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Amazon now paying non US authors by EFT! Bye bye cheques :)

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Offline LexiRevellian Reading A book which I have forgotten to add here
06 Mar 2013, 05:34 PM | Post: #51

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RE: Amazon now paying non US authors by EFT! Bye bye cheques :)

Well, I had payments on 25th and 27th February into my bank from Amazon.com, before getting a cheque this week.
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Offline Grace Elliot Reading Demelza.
06 Mar 2013, 07:17 PM | Post: #52

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RE: Amazon now paying non US authors by EFT! Bye bye cheques :)

Can this be true?
I do hope so.
Had the usual durge of queuing at the bank only to be looked at blankly by the cashier. I had such an infuriatingly inept experience at the bank today I got quite irate (and I'm generally a very placid person) and threatened to withdraw my account. Oh yeah, if there is an alternative to cheques.
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Offline Katherine Roberts Reading I keep forgetting to update this!
28 Mar 2013, 02:06 PM | Post: #53

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RE: Amazon now paying non US authors by EFT! Bye bye cheques :)

Yes, it's true. I just got my first amazon.com EFT payment (for January royalties). Hooray! No more £7 charge to pay in a cheque. (Grace, you need to log in to your amazon kdp account and change the setting to request an EFT payment, if you haven't done it yet - otherwise they will keep paying you by cheque.)

The one thing that seems to be missing from the statement though is the exchange rate - I had to calculate this by hand for my accounts, so I'm hoping amazon might add an exchange rate to later statements... anyone else think this would be useful?
Offline davidwailing Reading
28 Mar 2013, 03:18 PM | Post: #54

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RE: Amazon now paying non US authors by EFT! Bye bye cheques :)

Something to bear in mind for anyone who has asked Amazon to hold payments for any reason: changing the payment method for your account automatically cancels the hold.

Ages ago, I asked Amazon to hold all my US payments while I sorted out an EIN and got my witholding rate set to 0% (so the US would stop removing 30% in tax). I was startled to get an EFT payment recently for US sales - minus 30%. I contacted KDP and they said:


Quote: I have looked at your KDP account and see that you recently changed the currency and payment method from check/USD to EFT/GBP.

The hold will only be removed from your account upon your request, or if the address or payment method listed on your account is changed. This means that the Hold was automatically cancelled when you changed the currency and payment method.

Changes to your payment details will only have an effect on royalties collected after making the change. Unfortunately, it isn't possible to change the payment details for royalties accrued prior to any modifications to your payment details.

Those outstanding payments will be paid according to the currency and payment method present on your account at the time the royalties were accrued.

So for anyone holding back US payments - DO NOT change the payment settings until you are confident your witholding rate is set to 0%. I've now been informed this is the case as of April, but it looks like I've lost 30% on all prior US payments, unless I can convince the IRS to pay them back, which I understand is very difficult.
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Offline Rosen Trevithick Reading
28 Mar 2013, 03:27 PM | Post: #55

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RE: Amazon now paying non US authors by EFT! Bye bye cheques :)

This post was last modified: 28 Mar 2013 03:28 PM by Rosen Trevithick.
Sorry this has happened to you. However, getting the money back off the IRS shouldn't be too hard - aside from the extra paperwork and having to wait for Amazon to send you your 1042-S, which you probably won't get for around 10 months now.

I asked about this here and got helpful advice (although I've yet to implement it.):
http://www.kuforum.co.uk...
Quote: George said "Amazon should send you form 1042-S for 2012 in the new year. It will show the amount of tax they have withheld. Then it depends on your business structure which US tax return you have to complete. I believe if you are self-employed or the only shareholder of a Limited company, then you need to complete form 1040NR (check the completion details with the form to make sure it is appropriate for your business type) claiming back the withheld tax under the US UK double tax treaty, and send it to the IRS with the form 1042-S."
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Offline NJSlater Reading Birth of a Nation by Julian Rathbone
29 Mar 2013, 11:56 AM | Post: #56

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RE: Amazon now paying non US authors by EFT! Bye bye cheques :)

Seems to now be the case, if I can just find my IBAN number I will be in business
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Offline Ghoststorywriter Reading Song of Kali by Dan Simmons
25 Jun 2013, 10:30 AM | Post: #57

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RE: Amazon now paying non US authors by EFT! Bye bye cheques :)

(06 Feb 2013 07:39 AM)sibelhodge Wrote: Wrote:  Hallelujah!!! Amazon are now paying non US authors by EFT! Woo hoo! No more stupid cheques - check your bank info on KDP! Smile

Since when? If it's really true, then all i can say is WHOOPEEEE!

As a UK author, it is a bit of a nuisance having to wait for the cheques to come from America, and then having your royalties further decimated by bank processing fees etc.

So how do I go about changing my US payment details to UK currency? Also, is there is snag, meaning will I have to make at least 100 dollars in one month before I get paid?
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Offline Ghoststorywriter Reading Song of Kali by Dan Simmons
25 Jun 2013, 10:55 AM | Post: #58

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RE: Amazon now paying non US authors by EFT! Bye bye cheques :)

(28 Mar 2013 03:27 PM)Rosen Trevithick Wrote: Wrote:  Sorry this has happened to you. However, getting the money back off the IRS shouldn't be too hard - aside from the extra paperwork and having to wait for Amazon to send you your 1042-S, which you probably won't get for around 10 months now.

I asked about this here and got helpful advice (although I've yet to implement it.):
http://www.kuforum.co.uk...
Quote: George said "Amazon should send you form 1042-S for 2012 in the new year. It will show the amount of tax they have withheld. Then it depends on your business structure which US tax return you have to complete. I believe if you are self-employed or the only shareholder of a Limited company, then you need to complete form 1040NR (check the completion details with the form to make sure it is appropriate for your business type) claiming back the withheld tax under the US UK double tax treaty, and send it to the IRS with the form 1042-S."

So a published UK Kindle author, can I actually claim back any tax that Amazon US has deducted from my royalties?
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Offline Daphne Reading Wanted by Tim Arnot
25 Jun 2013, 11:25 AM | Post: #59

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RE: Amazon now paying non US authors by EFT! Bye bye cheques :)

(25 Jun 2013 10:30 AM)Ghoststorywriter Wrote: Wrote:  
(06 Feb 2013 07:39 AM)sibelhodge Wrote: Wrote:  Hallelujah!!! Amazon are now paying non US authors by EFT! Woo hoo! No more stupid cheques - check your bank info on KDP! Smile

Since when? If it's really true, then all i can say is WHOOPEEEE!

As a UK author, it is a bit of a nuisance having to wait for the cheques to come from America, and then having your royalties further decimated by bank processing fees etc.

So how do I go about changing my US payment details to UK currency? Also, is there is snag, meaning will I have to make at least 100 dollars in one month before I get paid?

On "your account" on KDP, so long as you set your .com payment to the  EFT in GBP option you should receive any payment directly into your bank account in pounds - and it doesn't have to be over $100 - that only applies to the cheque payments. Smile
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Offline Daphne Reading Wanted by Tim Arnot
25 Jun 2013, 11:46 AM | Post: #60

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RE: Amazon now paying non US authors by EFT! Bye bye cheques :)

(25 Jun 2013 10:55 AM)Ghoststorywriter Wrote: Wrote:  So a published UK Kindle author, can I actually claim back any tax that Amazon US has deducted from my royalties?

Yes – any money that Amazon has deducted and paid to the IRS can be reclaimed from the IRS by filling in a US tax return (form 1040NR) and sending it along with form 1042-S (which shows how much Amazon has withheld in a tax year). It usually takes about six weeks between submitting these forms and receiving a cheque from the US Treasury. I obtained an ITIN (Individual Taxpayer Identification Number) number from the IRS before filling in the US tax return.
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