Forum Moderators: martinibuster
The new payment option to allow us to get check in local currency means it will be issued by local bank?
Or will our bank still have to send the check to USA for clearing?
So now instead of 5 weeks, can I expect my check to be cleared faster?
Added in: But hopefully they will add a few more countries to the direct deposit list.
I see this in Europe and will definatley be signing up.
Which countries have Electronic Funds Transfer (BETA) supported?
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We're currently testing EFT payment in a number of countries. We also offer checks in local currency to publishers in 43 countries. If your country is not listed for either EFT or local currency checks, we will pay you with US dollar checks.
Electronic funds transfer is available in the following countries:
Austria
Belgium
Canada
Denmark
France
Germany
Great Britain
Ireland
Italy
Netherlands
Portugal
Spain
Sweden
Switzerland
United States
If this answer does not resolve your issue, please try searching or browsing AdSense Support for more assistance. If you are unable to find your answer, please contact us
I still wish to know if new payment option to allow us to get check in local currency means it will be issued through local bank?
My guess is no, many banks today can issue checks in a number of different currencies.
I did however send an email to Adsense earlier today
and had a excellent and fast reply on another banking questions I had.
Why not do the same and tell us what the answer is.
Here it is in full:
"The exchange rate for each payment in a currency other than US Dollars is determined at the time a check is being printed or an Electronic Funds Transfer is processed. We will use the prevailing bank rate, which will be listed on your Payment History page. Select the 'Payment History' link from the My Account tab, and click the appropriate month in the activity table to view a detailed invoice of your payment, including the exchange rate used."
so the next question is what is the prevailing bank rate? I guess we'll just have to wait and see.
And the cheques should not be returned to their country of origin since e.g. a UK issued cheque is drawn on the Bank of England, a US Dollar cheque in New York, therefore the cheque should clear as per a "normal" cheque from that specific country.
That's my experience anyway, I'm sure someone will say if they have found different.
ok I'll do it.
I live in the UK. Does this mean I won't have to wait for the cheque to be delivered and therefore get much faster payment?
I live in the UK. Does this mean I won't have to wait for the cheque to be delivered and therefore get much faster payment?with no chance of it being lost in the post as well
Does it take a while to get set up? i.e. if I choose that option now, will it be with immediate effect?
I can't find the exact text now however if you do it before April 15th then the next cheque for March earnings will be in your specified currency.
Or once you make a change, that is it?
Have you looked at the options?
You can change anytime you like to whichever currency.
Has anyone asked google whether the check will be issued from the local bank or still from US. bank?
Foreign currency cheques are issued on that specific country's national clearing bank therefore for the UK it is drawn against the Bank of England.
Google may issue Sterling chques through Citibank but they still have to be cleared through the UK. This is why we have to wait for US Dollar cheques to be cleared, they have to be cleared through New York.
Well, that's is how all my international transactions are completed, maybe Google will do things differently however I can't see how or why.
For their electronic transfers they will probably pay direct from deposited funds in that currency.
"While we cannot currently offer you payments via EFT, we do expect local
currency checks to clear more quickly than US dollar checks. Please also
note that future payments will be issued from several different locations
around the world based on proximity. Therefore, the combined effect of
these two factors should help expedite future payment cycles."
we do expect local currency checks to clear more quickly than US dollar checks.
Thanks for confirming what I had already said twice G!
Still unclear what type of currency exchange rate they are going to use for local checks though.
Well, don't shoot me if they don't use the Commercial rate and give a tourist rate!
Bank rate (Commercial) is the rate you see on tv and business newspapers etc plus or minus 0.5-1% whether you're buying or selling. For instance this weekend the UK Pound to US Dollar is:
1 GBP = 1.92226 USD
1 USD = 0.520220 GBP
You would expect a Commercial conversion from USD into GBP at aroung the 1.94-95 range similarly from GBP into USD 1.90-91.
However a tourist rate would be nearer USD 0.10 higher or lower depending which way you are converting therefore 2.02-205 from USD to GBP and 1.77-82 for GBP to USD.
This is where the exchange booths make their money. They buy and sell at tourist rates and deal with the banks at commercial rates.
Great business if you get the volumes and have enough cash to start it with or you go to a country where the only legal place to exchange money is through government controlled "Cambios" but on the "street" you may be offered far, far better deals since the locals are probably not allowed to buy and keep foreign currency.
If you want to see all kinds of commercial rates just check xe.com and xe.com/ucc/ will give you loads of different rates and values to convert.
