you do not find the bank name of your TransferWise USD account, use the TransferWise Swift Code Checker to get the bank name from the given Swift Code. In addition to that, choose Savings as the Account Type.
After you had performed the above list of steps, you will be ready to receive your Amazon Affiliate earnings with your TransferWise account.
After getting money from Amazon Affiliate
Whenever you want to withdraw your Amazon Affiliate earnings from your Transferwise account, you can perform the following steps:
- Under your USD balance account, convert USD into your local currency. After you had done so, you will see money appearing in your local currency balance account.
- Under your local currency balance account, send money to your local bank account.
As I had mentioned earlier, currency conversion take seconds while movement of money from TransferWise to your local bank account typically take less than a week.