January 27, 2014

How To Encash A Dollar Check In The Philippines

If you are an online worker or if you earn some extra income off the internet, there's a huge chance that you get paid via dollar checks. Some affiliate and advertising programs also pay by checks. Examples of these are Amazon, Adsense, Clickbank and Commission Junction. If you receive a dollar check from these companies/programs or similar sources, how should you encash the check?

The best way to encash your dollar check is to open a dollar account with a bank that offers such service. You can try Banco De Oro or Union Bank. Once you have your dollar account, you can deposit your dollar checks into it. When opening a dollar account, make sure that you have at least $500 dollars with you. Banks require minimum deposits in dollars for said accounts. Union Bank requires a minimum of $500. Other banks reportedly require a lower amount but to be sure, keep at least $500 at hand.

Keep in mind that you cannot encash a dollar check right away after depositing it into your dollar account. It will take some time for the check to be cleared before it can be withdrawn.

What if you don't have a dollar account, is there a way to encash a dollar check without a dollar account? Well, there are some claiming to have done it with Union Bank but I haven't tried it myself so I won't be recommending it. I've also heard of “black market” stuff but I have no idea how this works so I won't be recommending it as well.

It's still best to set up a dollar account with your bank and deposit your checks there.

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