UK Bank Account on Amazon US

[james929]

Hi Guys - is adding a UK foreign currency account to Amazon US fine?

Foreign Currency Accounts | Barclays

Are they fine with mismatched names?

[frksmth]

I don't have access to US banks so I've always been using UK banks for US amazon accounts.

I don't think you would need a foreign currency account. Amazon converts the currency to GBP before making the payment to me.

Many UK banks are perfectly okay with mismatched names. I use Barclays and Santander mainly

[james929]

Originally Posted by frksmth

I don't have access to US banks so I've always been using UK banks for US amazon accounts.

I don't think you would need a foreign currency account. Amazon converts the currency to GBP before making the payment to me.

Many UK banks are perfectly okay with mismatched names. I use Barclays and Santander mainly

ah ok thanks - dont you lose money on the exchange rate - I've heard people are losing 3 to 5%?

Is your US account under a sole trader or company?

Have you added an EIN number or is this not needed?

Let me know!

Many thanks!

[JamesNorth101]

If something like an EIN is needed (I don't know if it is for Amazon US so I will let others answer that) it would be a TIN for people without an SSN

Money will be lost in currency transfers but that will depend on what rate the bank uses. Right now the $ is still way up on the £ so you actually up up 10%+ better off than pre Brexit

[frksmth]

I most certainly lose money in the transfers. However, I don't lose much by selling on Amazon USA because the currency rates are good at the moment (for USD to GBP).

I usually register as a UK individual or a UK business. Neither of these needs an EIN or SSN. You may need a company registration number and a business bank account if you register as a UK business. For the individual account, they will need a DL number or a passport number at some point.

I always register as a pro seller. The drawback with using UK details for registration is that you pay an additional 20% on the seller fee (which makes it about 3% excess if the fee is 15%) because of EU VAT.

So add the 3% to the currency transfer loss of another 3% and you end up with about 6% to 8% in additional expenses.

[james929]

Originally Posted by frksmth

I most certainly lose money in the transfers. However, I don't lose much by selling on Amazon USA because the currency rates are good at the moment (for USD to GBP).

I usually register as a UK individual or a UK business. Neither of these needs an EIN or SSN. You may need a company registration number and a business bank account if you register as a UK business. For the individual account, they will need a DL number or a passport number at some point.

I always register as a pro seller. The drawback with using UK details for registration is that you pay an additional 20% on the seller fee (which makes it about 3% excess if the fee is 15%) because of EU VAT.

So add the 3% to the currency transfer loss of another 3% and you end up with about 6% to 8% in additional expenses.

thanks for letting me know -if I set up an Amazon US account as a UK sole trader do they ask for a photo ID either dl or passport?

[elmo]

Originally Posted by james921

thanks for letting me know -if I set up an Amazon US account as a UK sole trader do they ask for a photo ID either dl or passport?

Yes US Amazon with UK Information will have US verification

[james929]

Originally Posted by elmo

Yes US Amazon with UK Information will have US verification

ah ok thanks - is US verification the same as UK verification or less strict?

[frksmth]

From experience, I can say that UK verification is more difficult to get through