From October 2016, Amazon will be removing the cheque option for payments to Authors. As we do not have the EFT facility available here, each payment will be a wire transfer. My bank charges $15 for EACH wire transfer so I could be looking at fees of around $45 per 60 days, based on my current selling record – mainly to US, UK and Germany. Aust payments would be cost free.
Here is a copy of the email I received from KDP yesterday:
I understand your concern with regards to the New EFT procedures from October 2016. Let me take an opportunity to explain this to you.
You will receive payments from each of the countries where your books are sold separately (i.e one from amazon.com, another from amazon.uk and a third from amazon.de, so on). These payments will not be amalgamated.
Upon further investigation, I found that the payment method on your account is set as Check. As you know, beginning in October of this year, KDP will no longer offer check as a payment method to publishers in your country.
Please follow the below steps to change your payment method to Wire as you’re currently located in Australia, the payment method is Check and Wire:…”
I will have to seriously consider whether I can afford to continue with Amazon after October.
I suggest you buy any of my books which interest you before then, lol!
For those who would like to read the KDP update – click here