TransferWise is an online service that allows youto operate with different currencies in the different international marketplaces as an Amazon seller.
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One of the biggest advantages that Amazon offers is facilitating access to internationalization, especially if you use FBA or, in Europe, the Pan European Logistics plan.
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Just to remind you, Amazon has 12+ marketplaces of their own in America, Europe and Asia and they manage orders practically all over the world from amazon.com (it is estimated that they reach up to 180 countries around the planet).
Why am I telling you all this and what does it have to do with TransferWise? Amazon greatly simplifies the recruitment of local audiences and, above all, the logistics.
Thanks to this, entry barriers are eliminated and many costs are optimized, but there is something that this marketplace cannot help you with: payments and collections in local currencies and the costs associated with operating them.
TransferWise is your ally in this field, allowing you to collect and pay in many currencies from +50 different countries, and doing so in a transparent manner, very quickly and at the lowest possible cost to you.
TransferWise is really simple. It’s a business account that gives you local bank details for the USA, United Kingdom, Eurozone, Singapore, and Australia for just a single set-up fee of $30.To Amazon, it will look like you have a local bank account in those countries and you will be able to receive currencies like US Dollar and Euro for free.
They also provide a lot of other features that will help manage your business internationally. You can pay your invoices with TransferWise money transfers, get a debit card to pay online, send batch payments and much more.
To do this, they have an impressive structure with bank accounts and offices in the countries they operate in(up to 14 different countries), but also with their own methodology which is an alternative to the SWIFT network
Free account for the business
Creating an account in TransferWise does not have any cost nor do you pay a monthly fee for the service. There is only a one-time fee of $30 to access the bank details of the local account.
Obviously you pay a commission for each operation but don't you already do it with your bank? The best thing is that if you compare amounts you will see how you save significantly by using this service.
This is partly because they don't apply any changes to the current exchange rate as banks usually do; what it costs is exactly what you pay.
Besides having extremely competitive rates, TransferWise is characterized by making it clear in advance how much you will pay and how much exactly the destination account will receive; they even let you know if they are not the cheapest option!
But its transparency policy does not end there. It is one of the few cases we know of in which they tell you exactly what each cent collected is invested in. It is public the percentage destined to the payment of offices, equipment, supplier costs and services or company profits.
The highest possible coverage
When we say this, we do so with knowledge. TransferWise is available in over 70 different countries and allows you to trade in about 80 different currencies just as you would if you were in them.
Of course it is compatible with some of the major bank card providers such as Mastercard (they even issue their own debit cards for customers in the United States, United Kingdom, Europe, Australia, Singapore, New Zealand or Japan)
Especially in the case of having to pay suppliers and workers, there may be a series of recurring payments.
TransferWise allows you to make up to 1,000 different payments in a single operation and gives you API access to connect it to other proprietary services.
The already mentioned; a single fee of 30 dollars for the access to the banks and the commission calculated based on the currency, amount and country to which it is sent.
There are no more hidden costs or additional fees.
You can open a TransferWise account by going to the homepage here.
Not only would we say that it is recommendable, but we think it is a great solution when it comes to managing international business from Amazon in different countries.
If you are already working this way, the truth is that you are incurring many monthly costs derived from the banking activity. Since TransferWise does not have any maintenance costs, the easiest way is to try it out and do the math.
Experience tells us that you will save an amount that can be quite respectable at the end of the month.
Number of features
Alternatives to TransferWise
Here you can find the top TransferWises alternatives
About the author
I work as an independent eCommerce and Amazon consultant.
Estrella Damm, Intersport, Bella Aurora, Lladró, Textura Interiors, Nice Things Palomas, Castañer, Due-Home and many other clients.
Lecturer & Teacher
I teach and have been a speaker at: Meet Magento, Prestashop, Prestashop Day, SEMRush, Cambra de Comerç Barcelona, ClinicSEO, Ecommbeers, Ecommbrunch, Ecommercetour.com, Ecommfest, EOI, ESIC-ICEMD, Foxize, Generalitat de Catalunya, Inesdi, Quondos and The Valley.
In addition, I have done in-company trainings for brands such as Orange and Adidas.
Finally, I collaborate writing articles for Helium 10, Carbon 6, Shopify, SEMRush, Prestashop´s official blog, Brainsins, La Vanguardia, eCommerce-news.es, Marketing4ecommerce and other blogs and media.