The Freelance Pinoy

Expert Advice for Freelancers

How to Choose the Right Freelancing Marketplace

by

http://youtu.be/vaHqB6K3QGk

Can I just say that making and publishing this slideshow video has and is making me jittery?

But setting the nerves aside, it’s great to be back after a month-long break and to have this new post up on the blog.

These days, I’ve been listening to and spotting several freelancing marketplaces for Pinoy freelancers apart from big names like oDesk, Elance, and Freelancer.ph. This video aims to help new freelancers in selecting the best freelancing marketplace when searching for jobs.

Let me know what you think of the video and if I should continue using my voice when sharing my tips and ideas with you. 😉

Download: Transcript in PDF

The Best Times to Withdraw Your Funds via PayPal and oDesk Local Funds Transfer

by

conversion rates featured

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

warning stop signDelays 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!

>> BACK TO TABLE OF CONTENTS <<

10 Common PayPal and LFT Questions – Answered!

by

conversion rates featured

Although we’ve covered the basic set-ups for both withdrawal options, I think it’s best to bring up 10 of the most common PayPal and LFT questions and answer them one by one.

  1. Is BPI Express similar to BPI Family Savings Bank?

    BPI Express is not similar to BPI Family Savings. The latter is a subsidiary of BPI, so try not to mix the two up. I suggest BPI Express since I’ve been a client for 3 straight years and had no problems with them for both withdrawal options.

  2. What is a BRSTN code?  What is a bank code?

    A BRSTN code is a Bank Routing Symbol Transit Number, otherwise known as the bank codes that we use for PayPal.

    If you need the BRSTN code for LFT, you can either refer to this list or enter the name of your bank when adding an LFT account. oDesk will automatically detect its correct BRSTN code.

  3. For Unionbank EON users, which one is the card number and the account number?  What number should I use to withdraw?

    EON card number and account number

    Use the account number when adding your bank account details for PayPal or LFT.

  4. Why haven’t I received my money yet? It’s been 3 days!

    PayPal takes about 1-2 days while the improved PHP Local Funds Transfer takes 2-3 days to deposit funds to your bank account.

    Withdrawals from PayPal or LFT can be delayed for several reasons, particularly holidays and non-banking days. If your funds haven’t arrived yet, check your calendar to see if you withdrew on a day that’s close to a US/Philippine holiday or a weekend.

  5. I just added a withdrawal method on oDesk. Its status is currently inactive. How long will it take till it is active and ready?

    After adding a new withdrawal method on oDesk (PayPal or LFT), you need to wait for about four (4) banking days till you can use it.

  6. I don’t have a bank account, but my sister/dad/mom/aunt/second cousin does. Can I use that instead?

    oDesk has released a new policy last July 21 that requires your bank account name to be exactly the same as the name in your verified oDesk account. This means you can’t use your family member’s bank accounts any longer to withdraw using LFT. According to oDesk,

    …in compliance with anti-money laundering regulations, we will only be able to send payments to bank accounts that are owned by the oDesk contractor who performed the work and earned the payment.

  7. “The amount you are trying to withdraw is greater than your withdrawal limit. Please link and confirm a debit or credit card to lift this limit.” Why do I keep getting this message? What does it mean?

    This message means you did not successfully verify your PayPal account. Unverified accounts can’t withdraw funds to a bank account, so you’ll have to complete the process first before anything else. Check out How to Verify Your Philippine PayPal Account for more information.

  8. Is it possible to transfer funds even if my PayPal account is unverified?

    Nope, it isn’t.

    9. Photo credit to ugaldew

  9. What can I use to verify my PayPal account?

    A Visa or Mastercard credit or debit card. You can either open a credit account at your bank of choice or use Unionbank’s EON debit card. Check out How to Withdraw from PayPal to Unionbank EON for more information.

  10. My money was refunded to my account. Why is this so?

    The most common reason is because of inaccurate bank account information. Make sure that your name is exactly the same as what is in your PayPal or LFT account, as well as your bank account number, bank name, and BRSTN code.

    If everything seems to be correct and your money still hasn’t arrived, contact oDesk customer support, PayPal customer support, or both. They’re the best people to turn to for technical problems.

>> BACK TO TABLE OF CONTENTS <<