[box type=”note”]Glenn Santos is a freelance writer and the man behind Memokitchen Copywriting.[/box]
While withdrawing money from oDesk has never been a problem for freelancers like me, getting your hard-earned cash can be quite difficult if you’re just starting out.
Between the account verifications and extra fees, withdrawal can get a bit frustrating for newbies. That is probably the reason oDesk rolled out Local Funds Transfers or LFT.
As a short primer, LFT gives Pinoy oDeskers a way to deposit their earnings direct to their bank account. No more middleman: oDesk’s own bank handles these transfers. I’m guessing they started this because of the recent troubles with PayPal like blocking access to Indian contractors and the sudden delay in funds retrieval some of our countrymen (including myself) have experienced.
Of course, this is just an additional way to procure your funds and you can still use any of the existing withdrawal methods like PayPal and Payoneer. If you’re like me, you may have wondered if switching to LFT is worth the trouble. To help you out, I conducted my own experiment on the new service.
The Experiment
I set out to compare my current payment method versus LFT. Right now, my transfer method of choice is sending funds from oDesk to PayPal and then withdraw it to my bank account with BPI.
For LFT, the process is pretty much the same but without the PayPal part. You will need a day or two though before LFT shows up as a payment method in your profile but it goes through without a hitch provided all the info you input is correct.
So, I initiated a transfer on the same day and roughly the same time using the two methods. I’m sure that as an oDesk-er, you already know that the best time to withdraw is during 8-9am (or 00-01am GMT) on Wednesday to get your funds before the weekend hits, which is what I did.
Fees
First off, let’s look at the fees. For easy conversion, I consider $1 equal to P45, a few pesos above the current rates.
oDesk’s Fee table$1 > free (if P7,000) > P150
oDesk charges $1 per transfer to PayPal and the latter doesn’t charge anything for bank transfers P7,000 worth (roughly $170-$175). On the bank’s end though, they might charge you for incoming foreign transfers, and in this case BPI charges me P150 for that. The total fee per withdrawal rings up to P195.
$1.99 > free
For the LFT, oDesk only charges $1.99 or around P90. BPI does not charge any fees because of their deal with oDesk, lucky for me. It might not be the case for other banks though. The second best banks you can use are Union Bank and Land Bank which charge only P50 for this transaction.
Fee-wise, it looks like oDesk’s LFT is a winner but of course that’s not the only factor to consider. If you use a bank that has lower fees, that might tip the scales towards the PayPal route. Feel free to share your experiences and info on the fees and I’ll update this post accordingly.
Exchange Rates
My second point of comparison is the exchange rate. It will probably make or break the decision for you since the rate has the greatest impact on the amount of pesos you will earn, especially for oDesk regulars.
PayPal’s Exchange Rate During My WithdrawalSince oDesk doesn’t show the actual exchange rate they use for a transfer and only the previous day’s rate, I couldn’t compare it off the bat. In contrast, PayPal shows you the rate they will use and you can decide then and there if it’s worth going ahead with the transfer or not.
PayPal Forex: P42.4681
*as per transaction logs
oDesk’s rate is not that much different from PayPal’s rate, which is a good thing since you won’t be tied to one or the other too much. From this transaction, oDesk is only 1.4% above PayPal’s rate.
Both exchange rates are dismal though compared to what you see in the papers. But that is a topic for some other time.
Remittance Speed
I withdrew both funds on February 16, as you can see from the image below.
My oDesk WithdrawaloDesk: 6 days
The PayPal transfer was fast as always, with the money appearing in my account the next day, February 17. oDesk’s LFT though was a bit slow. I got my funds pretty late, February 22. To be fair, oDesk did state that it would take 3-5 business days for the transaction to complete though PayPal says the same thing and always sends funds ahead of the deadline.
I’m also not sure whose business days they mean since a US business day is not the same as a local business day. oDesk to PayPal is always an instantaneous transfer, by the way, so that doesn’t really matter here.
Conclusion
The oDesk LFT withdrawal is the best option for those starting out their freelancing gig, especially for those who can wait. The first transfer is free and if you use BPI, there are no bank charges so you get your first paycheck in full.
It’s also attractive for newcomers to oDesk since all you really need is a bank account. No minimum withdrawal limits, no credit card verifications, no hoops to go through. Once you connect oDesk and your account, you can withdraw as much as you want, as often as you want.
If you’ve been freelancing for a while, the PayPal option is better especially if you tend to funnel payments for your other ventures into PayPal as well. Withdrawing to PayPal also contributes to the sales needed for a Merchant Account, which lowers your PayPal fees if you maintain a certain level of sales.
If a signifant amount of your other business is paid directly through PayPal, you’re better off continuing to use it. The fees are negligible compared to the speed of the transfers you get, a must if you want to keep paying your bills on time.
[box]Glenn Santos: I’ve been freelancing for several years now and I’ve been honing my skills and experience ever since. If you need some advice on how to be productive and get the best out of your freelancing career, let me help you out.[/box]
Hi Glenn,
This info is very helpful for Odeskers. You made a little booboo though on Odesk versus Paypal money transfer speed. I believe what you meant was Paypal, 1.5 days and Odesk, 6 days.
My take on this is that the LFT takes too long. Unacceptable. Good for those who can wait but not so for those who can’t.
I sure hope they make the funds transfer faster. If this happens, will you update us?
Thank you!
Thanks for the heads up Trish! Yes, we’ll surely update you if transfers do get faster but for not, I’m sticking to PayPal.
Hi, Mr. Glenn. I am a newbie in oDesk. Just got my first writing job today as a ghost writer. I do have a BPI Family Savings Bank account, but I believe I can’t use it to withdraw my money from my odesk account. I am going to open an account in BPI Express. I was trying to fill out the form for the LFT, and I got confused with the “address” part. Should I put my home address? Or the bank’s address? I don’t wanna make any mistakes, please do guide me, Mr. Glenn. Thank you.
Use the address connected to the account you just opened, which usually is your home address.
if the exchange rates are both dismal, then oDesk is lying about their “competitive rates”. kinda disappointing
I tried LFT once. It took around 5 days to finally appear in my BPI account while Paypal usually takes 2-3 days to transmit.
If I can add something to this blog post. I think you missed the Paypal calculation somehow. What is reflected in Paypal is what Paypal transferred to the local bank. But the local bank still deducts some amount from the Paypal amount around 200 or 300 pesos. So you need to take that into account.
Hi! I did take that into account, BPI charges P150 for incoming Paypal funds. They don’t charge anything else: what you see in Paypal – P150 = amount you get in BPI
I should have read this before I got sucked into that free-first-withdrawal buzz. After this one, I’m not using it anymore until I see a positive response from the community.
It does seem best to wait for a more positive review from users before using this withdrawal method. I personally haven’t tried it yet, but once I do I will definitely give my own thorough review over LFT.
I’d just like to thank Glenn Santos of MemoKitchen.com for taking the time to write about his experiences with both PayPal and LFT for The Freelance Pinoy. This article can be a great source of information for users who need a second opinion over which withdrawal method to use.
LFT is my choice. Sure it takes 5 days to reach me, but (1) I only withdraw once a month, and (2) I plan my expenses so it doesn’t really matter when it arrives as long as I’ve anticipated it. For example, I budget my February withdrawal to last until March 15. That means I would need to withdraw my funds on March 9. Based on the forum comments, LFT is definitely not an option for those who work $1/hr or less and need to withdraw every week.
Thanks for sharing Aleah! Sounds like LFT is really working for you. I was wondering though, would you suggest this to users who withdraw big amounts of money? Like say, 5 figures in earnings? Or is this a very risky move?
And I agree. For those working at rates below $3 at least, the $1.99 fee is going to be very painful for them.
It is practical for those who only withdraw once a month and/or for those who withdraw large sums of money from their accounts.
One other thing I learned is that if you use a remittance account, the bank doesn’t deduct the usual processing fee. I got my money (finally) and BDO didn’t deduct the P200 processing fee.
Hello!
How long did it take for your money to get into your BDO account? Mine hasn’t come yet, they said I can claim it on April 8 but today (april 9) I checked it but it hasn’t come yet.
Thank you for your reply.
Hi,
Steph, have you receive your money? I have the same situation as you.
Thanks
Lilli,
Since setting up LFT I’m able to receive my money for every withdrawal. Are you experiencing problems with LFT?
just a quick one. are ATM accounts viable for LFT?
Hi Nath! Yes, ATM accounts can be used for LFT. Mine was a savings/ATM account and my money came in hassle-free.
Hi stef,, I would like to ask if bdo cashcard is also valiable for LFT and paypal?
Hello Kevin, I’m not really sure as I’ve never used a BDO cash card before. I suggest a regular ATM/savings account just to be on the safe side. At least you’re sure that your funds will be deposited with the right account number and bank code.
same question here. I only have BDO cashcard but if this is not viable then I will be opening an account at BPI.
Hi Stef thanks for the information you share that ATM account can used to transfer my money from odesk? but i just want to clarify I mean I dont have an account in BPI cause i have not open yet but I have BPI ATM from my company can i use this? or I need to a personal savings account or what???? Your answers and advices is badly needed. tnx
Hi! Just want to answer your queries regarding atm’s. You need a personal atm savings account to withdraw your funds. =)
Hi, Glenn,
Thanks for this info.
I have already enrolled for oDesk direct withdrawal method but after reading this blog, I have a second thought of using it instead of Paypal.
I’ll surely use it if their system is perfectly working and is as fast as Paypal. Or if I’m not in a hurry of getting my money. At least, I have two better choices.
Hello Rey,
Thanks for commenting! I actually spoke with a representative from oDesk a couple of days ago and he said that they’ve made major improvements to the direct transfer method already. I myself gave it a try and really raved about how easy it was to use. You can read about my personal experience with LFT in this article. 🙂
But in any case, it’s good that you have 2 payment methods ready for use in case you need to withdraw. It’s way better than relying on 1 method alone, which is still subject to system errors and glitches.
A really good review. I’m glad I saw this article. I should go open a BPI account.
Just to add my experience:
Metrobank (savings) deducted P76 everytime, LFT or Paypal.
Contrary to others’ experience, LFT took 3 days and Paypal 4-5 days.
Since Paypal is free for withdrawals above P7,000, I’d go back to using it over LFT (for now).
Thanks April for commenting and for sharing info on withdrawals to a Metrobank account. Re PayPal’s “free for P7000”, I guess you can say that’s 1 fee down, the other one to go (low exchange rate due to their processing fees). 😉
Stef, I just learned from an oDesk resource that they did update their withdrawals help page for Philippines:
Your bank may charge you an incoming remittance fee. oDesk does not earn any part of this fee. Please consult your bank about possible incoming remittance fees. Below is a list of estimated incoming remittance fees, as of December 2010. These are subject to change, so please contact your bank for the latest fee information.
Because of our banking relationships, there are reduced fees for the following banks:
Bank of Philippine Islands customers will not be charged any incoming remittance fees.
Union Bank customers will be charged a reduced incoming remittance fee of 50 Pesos.
Other banks’ estimated incoming remittance fees per transaction, as of December 2010:
BDO: 200 Pesos
Metrobank: 76.70 Pesos
China Bank: 200 Pesos
RCBC: 100 Pesos
Land Bank: 50 Pesos
PNB: 250 Pesos
Source: http://www.odesk.com/help/help/payments/payment_methods/withdrawals_tab/philippines
The same resource also suggested I post my LFT comment here: http://www.odesk.com/community/node/14800?page=8
I suggested they waive fees too, like Paypal, if an amount has been met. 😀 Far-fetched but who knows?!
Nice! At least users will now know just how much will be deducted from their earnings if they use LFT to withdraw to a particular bank.
Your idea sounds great! I also suggested that the $1.99 withdrawal fee would be reduced to at least $1 similar to PayPal, because people who need to withdraw once every week, 2 weeks, or month might find this particular fee painful to the pocket. 🙂
Let’s see if they’ll hear and answer our prayers hehe.
hi! just wanna ask. im a newbie in odesk and i enrolled my metrobank ATM in LFT. a little bit confused, i have my own savings in that atm & usually my sister send money into it. since it has been enrolled already in LFT would they still charge me the $1.99 once i make some withdrawals though the money doesnt come from odesk? thanks!
Hello Joy and thanks for visiting the blog. LOL no I don’t think they’ll charge $1.99 for deposits outside of oDesk. 😛
ah ok..thanks for enlightening me. your blog is a big help. godbless!
No problem Joy and I’m glad you find The Freelance Pinoy helpful to you. God bless as well!
Hi all! Great post! It’s my first time to withdraw from oDesk using the LFT and it’s the 5th day today and guess what, I still haven’t received the money i withdrew! so freakin’ slow and it’s kinda frustrating waiting for too long. I’d rather use paypal and pay for the extra charges because I’m sure to receive my money the following day. Though, hopefully oDesk will be able to work things out. *sigh*..still waiting for my money….
Hi fath and thanks for sharing your experiences. I’m sorry to hear that you haven’t received your money yet. Were all of your bank account details correct? Usually a misspelling or a missing or incorrect number in your bank account number could be the reason why there’s a delay with your withdrawal. You can also contact oDesk customer support to check if the transaction was correct and successful.
As for PayPal, I would agree that it’s a much faster withdrawal method if you need to withdraw your money regularly. But for those who can wait till their earnings reach a certain amount, both LFT and PayPal are all right to use.
Let us know if you received your money. Good luck!
Thank you for this post. Very helpful for first time odesker like me.
No problem Carlo. 🙂
hello
I have a quick question. oDesk says withdrawals through LFT will only take 2-3 business days. How true is it? Also, lately Paypal is taking too long to get the money to my bank account. I usually get it before the weekend until recently. In the past couple of weeks, I withdraw money wed morning but it’s not available until Tuesday the following week. Is this just me or this is happening to other contractors as well?
Hi joan, I’m not sure what you mean by “how true is it?” since many contractors including myself have testified that it does usually take 2-3 business days for the money to come in. As for PayPal taking too long, it would be best to contact PayPal customer support regarding that issue. They’re the best people who can tell you what’s causing the delay, if there really is one.
Hi Glen can you help me please what to do about my withdrawal, it seem I’ve put a wrong account number in my LFT because until now I don’t received my funds to my bank.
Hey guys, which one is better in terms of exchange rate/fees Paypal to Unionbank EON or oDesk to LFT (BPI)?
yung sa Unionbank 3 times lang yung free ATM withdrawal per month, not sure with BPI…
LFT vs Paypal
Hi Guys!
I have both tried and tested LFT and Paypal withdrawal options and I hope this helps. When you take out a huge sum of money, say $300-$2000 off Odesk, it is best to take out the money via Paypal. As many here have pointed out, the difference between the exchange rates of LFT and Paypal are dismal (i.e. PHP 0.20), but you really are left blind with the exchange rates until the actual day the transfer is made via LFT.
So if the dollar decreases in value 3-5 days after you withdraw the money from Odesk(WHICH IT NORMALLY DOES), you really lose more with LFT. It is more a gamble to do it with LFT. I experienced rates with LFT going down PHP0.40 from the exchange rate it says in Odesk. For instance, LFT may say the current rate is PHP42.70 (for Paypal = PHP42.60), but days later, Odesk will confirm that the rate is PHP 42.30. You basically lose P300+ out of your $1000. I don’t know about you, but this is HUGE – tantamount to paying Odesk around P400 just for this transfer.
That said, Paypal wins for me. There’s a lot of verification processes (with your bank and credit card) initially but the benefits are greater in the long run.
Nakaka inis na kasi yung Unionbank eh, pumapangit sa customer service nila kaya balak ko pa cut-off nalang yung EON. Tapos LFT nalang thru BPI, since may BPI acct. naman ako. I’m using EON to withdraw my funds from Paypal. Paano ba pag Paypal-credit card?
Do you mean a credit card under the PayPal brand? Not possible to get one locally. Or if you mean PayPal to credit card, that can work.
If you go over the limit (meaning you have a debit balance instead of a credit on the card), it will be used to pay when your next due date comes.
It’s better to just withdraw funds through BPI in my opinion.
hello sir.
i practically new to paypal phil. a friend of mine sent a small amount, in USD, to my account. i was trying to withdraw the amount to my savings account at bdo but i could not. there is a prompt that says “amount to be withdrawn is bigger/higher than the limit”. the limit says 0.0 and a link beside it that says “click link to lift the limit”. after clicking the link, paypal page is asking for my credit card details.
i don’t have a credit card and i already registered my bdo savings account in paypal.
i hope you can help me sir.
thank you.
Gb!
randy
Hi Randy,
Yup, you need a credit card to lift that limit. PayPal has no other workaround to verify credit standings internationally, unfortunately, so you need the CC to lift the limit.
hello sir.
thank you for replying. i have a follow-up question, if you won’t mind.
after googling, i read from forums/blogs that debit cards/atm cards can be used as well. as long as the atm card has the visa logo.
are you aware of this?
Gb!
randy
Yes but you need a card that goes through a credit investigation to lift the rate. AFAIK, only a credit card goes through that here in the PH. You might want to ask the bank themselves though.
Hi,
I would like to ask if would there be any problem if i use my husband’s bpi account for LFT on odesk?
thank you!
I suggest you just get your own bank account to have fewer problems if and when oDesk reviews your payment methods
Yeah, that’s what Ive been thinking about. So, if I’ll just pile up my dollars on oDesk and not withdraw it in the meantime while I get my own BPI account, would that be okay?
Thanks for the reply.
Yeah that would work. oDesk doesn’t care how long the money stays with them but of course, you are the one losing out by keeping your money locked up.
I just earned my first $20 and I’d like to withdraw them if it reached first $100 so I could really appreciate it. Still have a way to go I think, but im so glad to have landed my first gig last saturday When I only made my profile last saturday also! So cool! I so love Odesk.
Thanks, Glenn!!
i’m about to open an acct at BPI just for this ODesk thing payout. I’d like then to know please if I should open an acct at BPI Family Bank or BPI Commercial Bank. Thank you so much.
Just open at the branch nearest you. If you have an option, open an account with the non-Family BPI. Ask for the Easy Saver account.
ampf. glenn nag odesk ka pala. haiz huli ko na nabasa tong comparison mo. tinry ko yung LFT. awts. 6 days??? B.S!!!
Good to see you here!
Regards,
Very helpful post Glenn. I’ll keep this in mind. Thanks.
but wait, 3 days rin sila. pareho lang ng paypal. nag improve ba ang LFT?
i believe nagimprove na ang LFT. Kapag nagwithdraw ako ng wednesday afternoon, usually by Friday night, nasa account ko na.
Hello, yup. Ano bank ang gamit mo? Sa unionbank ganoon ang LFT eh.. I am not sure kung Ganoon din sa BPI kasi BPI na gamit ko now kasi walang charge ang incoming remittance.
I’m using paypal (verified account) for almost 3 years now.. so far I’ve never encounter any problems from paypal to BPI transfer.. It only takes 2-4 days of tranfer.. for me paypal far more the best than Odesk.. they just need to get your paypal acount verified for security purposes.. to get verified instantly without any big cost to you, I suggest you may use SMARTMONEY with atleast 100 pesos.. Just 3 mins, you’ll get verified…
Hello,
I am a new Odesk user. I withdrawn my earnings thru LFT last Feb 18. Until now, I haven’t receive my money. Upon checking my account no, I have entered my atm card no instead the bank account no. How long it will take my money to be returned in my odesk account? Its more than a hundred dollar. I’m very sad.
Thanks,
Olive
ok na. bumalik din siya sa account after 7 days… so happy…nakawithdraw na rin ako thru LFT-BPI account.
Thanks!
parehas tayo. Kanena nag try aq mag withdraw tapos ATM card number nailagay ko instead of account number. tskk china trust yung bank q(USSC card ng western union). Sana nga bumalik yung money sa wallet q..huhu.. I’m little worried.
ate anu ngyari nung ni link mo ung card mo sa ussc bumalik pera mo? or na send sa card mo?
odesk LFT sucks!erhh I withdrew my fund last march 21 2012 and the delivery date is supposed to be march 26, 2012 but still, I haven’t receive my money, I always used to withdraw my funds in odesk LFT, before when I withdrew my funds on Wednesday I received my money the following Friday, This is my second time having an issue with the odesk LFT and I think I’ll switch to Paypal on my next withdraw.
hi glenn,i”ve red your blog and just want to ask kung makukuha ko pa ba yung pera ko from my odesk?kasi yung inenter ko na number is my eon account number?makukuha ko ba ang sweldo ko sa atm or babalik ba sa odesk ko?
Note to Glenn:
Glenn, this is also a dilemma of mine. I am ‘extremely’ doubtful kung anong home address ang attached sa aking bank account. I moved like 3 times and I don’t know which of those home addresses is linked to my bank account. But I’m certain that my bank account number, name, and bank name are all correct. If Odesk cannot locate me or my account, what happens to my money?
Hi. I’m an Odesk newbie, and I’m wondering if this also applies to BPI Family Savings accounts?
This is really helpful for me. Thanks
Hello, just want to ask if it’s okay to set up a BPI dollar account for LFT on odesk? or dapat peso account lang po? thank you!
Yes, you can only use peso accounts on LFT.
this is also my question. I prefer to receive it in US dollar currency. Exchange rate is higher to black markets instead of the exchange rate in odesk -is like even 1 dollar lesser and that’s huge when converted. How will I receive it in dollar.
i don’t use credit also..unionbank –would that be an option..anyone who can give a high context answer pls. really thanks
Tanung ko lang po kung pwede gamitin yung savings account number ng landbank atm sa odesk. d ko pa kasi naayos kasi di ko masyado magets yung process. And ok lng ba na mag apply na ng jobs kahit wala pang naayos na withdrawal method sa odesk? Salamat po
Ako rin sir. tanong ko lang kung bakit sabi sa odesk hndi pwede ung number na nakalagay sa atm card? kase diba andun na ung account number at card number?
Salamat
Hi Rej. Yung ATM card number which is usually 15-16 digits long is not your bank account number. You can ask your bank kung anong bank account number ang kadikit ng ATM mo. Just show them your card.
pwdi bah hamitin ang USSC Card sa pag wiwithdraw ng payment galing sa odesk? ang USSC card ay sa western union cia under, which is under sa china trust.. pag nag babalance nga aqu sa laman ng ATM q sa chinatrust na website aq nag lolog in. China trust ay isa sa credited na bank ng odesk dto sa philippines
Hi Glenn/All,
I’m new on odesk. Meron akong BPI Express Teller International pwede ko bang gamitin ito sa pag widraw ng pera
using LFT? Merong logo ng Cirrus, express net at itong letter “P” na pula sa back part.
Magagamit ko po ba itong BPI card ko sa paypal? Kahit wlang logo nga paypal? Or should I make new account?
Last na to e-coconfirm ko pa ba about the taxpayer status?
Salamat po hihintayin ko po sagot mo/niyo..
lft yes..paypay no..paypal accepts visa or master..usually debit/creditcards
Greetings to all. This post is so helpful especially yung mga newbies sa oDesk like me. Nabigyan talaga ako ng idea at info. Plano ko rin mg-open ng bank account na Savings Account with ATM Access sa Landbank. Meron na ba dito nka-try nito. Gusto ko lang malaman kung ok lang ba kung ganitong account ang gamit ko.
Hi Gabriel,
Ask ko lng, natuloy ba ung pag gamit mo ng landbank as LFT in ODesk? Ilan days po inabot ng pagtransfer ng funds?
Hello Patricia,
Meron na akong LandBank Savings Account ngayon at ito ginagamit ko for transferring my funds from odesk. So far maayos naman yung pagtransfer ko from odesk to Landbank account ko. The funds will arrive after 3 business days. Example, ngtransfer ako ng pera ng Tuesday from odesk and then meron kang matatanggap na email na confirmation sa iyong withdrawal, pag dating ng gabi meron na namang email from odesk na nagsasabi na pina-process na nila ung withdrawal mo. Then Friday, dumating na pera ko. Ang deduction ng odesk is $0.99 and sa LandBank is P100. Ito ginagamit ko for 8 months and until now. Hope nakatulong ako. Good Luck!
I love you, Glenn! I’ve been searching and asking people around for this info. Super salamat!
Can i use my union eon card for lft?
tanong ko lang po, pwede ba gamitin yung eon ko sa LFT?
Thanks
Has anything changed? Because my BPI Direct Savings account has been charged 150pesoses remittance fee when I used it for LFT. I thought it was free? This is saddening because I closed my BDO just to avoid that 200peso chop.
hi. iniisip ko din mag close account sa BPI Family Savings account ko kasi nacharge din ako eh.
sino pa po may alam ng banks na mas mababa ang fees pag magwwithdraw?
thanks.
Hi
i had i withdrawal on LFT using my RCBC Savings Bank acct because has BPI brought me some problem in withrawing my remittances. i just realized that there might have a problem if there is a difference in RCBC that is listed on the list of Odesk that may use in LFT and RCBC Savings Bank.
Hope this will not be a problem again or else i need to wait again many days to get my refund and open another bank account.
thanks
Hi,
It is my first time withdrawing into my BPI account. oDesk sent me a message expected date for the money to be available in the bank is December 06. But I waited until December 10 and it didn’t came through. Last December 11, it was reversed and my money was sent back into my oDesk account. I’m wondering now should I enter the account number itself on the box that says “account number” or should I put there the account number of the card. My account number was 1819-0061-87. And that is what I entered into the box but without dash in it. If you have any idea on how to input BPI account number on oDesk LFT. Let me know please. Thanks!
Hi Cristina,
you have to enter your actual account number in the account number box. I think for BPI, it’s the number at the back of the card. And a little bit of Advice, next time po, dont include your bank information here or anywhere else. Sa dami po ng scammers ngaun, they might take advantage f your information.
If it still doesnt work, try contacting BPI regarding your bank account. Also, it is possible na kaya po nareverse ung fund mo iis because of name mismatch. Kialngan po magmatch ng name mo sa bank account and Odesk.. up to the last initial.
Thanks for this!!
Hi I am a newbie in odesk. This blog is very helpful. I have a few concerns. Since I am a newbie and clueless until I have read this article. I have enrolled my Security bank which I used from my previous company payroll. Is this okay. I have not opened a personal account from bpi yet. Please advise
So long as it is recognizable to oDesk’s payment system, there shouldn’t be a problem. There’s always Customer Support for confirmation.
Hi everyone!
This post is really helpful. I decided to use LFT as a payment method to withdraw my funds on odesk. But I was wondering, what’s the best bank?
I tried BPI, but I can’t pass the requirements, they said they need either SSS, driver’s license, NBI, and other government issued IDs that I don’t have yet. I wish to open an account asap, and was wondering which one’s the fastest and of course affordable, if possible.
Since BPi is not availale for me, I will try chinabank because I can use this method to pay for school fees. But I wonder what do you call the account I should open on chinabank that has lower initial deposit? Do you have any idea?
Thank you very much.
BPI is my #1 choice + it’s recommended by oDesk. I know that they accept student IDs w/ the enrollment assessment form (if you are one) to open a bank account. You can always call the bank to ask what your options are.
Unfortunately I don’t have any info regarding your question re: Chinabank.
I want to transfer 100 USD from odesk via paypal. If i transfer money to odesk what would odesk fees and also how much paypal charge for this transaction. My bank account is in india.
I am confuse a lot between who is the best cheapest way of money transfer.
Thanks
Hi. Is the minimum Amount to be withdrawn at Odesk suppose to be $100?
Hi everyone, i got my first payment from odesk and i did used my landbank account, i wonder how many days will my funds be available in my bank account?pls pls help…
Now LFT takes 1-3 days based on my experience. One time I withdrew on a Wednesday and it got credited the next day.
Now my problem is that the exchange rate is Php 45.17 to one dollar but LFT show 44.21. I have been checking the rates for 2 days now and they never seem to update. Does this mean oDesk is deducting .99 to every dollar I earn?
And this is after the got 10% from every hour I worked. Isn’t that too much?
i used bdo cash card as payment option, up until now i did not received payment yet though i already transferred it..so can we say that we cannot used bdo cash card for odesk LFT? please help.
Hi there!
I’m planning to withdraw my earnings this week through LFT, is it possible to see first the USD/PHP exchange rate of oDesk to Unionbank before I proceed on transferring the money?
One last question.. 🙂 If I withdraw my funds through LFT (oDesk to Unionbank), the charges would be $1.99 from oDesk, and another PHP50 from Unionbank, am I right?
Hi Chris,
To answer your questions:
1. You’ll only see oDesk’s exchange rate, and unless Unionbank deducts a fee when using LFT to transfer, the final amount indicated in the confirmation email is what you’ll receive.
2. The tutorial was written when LFT was still in its early stage. Now they charge $0.99 for every withdrawal.