Just recently, Google AdSense sent an email notification to all Philippines AdSense earners about their new payment option starting 2021.
Most Filipino Google AdSense earner cash out their income via Western Union because it is convenient and they get their income in US dollars . Some have opted to electronic wire transfer directly to their bank. With this option their income is automatically converted to Philippine Peso PHP. I hardly know any who choose the check option .
Now that all Philippine Google AdSense holders are required to find a new way to cash out their income, this is the looming question: Should I open a US dollar account for my Google AdSense income?
Things to consider in opening a US Dollar Account:
- Do you have other US dollar income source aside from Google AdSense?
- If you are only using this for the Google AdSense income do you earn enough to keep the maintaining balance and keep your US dollar account open?
- If you open a US$ dollar account in the Philippines can you withdraw in US$dollars currency? If you can withdraw in dollars do you plan to exchange for Philippine peso or keep it in dollars. If exchange to peso do you have a reliable way to convert US dollar to Phillippine peso? What rate are you willing to accept ?
If most of your a answer is no or a negative or a con, then I don’t see any reason for you to open a US dollar account except for vanity sake.
Why do I say vanity?
If you earn more than USD $500 a month on your AdSense earnings, then keeping a $100-$500 maintaining balance on your newly opened US dollar account is not a problem. But if you need to withdraw all your earnings , this will be a problem.
If you travel a lot and you need a lot of foreign currency when you travel then keeping a dollar account is practical. But if not then it’s inconvenient.
If you have an existing regular Philippine account, you can use that to cash out your AdSense earnings. There are a lot of bloggers and vloggers in the Philippines who have been doing that. It only takes 1-2 days to get the funds in your account equivalent to the exchange rate at the time you cash out.
I will update this post for other options of Electronic Wired Transfer (EWT) that AdSense is requiring for all earning in their system in the Philippines.
I think most got confused with the line about bank must be in the Philippines and in US currency. But they did say ask your bank about exchange rates and fees.
If we only had reliable snail mail system, getting the cheque will be practical too . Do you remember when you got your first mail from Google AdSense, it will take that long to get your cheques.