One of the biggest financial concerns for the internet entrepreneurs, especially the self-publishing authors with IngramSpark or Amazon KDP (Kindle Direct Publishing), has regarding receiving and sending money in multiple currencies. The solution is pretty simple- just sign up for a Wise (formerly TransferWise) account. The whole process of sending and receiving money with Wise is so smooth. A quick review of Wise!
Well, when I started self-publishing books with Amazon KDP a few years ago, I was in the similar situation. However, Wise was all I needed. Specifically, I have been using Wise since early 2019. No problems so far.
Amazon KDP doesn’t pay via PayPal (January 2023). For KDP users, having a Wise account is one of the easiest ways to receive money. IngramSpark and Draft2Digital can pay you via PayPal, however, PayPal has its own set of issues, such as PayPal currency conversion charges are often quite a bit. There are numerous reports of PayPal shutting down accounts with locked cards and available balances. It can be tiring dealing with PayPal. I prefer Wise.
Why Wise?
There are quite a few reasons –that I have personally experienced — to receive and send your hard-earned money with Wise.
Free Account!
The sign-up to Wise is free. You don’t need to pay any money for account opening. They never ask your credit card information.
No Bureaucracy!
The whole concept of Wise has been awe-inspiring. They don’t ask you too many stupid questions when you sign up. They don’t need too many documents- just a copy of your ID card. I had just uploaded a copy of my passport. It hardly takes a couple of minutes to set up a Wise account.
Multi-currency Account
Once you set-up an account with Wise, you can get account details for multiple-currencies (known as Balance), such as USD, GBP, Euro, SGD, AUD, you name it. Wise literally provides you bank account number, routing information, SWIFT codes, bank address, etc. for each of the currencies in your Balance.
Wise Debit Card
You can apply for a Wise debit card online.
Transparency
Wise transactions are very much transparent. You don’t pay hidden charges. For example, you’ll know the currency exchange rates in advance. Indeed, Wise has been one of the great ways to save money. And yep, another way to save a good amount of money is to get IngramSpark promo coupon codes when you sign up for ALLi (Alliance of Independent Authors).
Fast Money Transfer
Money transfer to and from Wise is fast. It hardly takes 1 or 2 minutes to complete international money transfer orders. Wise is my favorite option for remitting money.
Safe
Wise is very much safe. I didn’t feel any safety issues with Wise in the last 4-5 years.
Fast Response
You can contact Wise via email. The response is quite okay. In general, you should be receiving their response within 24 hours.
If you are looking for sending or receiving money across borders, look no further. Just sign-up for a wise account. It’s free, fast, safe, and reliable. You’d love Wise.