Google Announces Wire Transfer for AdSense payments in India
So finally it’s here! All the eager Indian internet entrepreneurs who ever wondered about the time when they’ll get their payments faster, this announcement will make them smile. It was about time that Google came up with the option of wire transfer in India for AdSense payments. So what is the Google wire transfer? How does it function? And what are its advantages? The answer to all these questions you will get right here.
The Google Wire Transfer:
Like any other wire transfer system, Google has upgraded the Indian account holders now with the facility of wire transfer for payments, as an alternative to the conventional method of mailing Citibank cheques. Just like any other wire transfer, Google will now transfer funds to its users by sending them payments in the form of US dollars via wire transfer.
As quoted in the announcement made by Google on its official message on the Google groups, Google started wire transfer in India from 16th March 6 AM (IST). To enable Google wire transfer, the account holder must follow these simple steps:
- a) You will need to apply self-hold on your account before 15th of the month. If you set self-hold, your earnings will accrued and Google will start the process of upgrading the account for wire transfer. If you do not apply self-hold you will continue to receive the payments through cheque. Once upgraded to wire transfer mode, you cannot switch back to old payment method.
- b) Now approach your bank and ask them for their specific rules/instructions, for wire transfer from the USA. Acquire information regarding transaction fee, conversation rates and other guidelines. Google has set the fee as ₹56-110 which is roughly 0.98-1.70$.
- c) You will be required to provide the IFSC and SWIFT code of your bank account as well to Google in the process of setting the modified payment settings. These codes can be obtained from the Internet or discussion forums also, but it’s advised to inquire the bank about these details. Provide the name and address information as maintained in the bank account. Any discrepancies there might results in rejection of payment.
Note that wire transfer is different from NEFT and Google has indicated that it might start NEFT transfers in India in future, but that would take some time. Also if you already have any unpaid cheque, you should deposit is and cash it. If the cheque is cancelled the outstanding amount will be added to next payment which can be requested through wire transfer.
Requirements for availing this facility:
- 1) The payments will be released only after the minimum payment threshold of $100 is reached.
- 2) An adsense account with the payment address located in India.
- 3) A bank account located in India with a swift code and IFSC Code
- a) Wire transfers are faster than cheque payments. The previous mode of transfer of payments by cheques would generally take up to 15-20 days for the transfer of funds. This on the other hand takes a mere 3-5 day window for the complete process.
- b) As no physical documents are involved and the process is electronic, it’s a safer route for transfer.
- c) You save a lot of time! No need to cash in cheques and do the boring bank work as the money is directly transferred into your bank account.