Loading ...Odesk Tips – How To Withdraw Funds
By Julia Khusainova • December 23, 2009 • Posted in Freelance, Making Money Online • 2 Comments »
Assuming you have already earned some money with oDesk let’s find out how can you withdraw funds. If you haven’t yet make sure you read my post How To Get Started With Odesk and Odesk Tips – Applying for Jobs.
For now oDesk offers 5 withdraw methods. They are::
- ACH
- PayPal
- Payoneer / oDesk Debit MasterCard
- Moneybookers
- Wire Transfer
Let’s go through each of them. It should be underlined that ACH is available only for US providers – this is Direct Deposit to your bank account. The good thing about it is that ACH withdrawals are free, but you will be asked to file a W-9 form. If you have a US bank account ACH will not work for you anyway cause they accept only W-9 form.
Conclusion: ACH is the best way to withdraw funds for US providers.
Next one is PayPal. It works for a huge number of countries, you can check the list here: Supported PayPal countries. Odesk charges $1 per withdrawal with PayPal. PayPal is one of the most popular online system which allows you to buy and sell in the Internet. A lot of goods and services can be bought with PayPal. Consider it as one of the best methods for you. The withdrawals are nearly instantaneous.
Conclusion: PayPal is really good for providers from Supported PayPal countries.
But what should I do if I’m not a US-provider and my country isn’t listed with PayPal? – I hear your cry. Well in that case you should consider the Payoneer / oDesk Debit MasterCard. It works like usual MasterCard – you can withdraw money with ATM, pay online for goods and services. Withdrawals can be within 2 business days or within 2 hours subject to the withdrawing method. For urgent withdrawals you will be charged $2.50.
Conclusion: Payoneer / oDesk Debit MasterCard is a lifesaver for those who don’t have a possibility to get funds with ACH or Paypal.
Moneybookers is again has a list of supported countries. Odesk will charge $1 per withdrawal. Exchange rates and bank fees vary widely by country and bank. Withdrawals from oDesk to Moneybookers are nearly instantaneous (it should not take more than a few hours at most). But withdrawing earnings from Moneybookers can take some time and will vary by method and country.
Moneybookers
The last method is Wire Transfer. It’s the most expensive method – it will cost you $30. I know from experience that it’s not the best methd for providers – I wasn’t able to get my money at all – I had to pay $30 for the withdrawing itself and after all I had to pay extra $50 to place a trace because my funds didn’t come. So I lost $80 and got nothing. If you have any other options my advice will be – choose either PayPal or MasterCard.
Conclusion: Wire Transfer works when you don’t have any other options.
Wire Transfer on Odesk
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2 Responses
PayPal does not support our country so I am using Payoneer Debit MasterCard & it works fine for me. Many thanks to Payoneer providers.
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Moneybookers really works for me. It surely takes time but less charges.
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