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 Question about Adsense, Withdrawal and Tax Info

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TSKar Weng
post Dec 27 2017, 07:31 PM, updated 7y ago

Kar Weng | Physiotherapist
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I have finally reached the USD 100 threshold.

Q1: What is the best method to withdraw the money among both the options given (I believe is wire transfer vs Western Union)? What are the pros and cons?

Q2: Since it is only around MYR400, do I need to go through taxing by the government?

Hope sifus here can answer my doubts. Thank you in advance!
UserU
post Dec 28 2017, 11:14 PM

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QUOTE(Kar Weng @ Dec 27 2017, 07:31 PM)
I have finally reached the USD 100 threshold.

Q1: What is the best method to withdraw the money among both the options given (I believe is wire transfer vs Western Union)? What are the pros and cons?

Q2: Since it is only around MYR400, do I need to go through taxing by the government?

Hope sifus here can answer my doubts. Thank you in advance!
*
1) I haven't tried wire transfer, but Western Union is pretty straightforward and convenient for me. If there's one near your area, withdrawal is a breeze.
The only thing to know is that payouts exceeding RM3,000 usually require you to fill in the AMLA/ FATCA form. Other than the fees charged by WU, so far so good.

2) Not at all.
TSKar Weng
post Dec 29 2017, 04:05 AM

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QUOTE(UserU @ Dec 28 2017, 11:14 PM)
1) I haven't tried wire transfer, but Western Union is pretty straightforward and convenient for me. If there's one near your area, withdrawal is a breeze.
The only thing to know is that payouts exceeding RM3,000 usually require you to fill in the AMLA/ FATCA form. Other than the fees charged by WU, so far so good.

2) Not at all.
*
Thanks so much for helping out on my doubts! Then it would be wise to withdraw before ot exceeds RM3k then.

I’ve read the tutorial regarding WU on Adsense. What documents do I need besides my IC? And is there an option to be paid in USD? Do you think it’s more profitable to receive USD vs MYR?
UserU
post Dec 29 2017, 11:59 AM

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QUOTE(Kar Weng @ Dec 29 2017, 04:05 AM)
Thanks so much for helping out on my doubts! Then it would be wise to withdraw before ot exceeds RM3k then.

I’ve read the tutorial regarding WU on Adsense. What documents do I need besides my IC? And is there an option to be paid in USD? Do you think it’s more profitable to receive USD vs MYR?
*
It's actually not a biggie. I've been asked to fill in the form several times and as long as nothing fishy is involved, you'll get used to it smile.gif

Nothing else besides the IC. Nope, all funds must be converted to MYR (BNM's way to encourage MYR circulation) except if you open a foreign currency savings account with a bank, then converting the MYR to USD.

It totally depends. If you're in the need of USD or are travelling to USA, then you have to go through the hoops. Else, receiving MYR is more or less better if you plan to spend locally.

This post has been edited by UserU: Dec 29 2017, 02:31 PM
jimmypham3875
post Jan 3 2018, 03:45 PM

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About this, usually withdrawn by Western Union, it's not fast, but convenient. But if your adsense has amout of money that is big, then think about check. I heard people say that it's good for a check if you have more money. because its fee.
TSKar Weng
post Jan 4 2018, 11:43 AM

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For example, if I’m withdrawing USD100, that is MYR400 according to the current currency conversion. Do I get exactly 400 in cash or will there be additional charges that will have to be deducted from the sum to pay WU? Let’s assume I’m not taking cheque.
UserU
post Jan 12 2018, 01:48 PM

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QUOTE(jimmypham3875 @ Jan 3 2018, 03:45 PM)
About this, usually withdrawn by Western Union, it's not fast, but convenient. But if your adsense has amout of money that is big, then think about check. I heard people say that it's good for a check if you have more money. because its fee.
*
Check has extra processing fees and you wont get it so soon.

QUOTE(Kar Weng @ Jan 4 2018, 11:43 AM)
For example, if I’m withdrawing USD100, that is MYR400 according to the current currency conversion. Do I get exactly 400 in cash or will there be additional charges that will have to be deducted from the sum to pay WU? Let’s assume I’m not taking cheque.
*
You'll get less, as WU uses their own conversion rates for their commissions.

Assuming today's rate is at 3.97, you'd get somewhere around 3.82.

This post has been edited by UserU: Jan 12 2018, 01:49 PM
TSKar Weng
post Jan 21 2018, 08:02 PM

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Another question, since my payment threshold is already met (as updated in 13/1/2018), how do I know when the money is transacted into my WU and when I can finally go to a WU branch to take my money? Because I can't find a way to do it manually.
gs20
post Jan 22 2018, 12:00 AM

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QUOTE(Kar Weng @ Jan 21 2018, 08:02 PM)
Another question, since my payment threshold is already met (as updated in 13/1/2018), how do I know when the money is transacted into my WU and when I can finally go to a WU branch to take my money? Because I can't find a way to do it manually.
*
Adsense will update the necessary information in your account such as the MTCN once they remitted the payment. You'll have to get those info & pay visit to any of the WU, fill in the withdrawal form with those information. At least that's how I remember it when I was still withdrawing through WU. I switch to bank transfer already.
Lone46
post Jan 22 2018, 01:35 PM

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QUOTE(UserU @ Dec 28 2017, 11:14 PM)
1) I haven't tried wire transfer, but Western Union is pretty straightforward and convenient for me. If there's one near your area, withdrawal is a breeze.
The only thing to know is that payouts exceeding RM3,000 usually require you to fill in the AMLA/ FATCA form. Other than the fees charged by WU, so far so good.

2) Not at all.
*
Interested about taxing question here, how much only need to go through taxing by government? or just no need?
UserU
post Jan 22 2018, 02:10 PM

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QUOTE(Lone46 @ Jan 22 2018, 01:35 PM)
Interested about taxing question here, how much only need to go through taxing by government? or just no need?
*
I dunno wor, so far I just collect without getting taxed.
iammyself
post Jan 24 2018, 08:51 PM

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Save yourself some hassle. Just go for wire transfer. Looking at my past transactions, CIMB is charging a mere RM5 for wiring ~ RM2k from Adsense. Your time is better spent elsewhere -- like producing more quality content.

As for income tax, guys, you have to declare it every year. Just like your other incomes. Just because LHDN doesn't take a portion out of your Adsense revenue on the spot, doesn't mean that it's tax free!
shally87
post Jan 25 2018, 01:41 AM

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Wire transfer much easier but western union is good too. Why not try wire transfer first?
TSKar Weng
post Jan 27 2018, 10:28 AM

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QUOTE(UserU @ Dec 29 2017, 11:59 AM)
It's actually not a biggie. I've been asked to fill in the form several times and as long as nothing fishy is involved, you'll get used to it smile.gif

Nothing else besides the IC. Nope, all funds must be converted to MYR (BNM's way to encourage MYR circulation) except if you open a foreign currency savings account with a bank, then converting the MYR to USD.

It totally depends. If you're in the need of USD or are travelling to USA, then you have to go through the hoops. Else, receiving MYR is more or less better if you plan to spend locally.
*
How come I’m asked to fill in this form? The form requires something called the WU Gold Card which I dont have.
And many other weird places to fill in like test questions and answer.



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UserU
post Jan 27 2018, 11:04 AM

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That's a general cash receiving form.

Only fill in the basic necessary details, Gold Card thing is not needed.
TSKar Weng
post Jan 27 2018, 11:43 AM

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QUOTE(UserU @ Jan 27 2018, 11:04 AM)
That's a general cash receiving form.

Only fill in the basic necessary details, Gold Card thing is not needed.
*
Hey thanks so much for the prompt response!
I’ve circled the particulars which I do not kow what to write or which option to choose from. Do I need to fill them up or ignore all of them?

Also, the estimated amount should be written in USD, the exact amount on my adsense payment paper right?

Thanks in advance once again.


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UserU
post Jan 27 2018, 12:56 PM

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QUOTE(Kar Weng @ Jan 27 2018, 11:43 AM)
Hey thanks so much for the prompt response!
I’ve circled the particulars which I do not kow what to write or which option to choose from. Do I need to fill them up or ignore all of them?

Also, the estimated amount should be written in USD, the exact amount on my adsense payment paper right?

Thanks in advance once again.
*
Regarding the circled ones, ID Type, ID Issuer, Test Question and Answer are not required.

But I remembered filling in the last two once when they suddenly asked me to do so. Usually they will guide you thru but rest assured the chances of it happening are very slim.

 

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