In this month's Performance Review, we discussed:
A quick list of the bank accounts that you need to set up for Amazon:
- AUD Account
- USD Account
- World First Account
AUD Account in the name of your company/business with a debit card attached. You will only need a small amount of money in this account as it will be used to pay subscriptions, small expenses, tax. We suggest getting an debit card so that all your expenses are in the minimum number of accounts and making accounting/bookkeeping easy.
USD Account - this is the account where you keep all your funds. Your business is all about US dollars. There is no need to transfer back to AUD. You receive deposits from Amazon (via World First) and pay your suppliers in USD. If you convert to AUD and then back to USD, you will lose all your margin.
World First Account - World First are foreign exchange brokers. Amazon cannot pay USD into your Australian USD account, they can only pay into US-domiciled USD accounts. That's why you need World First. Amazon pays USD into your World First Account and then you transfer your USD to your Australian USD account.
