Hi, grasshoppers. Recently Amazon opened a Kindle store in Oz. This means that those of us in Australia who independently publish ebooks via KDP (Kindle Direct Publishing) now have the option of adding a local bank account to our KDP Accounts because Amazon has established a virtual marketplace here.
Keep calm, but celebrate – Yay!
Now, royalty payments for ebooks sold to customers in Australia and New Zealand can be credited to your bank account via EFT (and in Australian dollars) and you won’t have to wait for a cheque from the U.S. for those sales.
Like me, you probably received an email about all of this, but I noticed on some forum threads that some of us are having a few difficulties interpreting banking lingo, so I thought I’d share my experience of adding a bank account with you and spread the minty fresh Oz KDP love around. And there are pictures! Double yay!!
Here we go, then:
Step 1 – KDP Home
Go to the KDP Home Page to Sign In
Step 2 – Sign In
Sign In as usual – I’m assuming you’re an existing customer, but if not, create an account and use this post to help set it up.
Step 3 – Your Bookshelf
You’ll arrive at your Bookshelf screen, which lists your publications. Take a moment to check them out, grasshopper. Thrill to their spectacular virtual existence, and your outstanding achievement in getting them there.
Step 4 – Your Account
At the top of the Bookshelf screen is your Account name. See the helpful pointing finger in the screenshot above? Click on the Account name and it will take you to the screen below.
Step 5 – Your Royalties
Towards the lower half of your Account screen, you’ll see the section headed Your Royalty Payments. This is where you can add a bank account for your Australian royalties. So go ahead and click Add a bank account
Step 6 – Add a Bank Account
A pop-up box headed Add Bank Account Information will appear for you to fill in.
This is fairly self-explanatory. But I noticed on the forums that some terms weren’t entirely clear to everyone. Of course, your Account number is simply the cheque or savings account you want the money paid into.
TheRouting Number is the same as your BSB Number, a six-digit code that distinguishes your Bank, the State it’s in, and the Branch where your account is held. So, for a Westpac Australia branch, for instance, the Bank code is 03, the State code follows the logic of post codes, so Queensland would be 4, NSW 2, Victoria 3, and so on. The Branch is a unique identifier designating your account’s branch. You might end up with a BSB of 033-088, which would be Westpac (03), in Victoria (3), at Branch 088 (Prahran). Some institutions, such as Credit Unions, use the same BSB for all their branches. The BSB usually appears on your bank statement, so check that out, or call your bank to get the number.
The BIC Code (Bank Identifier Code) is the same as a SWIFT Code (Society for Worldwide Interbank Financial Telecommunication – what a mouthful). This code has tripped a few people up, mostly because they don’t always appear on your statement, you hardly ever need to know them, and there are two kinds – Intermediary, and Beneficiary – which I discovered when I rang my bank. Plus, my bank didn’t know which one I should use, so I wrote to Amazon and asked them. And they wrote back, within 24 hours, and with a clear answer for which I am forever grateful (I can brown nose with the best of them, my dears).
Amazon advises that you need to use the SWIFT Code for the Beneficiary Bank. SWIFT codes also follow a logic relating to bank, country, state and branch, but we don’t need to concern ourselves with that.
Just ensure that you use the Beneficiary bank’s SWIFT Code and you’ll be fine according to Amazon.
When you’re done filling in all the boxes, click DONE.
Step 7 – Pay via EFT
At the bottom of the Royalties section, you’ll see options for how you want your royalties paid, and for your Australian bank account, you’ll want to select EFT from the drop-down menu.
Step 8 – Pay in Aussie Dollars
Then you need to select a currency which in this case is Australian dollars, or AUD. Note that you can do Steps 7 and 8 and then Add a Bank Account if you’d prefer.
Step 9 – Success!
Once you’re happy with your input, save your changes and wait for the screen to tell you that Your account information has been successfully saved.
If you have any problems, apply the first law of computers, which I learned at the knee of my computer geek boss way back in the olden days of the early ’90s: RTFSF – Read the [email protected]#$ing Screen First. RTFSF before you enter breakdown territory, or dash off a hostile and unattractive missive to Amazon, or anyone else for that matter. Take a breath, logout, have a cuppa, go shopping, watch the sky for a while, then return and check again. And above all, Don’t Worry – we all do far too much of that for our own good.
Step 10 – Celebrate
This step is gratuitous, but 10 sounds more impressive than 9, don’t you think? And you might want to do this anyway: Sign Out, or return to your Bookshelf, and contemplate adding a new book very soon, if not sooner. Or add a book now, if you have one ready, and congratulations in any case.
If you found this helpful, share it around, given that Oz KDP members haven’t had this opportunity before and we all need to help each other out. Things are looking up, grasshoppers, so keep whistling while you work (or alternatively, listen to Leo Kottke, or REM, or Benny Goodman, or Peggy Lee, or Ella, or Louis, or Glenn, and be cool, relax, drink black tea.