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In this week's video, I'm going to be discussing cross-border banking for Canadian sellers, why you need to be using it, and how you can get it, so stick around to the end and I'll explain everything! But first, if you're new to my channel, my name is Scott and on this channel I discuss tips and strategies to help make your Amazon business a success. Be sure to subscribe and hit that notification bell so you're the first to know when I post new video every Tuesday. Alright, let's dive in. The first thing you may be asking yourself is "Why do I need a cross-border banking account anyway? Why not just sell in the amazon.ca marketplace and then have everything done in Canadian dollars?" Well, you're absolutely right. You totally can sell in the dot CA marketplace. However, you need to consider the market you're selling in. If the product you're selling is targeted to Canadians specifically, then yes, absolutely you need to be on the dot CA marketplace. However, if you're selling a product that can be sold anywhere in North America, you may want to reconsider. The United States has ten times the population of Canada. That means ten times the number of potential customers that could be seeing your listing. If you list your product on Amazon.ca, that's one tenth of the customer base that you could be selling to. Therefore, if you're selling a product that could be sold continent-wide, you may want to consider selling it on the US marketplace. The larger customer base means a greater chance of success. So, let's say you decide to sell on the US marketplace. You may now be asking yourself "Why don't I just create a US dollar bank account at my local Canadian branch?" and the short answer is you can, but you shouldn't. If you create a US dollar bank account at your local Canadian bank, and use that account for your deposits from Amazon, this is what's going to happen. You're going to make sales on Amazon.com and Amazon will go to pay you every two weeks. Your sales are currently in US dollars so they will try to send you US dollars. However, they look at your account and see that you have a Canadian bank account. Therefore, they convert your funds to Canadian dollars at their preferred exchange rate, hitting you with the exchange rate fee. Your funds then reach Canada at your local Canadian branch and your bank sees that you're trying to deposit them into a US dollar bank account. They then take this Canadian dollar amount that's been sent to them and convert it back into US dollars at THEIR preferred exchange rate, hitting you again with an exchange rate fee. In the end, the money's gone through two exchanges costing you potentially a lot of money. Before we move on, I want to ask - if you're selling on Amazon right now, how do deal with your cross-border banking? Do you have the funds stored in the United States or do you have them transferred directly to your Canadian bank account here? Leave a comment below and let me know! So, you want to do cross-border banking, but where do you start? You've got a few options available to you. I'm not going to pretend I know all the potential options, but I'll explain the ones I do. One option is to create a US bank account with one of the banks in the United States that offer cross-border banking accounts to Canadians. Two such banks are BMO Harris and RBC Georgia. To get these accounts, you just need to call the institution of your choice, explain that you want a cross-border bank account and they will let you know the information and documentation they need to open up the account on your behalf. You will then use this chequing account for all your Amazon disbursements. Every two weeks, Amazon will send your disbursements directly to this account and it'll stay there until you decide to move it or spend it. When I started my Amazon business, this was the route I took. I created a cross-border bank account in the United States and every two weeks Amazon would send my disbursements there. Everything was fine until I wanted to move the money. What I found was that the overall fees were pretty low but when it came to moving money, it became a lot more complicated. For instance, I do most of my business banking in Canada with a Canadian credit card, so when I wanted to pay off business expenses from my business checking account, I couldn't pay off a Canadian credit card with the US dollars from a US bank account - they just wouldn't allow me to do it. Therefore to pay off that credit card bill, I would have to transfer money from my US account to my Canadian account which would hit me with not only the exchange rate fee but also hit me with the transfer fee. This didn't cause too much of a problem but it was enough of a headache that I decided I wanted something better. Another issue I had is that I wasn't able to acquire a US dollar business credit card from these institutions. I asked but they said I need to have a social security number to even get one. If you know of a way to get a US dollar credit card for a business, please leave a comment below because I'd love to hear about it. So the option I ended up switching to from my Amazon business was using OFX and their Global Currency Account. With this Global Currency Account, you can have Amazon deposit your disbursements right into that account and then you have two options. You can either leave the US funds in your OFX Global Currency Account for later use, or have them automatically transferred to your Canadian bank account at a preferred exchange rate. OFX offers much better exchange rates than the typical banks, and therefore you know you're not going to lose as much money on the transfer. And for someone like me who does most of their banking in Canadian dollars, this was a great option. Alternatively, if you opted to keep your funds in the Global Currency Account, you can choose to pay your suppliers in China directly from this account. Therefore, you don't have to pay any exchange rate fees. The only drawback to this account is that you can't use it like a typical chequing account. However, if most of your expenses are in a foreign currency, this could be a great option for you to save a lot of time and money. If you'd like to check out OFX and their Global Currency Account, click on the link in the description below. If you sign up for an account through that link, OFX will waive the transfer fee on your exchanges. Also, if you're just starting out, be sure to pick up my Before Starting on Amazon FBA Checklist. It covers everything you need to know before jumping into this industry. The checklist is absolutely free, so check it out by clicking on the link in the description below. Well, that's it for me this week. If you have any questions at all, please leave a comment below or send me a DM on Instagram at @scotthbailie, and I'll be happy to help. Please hit that subscribe button and make sure to hit that like button, as it really helps the video get noticed by the YouTube algorithm. Thanks so much for watching, and I'll see you next time!