How to Receive Adsense Payment via Wire Transfer + Opening a US Dollar Account
Google announced recently that early 2021, they will no longer issue payment via Western Union.
I’ve been using Western Union since I started with Google Adsense which was a decade ago and I find it the most convenient way to receive money from adsense especially now that they teamed up with GCASH or Paymaya. Getting the payment is as easy as 1,2,3.
Therefore, this changes in the payout option is a big thing for bloggers like me who do not earn much from adsense yet happy with the convenience of Western Union via GCASH/Paymaya.
Because of this announcement, here are the payment options you can choose from:
Check is not an option for me because I think it is longer to receive and longer to process. I clicked the EFT and found out that Philippines is not included where it is available to use.
The only option for me is wire transfer.
I was about to put on my bank details using wire transfer when I noticed this statement
It says ” To receive payouts by wire transfer, contact your branch for exchange rate and fees. Bank account must be located in Philippines and IN USE DOLLAR CURRENCY.”
I have a friend who opened a US Dollar account because of this and now I am thinking if I will get one too.
I am considering a dollar account because in the long run, it might be the better option (no fees for wire transfer and the dollar currency might be higher as time goes by and I might chose not to claim it). More savings for me (I wish!)
I saw that Unionbank of the Philippines is charging $5 per transaction (commission) + cable charge of $15 per transaction. Also the exchange rate rate is lower by 1-2% than the market rate.
Anyway, if you are also interested to open a dollar account here is a list of banks with dollar account and their corresponding initial deposit and maintaining balance to earn interest.
|Bank||Minimum Initial Deposit||Minimum ADB||Minimum for Interest||Interest p.a.||Link|
As per this record, I am considering China Savings Bank to open one since it is the lowest initial deposit and maintaining balance to earn interest. Plus it is near our place.
The requirements are:
- Duly filled-out Customer Information Sheet
- Latest 1×1 ID picture
- One (1) original and submission of a clear copy of any valid ID/s bearing the client’s photo and signature
I’ll update this post if I will be able to open one and if you have any idea if regular savings is okay and if there’s a fee every wire transfer, please let me know.