PingPong Amazon Global Payments account review
- Fastest Transfer Speed
- 3 days
- Minimum Transfer Amount
- $1
Summary
A tidy solution for collecting payments and sending them in local currencies.
Online sellers who work with Amazon marketplaces in select countries may find PingPong's online seller solution useful. Its straightforward, flat fee makes cost assessment easy — and can save your business in the long run.
What is a PingPong Amazon Global Payments account?
PingPong allows your business to receive payments in AUD, CAD, EUR, GBP, HKD, JPY and RMB when selling with Amazon marketplaces around the world. You can store the funds in your PingPong account and convert to USD when you find an exchange rate you’re happy with.
Because PingPong only charges a flat conversion fee and is based in the US, you can save money and time. Banks can charge multiple fees for incoming marketplace payment transfers, which can result in a much higher cost. And setting up a foreign currency account in another country can be difficult, or even impossible, depending on the size and scale of your business.
How does a PingPong Amazon Global Payments account work?
You can sign up for a PingPong Amazon Global Payments account and be approved in as little as 24 hours. The account is free to set up, and you can potentially get your first month of exchanges free with PingPong’s one-month trial offer.
Once you open your PingPong account and it’s approved, connect it to your Amazon seller accounts. Amazon will deposit your marketplace earnings on the same bi-weekly schedule to your PingPong account. If you wish, you can choose to then transfer it to a bank account in your name.
You don’t have to move the money out of your PingPong account right away. You can keep it and wait for a favorable exchange rate, or use it to pay VAT or suppliers in their local currency.
Currently, you can only use your PingPong account with Amazon seller accounts in select countries. You can keep funds in your PingPong account in the currencies listed below, but can only withdraw USD:
- AUD
- CAD
- EUR
- GBP
- HKD
- JPY
- RMB
- USD
PingPong offers its services to all sellers in the US, except those living in Florida.
How much will I pay with a PingPong Amazon Global Payments account?
One of its top perks is PingPong’s straightforward fee structure. The exchange rate you get is the same as PingPong gets with the banks it partners with. Instead of paying some nebulous amount on the spread, you’re charged up to 1% of the amount being converted.
The flat fee can make calculating your costs simpler than trying to wade through conversion spread hikes on top of other fees that banks or other seller accounts might charge. By simply paying 1% of the amount or less, you can easily track what it takes to move the payments you receive from Amazon to the US.
Pros and cons of using PingPong as an online seller
Pros
- Simple fee structure. You’ll only have to pay up to 1% of the amount you convert when changing currencies.
- Exchange rates match the bank. PingPong advertises that it uses the same exchange rate it gets from the bank.
- Open an account quickly. Sign up for an account online and be approved in as little as a business day.
- Free VAT and supplier payments. You won’t pay extra to send payments to your suppliers or make VAT payments with your PingPong account.
Cons
- Not available to all US residents. Florida residents aren’t eligible to use PingPong.
- Limited currency options. US sellers only have eight currencies to work with. Other multicurrency accounts provide dozens.
- Not compatible with all marketplaces. You can only use your PingPong account with Amazon seller accounts in select countries.
Compare other online seller accounts
How do I sign up for a PingPong Amazon Global Payments account?
To sign up for an account, have the following documents ready, depending on your business type:
Once you have your documents ready, follow these steps:
- Go to the PingPong website and select Sign up.
- Select Business for your account type and fill in the requested information.
- Click Sign up.
- Follow the prompts and input the requested information.
- Submit your application and wait one business day for a decision.
Where can I find my routing or account number?
Log in to your PingPong account and select Store management. Under Operation select Details to get your bank account number.
Is my money safe?
PingPong abides by industry standards when it comes to safeguarding your money and information. Its website uses standard Secure Sockets Layer (SSL) encryption to protect your information. Access to your personal data is also limited to employees who need it for business purposes and who’ve been trained in confidentiality best practices.
Outside of company policies, PingPong also follows government standards for all the countries it operates in. For the US, it’s registered with the Financial Crimes Enforcement Network and is regulated by the EU’s General Data Protection Regulation.
Bottom line
PingPong takes an extremely focused approach to its multicurrency online seller accounts. Weigh the low cost with its limited compatibility to multiple marketplaces and currencies.
Frequently asked questions
PingPong Amazon Global Payments is not currently available on Finder
Have you considered Wise (TransferWise)?
Wise uses the mid-market rate and transparent fees to help you send money in 50+ currencies.
Whether products shown are available to you is subject to individual provider sole approval and discretion in accordance with the eligibility criteria and T&Cs on the provider website.
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Your reviews
Rhys Finder
Editor
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