Odesk Tips – How To Withdraw Funds
By Julia Khusainova • December 23, 2009 • Posted in Freelance, Making Money Online • 11 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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11 Responses So Far
PayPal does not support our country so I am using Payoneer Debit MasterCard & it works fine for me. Many thanks to Payoneer providers.
[Reply]
Julia Reply:
April 4th, 2010 at 5:08 am
Yes, this is a common problem so Payoneer Debit Master Card is comes really handy.
[Reply]
Hello All
I have a question? If i Apply for Odesk Debit master Card? Do i need to Apply for W-9 in order to use the card. How does this work Can you please explain what do i need to do in order to apply the catd and how can i use it.
Thanks
Lilly
[Reply]
Julia Reply:
June 6th, 2010 at 3:09 am
Hello, Lilly.
To apply to Odesk MasterCard you need to go to do the following:
Step 1. Confirm with Payoneer that your country is supported and that their features and fees are acceptable. You can check it there:
Step 2. In your Odesk account: Go to Payments > Payment Methods. Select the Withdrawals tab.
Step 3. Click the Sign Up Now link in the Payoneer Actions column.
Step 4. You’ll be taken to the Payoneer website to register for a Payoneer account with your @odesk.com email address or your personal email address (in Profile > User Info).
Step 5. Complete the Payoneer registration process.
Step 6. Complete the Payoneer withdrawal method activation process.
All steps are pretty easy. Odesk and Payoneer (system which issued the card provide support, faqs and forums)
You can withdraw money with ATM where MasterCard is supported.
You can pay with it in online stores.
More info on this:
http://www.odesk.com/help/help/payments/payment_methods/withdrawals_tab/payoneer
[Reply]
Thanks Julia I really Appreciate for the reply, but do i need to apply for W-9 form or 1099 form in order to apply or to withdraw.
Lilly
[Reply]
Julia Reply:
June 11th, 2010 at 7:02 am
You are welcome Lilly.
I didn’t apply for W-9 form or any other and I’m using the card successfully for withdraw funds or online.
[Reply]
hello julia
Thanks for steps you have provided me in order to get the Debit card, but iam still confused, i have couple of questions.I live in USA
1. In order to get my payoneer master debit card do i need to have bank account
2. After applying for debit card, do i need to manually withdraw funds to my card?
3. If iam withdrawing to the debit card do i need to apply for w9 form
Can you please give me details after i get my debit card how do i use it with applying w9 and how should i with draw funds.
I really appreicate for your time and helping me getting debit card
Thanks
Lilly
[Reply]
Julia Reply:
July 11th, 2010 at 2:07 am
hello Lilly,
1. You dont need to have a bank account in order to get your payoneer card.
2. Yes, after applying you will be able to withdraw as much as you want and when you want to your card in your odesk profile and also you will have an access to your Payoneer account where you can track your card balance, withdrawals, etc.
3. You don’t need to apply to any forms. At least I didn’t apply and none of my collegues. Maybe you should learn more from your local government.
When you get your card I can show you how to work with it. Atually I will write a step-by-step post to help you and others.
Regards.
[Reply]
Moneybookers really works for me. It surely takes time but less charges.
[Reply]