A Simple Guide to Updating Your Bank Account for Amazon Sellers
After you’ve received your unique collection account details in the country and currency of your choice on the Global Account platform, you’re going to want to add or update these bank account details in your Amazon Seller Central account.
Actually changing your details is very straightforward. First, find your new collection account details, such as your beneficiary name and bank account number, by clicking on ‘Details’ within the ‘Your Accounts’ section of the Global Account.
Then, log into your Amazon Seller Central account, and edit your bank account details.
Besides these simple steps, there are a few other things worth bearing in mind before you make the update.
As per Amazon policy, the changing of bank account information may trigger a KYC (Know Your Customer) review. As a result, Amazon may take between several hours and a few days before amending your merchant account with your new bank details. During this period, buyers can still purchase your goods, but you might not be able to add new listings or withdraw your sales earnings until the review process is completed by Amazon.
Different Amazon marketplaces tend to have different processing times. For example, the EU tends to take a few days while Japan is far quicker to accept changes. If being able to withdraw your sales proceeds during this period is a concern, please plan ahead.
Why does Amazon do this?
Amazon is determined to protect your store from being hacked and needs to make sure that it is the actual seller, and not a hacker, who updated the bank account information.
Here is what sellers can do in order to make the KYC review as quick and easy as possible:
1. Contact your Amazon account manager in advance.
Reach out to Amazon support via your online Amazon Seller portal and notify them that you plan to change your seller account details, e.g. company name, address, bank account info etc. This will ensure that your KYC review is handled by someone at Amazon as soon as possible.
2. Prepare all the supporting documents before making the changes.
It helps to prepare all the supporting documentation before changing any details on Amazon Seller Central. Amazon may ask for a bank letter or statement proving your account ownership. Importantly, the bank account ownership document has to match up with your Amazon Seller account details. Currenxie can issue letters confirming the ownership of collection accounts that have been issued to its online sellers. Simply contact the Currenxie Support team through our website or by creating a support ticket in the Global Account, and they will be happy to assist you with this.
3. Choose the optimal time for your account changes.
Time your account changes to minimise or eliminate any potential disruptions. For example, if you are in a high season (i.e. just before Christmas), when your store is likely to be receiving increased volumes of orders, then we would recommend that you delay any account changes until after that time.
In addition, if you make changes just before the weekend or a public holiday, your account review might take slightly longer. When changing a bank account associated with your Amazon store withdrawals, we would recommend that you have a 4-day buffer before and after your scheduled Amazon disbursements to avoid interruptions to your regular sales revenue payouts.
4. Use your usual IP address, device and location.
Amazon systems sometimes flag and suspend your account for additional review if your IP addresses and geolocation metadata change - so it is important to consider where you are logging into Amazon from, and on what device. Consider this if you are travelling and accessing your Amazon Seller store from a country other than your stated place of business. Amazon may assume the login from another location is a hacking attempt and preemptively suspend your seller account.
Hopefully by following these simple steps, you can avoid any disruptions, and start availing of the lower fees associated with using a collection account for your international sales on Amazon. Happy selling, and always feel free to get in touch if you’d like advice on how to make the most of your Global Account as an e-seller.