Wire Transfer(EFT) In India: Google Adsense

Finally Google Adsense team made EFT available for all the accounts which are eligible for payment. I can already see the joy of publishers when they see their adsense account payment system being upgraded to receive their earnings via EFT(Electronic Fund Transfer).

Payment Hold

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Once your account is upgraded, your payments will be on hold until you fill the payment method form.

Bank Information
To start with wire transfer we must obviously first give Google our bank details. So after we enable our payment mode we must fill:

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Account holder name, Bank name, Account number are the ones every one of us understand. Along with this we also need to provide our branch IFSC code and SWIFT code.

Indian Financial System Code (IFSC)
An IFSC is an identification code for your bank and branch. It should contain 11 letters and numbers. For more details, contact your bank.

SWIFT Bank Identifier Code (BIC)
A SWIFT-BIC is a unique identification code for a particular bank or branch. It should contain 8 or 11 characters. For more details, contact your bank.

Not All Branches Have Swift Code
Every branch in India has its own, unique IFSC code. But not all branches have SWIFT code. When I contacted our bank’s( SBI – State Bank of India ) branch manager, he told he has no idea about SWIFT code ..and continued to tell me that we can receive money from other country just by using IFSC code and MICR code.

MICR – Magnetic Ink Character Recognition
Typically MICR code can be used to extract following informations:
Cheque Serial Number
Account Number
Branch or city code of a bank
Transaction code

So MICR isn’t of much use in EFT.

SWIFT Code Solution
Swift code is available only in branches which facilitates currency conversion services – like Forex trading etc. So get the Swift Code from your banks nearest branch which facilitates currency conversion service.

That is, go to your bank branch and ask which is the nearest branch of that bank which facilitates currency conversion or which has a Swift Code. Now ask nearest branches Swift Code and enter it in your adsense payment form. Done. [ You need not fill the ‘intermediary bank details’ and other credit details – they are optional ]

Note: With this introduction of EFT to Indian publishers, Google has removed paying via Cheques. So no monthly snail mails any more 🙁