Amazon is running a promotion to encourage sellers to use the Amazon Seller Wallet ahead of Prime Day. The primary benefit, according to the marketplace: lowering costs of cross-currency transfers.
“Get your business ready for Prime Day by cutting costs and streamlining operations with Amazon Seller Wallet. You can manage your sales proceeds directly within Seller Central. Monitor live exchange rates, convert earnings into 20+ currencies, and choose whether to reinvest in your business or pay your suppliers in USD-all from one place.”
Amazon said Seller Wallet offers real-time exchange rate visibility, competitive rates, and simplified operations (“Manage your international transfers, conversions, and sales proceeds all in one place-no more juggling multiple platforms”).
Sellers who enroll by June 27 receive reduced cross-currency transfer fees of 0.5% for 6 months, and those with annual cross-currency net proceeds exceeding $100,000 may qualify for lower rates.
According to a post from consulting site AMZ Advisors, “Amazon Seller Wallet is best suited for international sellers with a US Amazon Store. In fact, Amazon Wallet only manages funds earned from the US store. However, Amazon expects to include more stores in the upcoming months.”
Amazon Seller Wallet is explained on the Amazon website and in the following video posted on the Amazon YouTube channel: