Nerve-wracking, isn’t it?
After 2-3 weeks spent hard on your client projects, you’re ready to withdraw and receive your payments in your bank account.
You look at the calendar to see what day it is. You estimate that the money will arrive in 2-3 days’ time.
But then, the weekend is fast approaching. There’s also a holiday coming up.
I’m sure you’ve wished for a faster and easier way to get your payments into your accounts. You’d save yourself the trouble of waiting and worrying if they’ll arrive on time.
While there isn’t a payment method of the sort yet, you can determine when the best times to withdraw your funds would be instead.
Of all the online payment methods available, PayPal and oDesk’s Local Funds Transfer are the two most convenient options for Pinoy freelancers.
I’ve been using these two withdrawal options since 2009 and can now anticipate when the best times to withdraw using these options are.
You can choose to follow my suggested time slots so you’d always receive your money on the expected dates.
Payment Method #1: PayPal
Whether you’re a BDO, BPI, Metrobank, or a Unionbank Philippines client, you can withdraw funds to PayPal at any time you see fit.
So long as your PayPal account is verified and you have the correct bank codes and account details, everything should turn out all right.
As of this writing, PayPal’s withdrawal process takes 3 days, so the best time to withdraw would be anytime between Monday morning and Wednesday morning. If you withdraw more than PhP 7000 from PayPal before 12PM, the money will most likely arrive in your account on Friday.
My most recent Paypal withdrawal was processed on April 29 2014, Tuesday. The funds were deposited on May 2 2014, Friday. A total of 3 days worth of processing time.
Payment Method #2: Local Funds Transfer
As for oDesk’s Local Funds Transfer, it’s my preferred withdrawal option because of how much faster processing takes.
Back then, it took 2-3 days before your payments were transferred to your account. These days, you only have to wait for 1-2 days before your funds are available.
With that said, the best time to withdraw to Local Funds Transfer and receive your money within the week is between Mondays and Wednesdays. Thursday morning’s all right so long as there are no upcoming U.S. bank holidays.
My most recent LFT withdrawal was processed on May 14, 2014 (Wednesday). Upon checking my online banking account, the funds arrived the next day, May 15 (Thursday).
Delays, The Enemy
Delays are a big problem when withdrawing online income, which is why I highly encourage you to keep an eye out for the US and PH holidays whenever possible.
If you’re wondering when these U.S. and Philippine holidays are, you can take a look at the list of 2011 and 2012 holidays here. A big thanks to oDesk contractor Lichelle De Vera for sharing the link at the community forums!
I usually withdraw my odesk fund every Wednesday 8:00-8:20am via Paypal-Eon, the next day the fund is already on my bank account.
Hi Stef,
I prefer Odesk’s LFT now and I’ve been using it for almost a year. Especially after my Paypal account got hacked. Good thing, Paypal reversed the illegal transfer back to my account and also another good thing was that I only left $29 in it at that time since I was already patronizing LFT. Well, that’s still more than P1000.00 :(…After that Paypal limited my account access which took a month before they activated it back despite my efforts of verifying my account. It was quite a frustrating experience. So now, I prefer and recommend LFT.
I also withdraw during the same hours on Wednesdays – usually after every 2 weeks to minimize the charge of $0.99 even though it’s a cheap service charge already compared to the transfer to Paypal + bank service charge. And I get my funds on Friday evenings often just in time for weekend errands.
I have not been affected by US Holiday delays yet so thank you for giving us a heads up on that:) I’ll make sure to watch out for it!
Hello Belle! Oh no, that must have been such a hassle for you. I’ve been hearing a lot of complaints about PayPal disabling accounts all of the sudden as well. Thankfully it hasn’t happened to me yet and I sure hope it won’t happen again for you.
Re: US holidays, no problem! Many Pinoy freelancers tend to forget that their deposits can be delayed because of a US holiday, so this link should prove helpful for others. 🙂
Will our transfers be affected if it’s a Philippine holiday? Say, I withdraw Wednesday morning through LFT then Friday’s a Philippine holiday. When should I expect my money to reflect?
Hi, Val. If Friday is a Philippine holiday, your funds might appear Saturday or Monday at most.
I always wait a few minutes before 12 midnight here in the Philippines before I withdraw. In my case, I withdraw any amount by 11:30 and I will have it by 7PM on the second day. So if I withdrew on Monday before 11:30PM, i have it by Wednesday 7PM. If I withdraw on a Thursday, I have it by Saturday.
Hi Nica! This is PayPal to a Philippine bank account, right? 🙂
In my case (BPI ACCOUNT), if I withdrew my money in paypal in Monday morning, 5-6 am, then my money arrive in Tuesday night. Do not try to withdraw your money in 3-4 pm Tuesday, your cash will never appear. I dont know the exact time. I withdraw during 6:30-7 pm Tuesday, my cash always appear…..
However, in your first time withdraw in paypal, it took three days.
Yes!
Wow, great news – why do you get your Paypal to Bank Account transfers so fast? In the past I used Paypal to Metrobank, I’d usually get it on the third day. However, for two consecutive times that I withdrew using Paypal to my Unionbank account, it’s always been 5 working days. >.<
Hi Justine! Could it be the bank that you are withdrawing to? And that’s really weird, considering that Unionbank is the only affiliate Philippine bank of PayPal. Maybe there are issues with the system that are causing the delays, or some other problem.
The other bank, BPI for example, have P150 charge but Union Bank is free of charge, however, it took 4-5 business days befor the money arrive.
Hi Stef,
I am also a freelance writer in oDesk. My preferred withdrawal method is Local Funds Transfer and it usually takes 5 days before it arrives in my metrobank account. I would like to ask what is the minimum amount to withdraw my earnings via paypal and the deductions. Thanks a lot.
Mary
Hello Mary and thanks for the comment! As long as the equivalent amount to be withdrawn is more than 7000 pesos, PayPal won’t charge a fee for the transaction. Any amount below that will get a P150 deduction. 🙂
hi I just would like to ask if this is normal because I withdraw my odesk balance to paypal friday late afternoon here in the philippines. I have already receive the email form paypal stating that odesk has already sent the amount but until now the amount has not yet reflected on my paypal account. my paypal email is already confirm and verified.
erson
I am using paypal for 3 years already. If done 8am, money is in my eon account around 7pm of Thursday =).
Hi Keith and thanks for the comment! When you say 8AM, is it on a Monday, Tuesday, or Wednesday?
I also do that… Odesk payment is available wednesday 8am and if you withdraw it by that time you’ll receive it the following day (thursday) around 6PM. Sometimes, it arrives on friday 6pm onwards. I also notice that, if I withdraw let’s say 4000-9000 on wednesday 8am it arrives thursday 6pm, but if I withdraw more than that (10,000 up), You’ll have to wait till monday for the money to reflect on your bank account which I hate.
Hi Stef,
I notice that Paypal’s exchange rate is kinda low. example if the dollar to peso is around 42, you’ll expect a 41.5 rate. What about LFT? Is the rate okay?
Hi Rich!
Yes, Paypal really converts dollar to peso at a much lower rate. Some claim that this is because of the P200.00 charge per withdrawal. If you noticed, when you compute for the total amount using the real conversion rate and deduct the total amount you that Paypal has converted, Paypal charges more or less P200.00. However, they do not claim this as withdrawal fee. They simply hide this charge to us through a lower conversion rate.
Let’s give it to Paypal. I guess that’s the only way they can earn from us. Believe me, they try their very best to assist every customer. As in my case, they even called me thru my cellphone using a US number to ask if I received the verification code.
If you are too much concerned about the possible charges, just remember the general rule in withdrawing:
1. less than P7,000 will have a P50.00 charge, P7,000 and up is free
2. do not convert your dollar in Paypal website; Paypal charges about 8% of your total withdrawals (quite heavy)
3. withdraw in secured place; use your own laptop; log out properly
4. if you are anticipating money for an occasion, better to withdraw at least 5 business days… better be prepared for the worst
5. no matter where you are using your Paypal for, be responsible in using it
For the Filipino freelancers, hurray to all of you! Let’s altogether show the world the true meaning of world-class Pinoys.
Hi Stef,
i’m starting to get a bit concerned and i don’t know who else to turn to. i used to have no problems with regard to withdrawing via paypal. i always withdraw on wednesdays. odesk to paypal transfer is almost instantaneous like you said. the money always gets credited to my EON card Friday midnight.
this is the first time i encountered a problem. i still haven’t received funds up to now and it’s already monday night. i’m starting to get really nervous and concerned.
i hope someone can shed light on this.
thanks,
nyx
Nyx,
I wish I could help, but I don’t have any access or connections with Unionbank EON or the finance team of oDesk so I can’t answer inquiries regarding delayed payments. This goes as well for BPI-PayPal issues.
You can always contact oDesk Customer Service for help.
ask ko and po first time ko po kase gumamit ng paypal at eon card sa unionbank…..nakaindicate na po sa paypal account ko na natransfer na daw yung paypal money ko sa bank account ko pero ung chineck ko sa unionbank eon online banking ng unionbank..wala pa din..pangatlong araw ko na to…kinakabahan na po talaga ako.. 🙁 comments please 🙁
Same thing.. I just tried Unionbank since walang extra fees. I used to withdraw from PayPal to BDO and it only takes 1 business day. Pero mukhang di maganda and Unionbank as its been 3 business days and I still haven’ t seen it reflected on the account. I’ll switch back to BDO kahit may extra 200 fee. I’d rather pay the extra than get a delayed and crappy processing time from EON to think their supposed to be an affiliate of PayPal…
Hi Stef!
I usually withdraw my earnings every two weeks to save on oDesk charges. $0.99 may be small but once it accumulates, it can be material. I use LFT through BPI. Recently, I got a notice from oDesk that BPI charged 150php on some withdrawals. Did anybody here experience that?
Anyway, I withdraw on Wednesday before 10:00am and I usually receive the money on my account Friday night. Rule of thumb is when oDesk sends the “YOUR WITHDRAWAL HAS BEEN PROCESSED” message, if it says it will arrive on a Monday next week, it usually is on Friday that same week. If it says it will arrive next Wednesday, it will really arrive Monday next week. This is usually on US holidays as you mentioned.
If I withdraw later than Wednesday, for instance Thursday or Friday, I can expect the money to hit my account the next week.
Thanks Juna for sharing! We pretty much have the same expectations when withdrawing and processing funds via LFT.
As for the P150 deduction, that should be a glitch on BPI’s part. oDesk should have communicated the problem and had it fixed by now, as I got the notice about it weeks ago.
Hi share ko lang, ngwithdraw ako last wednesday on odesk using lft.. i was surprised that I have received it earlier than expected (palaging 9pm onwards ng friday ) then Bdo didnt charge me P200. free of charge na ba bdo? can somebody confirm this.
Hi there! I was paid on 9th october, withdrew it thru my eon acct the 22nd oct. since it said in my paypal acct that completed yung transaction i assumed that i would just wait for 3-banking days. upon inquiring on the 3rd day, wala pa rin and called their csr. they said just wait for the 4-5 banking day which i did. and much to my dismay upon inquiring the transaction was reversed on the same day i withdrew , the 22nd. calling their csr i was given the usual pacifying edict that it is still in process and wait and dread those “5-7 banking day”. so i have to withdrew it again and go thru the hassle of another “5-7 banking days”. does anyone have a similar terrifying tale such as mine?
i put my account number 10 digits in BDO, correct bank codes.. then paypal denied my withdrawal request for the reason bank account info is incorrect… i cant give the 16 digits number show in my account right, i have to put the 10 digits bank account number, so why im still cant withdraw..
You have to use your 12-digit account number. Just add two zeros before your 10-digit account number. For example, if your account number is 1234567890, your 12-digit acct num is 001234567890.
Sorry, I forgot to mention that the “add 00” rule only applies to Peso savings accounts. For other accounts, just search for the rules on Google.
Thanks for this article!
I am new to freelancing so I had no idea what to expect when withdrawing my earnings. Your site helped me lot.
I withdrew from Paypal to BDO on Tuesday at around 1 pm and received my money on Thursday at around 6:30 pm.
No problem kelbert! 🙂
hi stef,
i was hoping you can enlighten me… ng withdraw aq using LFT but I think BPI deducted 150 pesos. D po ba dpat no incoming remittance fee pg bpi ung bank mo? has there been any change?
Hi Stef,
I found your articles really helpful!
I’m also and odesk contractor and an avid fan of LFT. If I take out the funds between 8am to 8:30am Wednesday, in most cases, earliest is 10pm Friday credited na sa Unionbank, Savings Account ko. We’ll to be specific, epay card ko (it came from my last employer and never closed it and it has been doing it’s thing for almost a year now. lol)
Anyways, I tried doing other stuff online and needed to set up my paypal account which was fine. I had my first withdrawal on a Friday night and I got it Tuesday evening. Mabilis in a way na 10pm plus ko na nawithdraw that night. Barya lang, less than 2k php. So on Sunday I did another one, mga 8am or earlier, and it showed completed today sa Paypal and yet it’s not reflecting sa account ko. Per procedure sa paypal. 5-7 business days. Fine! How come the previous transaction went through smoothly then etong isa na di na masyadong barya takes a longer time? Less than 10k naman to.
If we base it sa rule of thumb that there might have been some issues with the transfers and all, how come lumusot ang previous transaction? Just airing out my two cents… This is the 3rd business day and wala pa. Haist! Waiting game to and hope di ako abutan ng pasko.
Again, thanks for the articles, keep them coming!
Hi Carl! Ganyan talaga ang system. Wala tayong magagawa kundi mag-adjust. Problem ko rin yan nuon – yung matagal dumating sa bank account mo yung paypal transfer mo. Hay, kakaloka talaga ang waiting period lalo na’t kailangan mo natalag yung pera. Pero I’ve solve this problem na. Actually my friend solved my problem. He saw the need kasi and meron naman din siyang paypal account and makapal na bank account, so he offered his help na pwede niya i-encash yung paypal account ko on that very same day – or hours lang, nasa bank account ko na ang paypal money ko. I sent him my paypal fund to his paypal account then he deposit the amount I sent from his bank account to my bank account. Maliit na service service lang hiningi nya. Actually mas malaki pa nga ang service fee ng bank (except EON) kaysa service fee niya. Mas makakasave ka pa kase walang Php50 na kaltas sa paypal yung transfer. try mo to if meron ka pang funds sa paypal mo. Just sharing this para naman kahit papano makatulong ako. I’m sure marami sa ating ang may ganitong problem. pwede mo rin tong i-share sa mga friends mo. You can check my blog post para mas maintidihan mo ang process – http://www.allthingsjuliet.com/2012/12/encash-your-paypal-funds-fast-cash-out-your-paypal-money-same-day.html. Malapit na ang Christmas, I’m sure mas marami ang gustong ma-encash ang paypal funds nila na hindi na mghihintay ang 2 to 7 days like you. Share the blessings! Merry Christmas to you, to Stef, and to all Pinoy freelancers!
Hi, Carl and thank you for visiting TFP! I’m glad to hear that you found the articles helpful.
Please remember that a Sunday isn’t a business day for PayPal or the banks. This is why I would withdraw usually Tuesday or Wednesday morning so that the money will arrive Friday or Saturday (if lucky).
I usually withdraw my balance in the afternoon, because my timezone is UTC+7.
Different 12 hours from USA. So i think if we withdraw in the USA morning, it will be faster..
Ulil, thanks for sharing.
What if I withdraw on Saturday night? And my paypal is a new account?
Hi. Im just wodnering. Im new to withdrawng my funds but I need to know what is much better Odesk’s LFT or Paypal? Also, has anyone tried using landbank for withdrawing in paypal or Odesk? Ive heard they only charge 50.00 per transaction.
hi to all, gamit ko sa odesk BPI express teller nag widraw ako sa odesk almost 200$
odesk to my email : We have processed your withdrawal request submitted on Tue, 5:38 PM 19-Mar-2013. Expected date of delivery: 22-Mar-2013. so sa friday ko pa makukuha sa bank account ko? mga what time kaya?
Hi Biko,
Ako kasi usually 2 days lang pumapasok na ung funds ko. Example Monday ako nagwithdraw, by Wednesday night nasa account ko na un.
Hi!
I withdrew from my Odesk account last 2 weeks ago directly to my PayPal account. But when i checked my PayPal, my account was limited. I had to resolve my address verification issue to remove the limitation. I was kind of frustrated since I was so careless for not checking my PayPal account first. I withdrew every week and have not been to any issue, that was the 1st time, and hopefully the last. When i checked in my Odesk, the amount was already transferred, but i did not receive it in my PayPal account. So I assumed that it was because of my account being limited. So last night, I decided to process my PayPal verification. When I open my PayPal account just this morning, it was restored. The only problem is that I still have not receive my Odesk withdrawal. I withdrew it last March 21, 8:3am, Philippine Time, from Odesk to Paypal.
Any advice or ideas what is happening and if I still can receive my withdrawn amount?
Thanks,
Hey! thank’s for information. I have withdrew my paypal fund’s hope to have that on Wednesday.
helo po ng withdraw ako nung wednesday 8:00pm paypal- EON. more than 10k pero below 20 k ung amount my possibility ba na mgshow up saturday ung balance ko?
I have a quick question I withdrew some money from my pay pal account & transferred it to my bank account on Thursday. I’m hoping to get it Saturday morning is their any hope of that happening for me there are no holidays in between the time. Thanks
1st time ko sa paypal. what time usually pumapasok ung money sa odesk pra makawithdraw?
Hello,
I’m an online freelance and been using Paypal since December 2011 till up to date.
I use 2 different Philippine Banks as remittance:
1. RCBC MyWallet Visa Card
-I usually withdraw from Paypal on Saturday morning and the money usually arrived Tuesday 1pm (earliest) or Wednesday 1pm (latest). Thus observing of course Holidays. Watch it out.
PROS:
*only 10Pesos per loading
*can check your money online tru Bancnet or RCBC AccessOne
CONS
*highly unstable.
*unreliable
*New and not yet well-established
2. BDO Smartmoney Master Card
-Based on my experience, used it one time. I withdraw the money as usual during Saturday morning and money arrives Monday morning given no HOLIDAYS.
PROS:
*faster than RCBC
CONS:
*expensive 200Pesos per loading
Hope these help you online freelancers like me.
Many thanks and LORD Almighty God bless,
Thank you Ken!
Hi. Ken. I just got my RCBC MyWallet Visa card and want to withdraw my money in PayPal with it. Is it still highly unstable and unreliable?
In addition for Smartmoney, they will prompt you through SMS (Text) that your money already arrived.