In a nutshell, Local Funds Transfer allows you to withdraw your oDesk earnings directly to your bank account, saving you from using more expensive payment methods like PayPal or Payoneer.
Adding the Local Funds Transfer payment method is definitely easy. All you gotta do is use your bank’s BRSTN code (these codes are PayPal’s bank codes), your exact bank account name, account number, address, and country. Since we’re Pinoys working on oDesk, we’re to use the Philippine LFT payment method.
But I do encourage you to double or triple check your bank information before clicking on the yellow button to continue. Many delays and transfer errors usually sprout from a misspelling or missing number, so avoid making mistakes when entering your bank info, particularly your bank account name and bank account number.
The Actual Withdrawal
This is just a sample screenshot. Don't mind the amounts shown.
With enough money ready for transfer, I visited the Withdrawals section of my Financial Activity and began the process on March 15, a Tuesday. Since this is my first time using LFT, the $1.99 fee is waived and the transaction free.
I selected Local Funds Transfer as my withdrawal method, clicked on Available Balance to withdraw the entire amount, and reviewed the amount that I was going to receive in 3-5 business days. Once everything is correct, I said a little prayer for good luck and clicked Withdraw.
Note: Below the exchange rate a small reminder that the exchange rate to be implemented for your withdrawal will be the rate on the next business day. So even if the exchange rate says 42.50 or higher, expect the rate used to be tomorrow’s exchange rate.
The Final Result
Here’s where the good part comes in: the result of the Local Funds Transfer. What do I think of it? Absolutely easy and hassle-free!
I had 4,000 pesos in this account prior to the withdrawal, BTW.
I withdrew my money Tuesday, March 15 an hour or two before noon. I then received it today, March 18, after checking my account around 11:04 AM.
So that’s 3 days for the transfer, which is more or less close to how fast PayPal would send my earnings to my bank account. And since I use a BPI Express savings account, there was no deduction for remittance unlike that nasty P150 fee from PayPal withdrawals.
As for the exchange rate, it was more or less 43.00746 to $1 which is actually pretty good. I’d normally get an exchange rate of about 42.30 if I had withdrawn from PayPal, which was really low for me. Pinoy freelancers on oDesk won’t have to worry about how high the rates are so long as it doesn’t plummet on the next business day after making the transfer.
My LFT Conclusion
I really was nervous about using Local Funds Transfer for my withdrawals, but after this first successful transfer I can finally breathe easy whenever I need to use it to withdraw to my bank account. It’s cheaper, hassle-free, and extremely easy to use that many Pinoy freelancers won’t have to put all of their eggs in one basket anymore (ahem!).
To recap, here are a couple of reminders and tips to make your Local Funds transfers smooth and easy:
- Make sure your bank account name, bank account number, BRSTN or bank code, address, and country is 100% correct.
- To lessen the $1.99 pain, withdraw when you have a big amount of money credited to your oDesk account. 3-4 figures should be okay.
- The exchange rate used is always the rate of the next business day after making the withdrawal.
- Withdraw either Monday or Tuesday to receive your money in at least 3 days. Expect longer if there are US holidays in between days.
- Use a BPI Express savings/ATM account if you want to receive your money in full. It’s only P500 to open, plus bank has agreed to waive their remittance fees for transfers from oDesk.
- Be patient and don’t worry too much. If you have any questions or concerns, just contact oDesk customer support for help.
Even since EFT was introduced (in India) by oDesk, I’ve using it for all my withdrawals. As a person who has used all other methods of withdrawals, I always find this convenient so far. May be, it just suits me. 🙂 Great post for anyone who is searching for in-depth information about EFT.
Thanks Pothi for the comment! As the writer for TFP and a fellow oDesk freelancer, I felt that it was important to give others more insight on how LFT works and what they can do to make the entire process easy.
How long does LFT normally take for Indian users? Would love to hear what it’s like. 🙂
For me, I receive the funds exactly on 4th working day. Most others usually get it around this time too. Oh, there are some who got their funds reversed too. 🙂
Nice! Whoa, wait, reversed? What do you mean by that? 😛
Hello,
What is remittance fee ?? I am from india and want to withdraw using LFT.
So only $1.99 + conversion charges only applied to me ?
I want to withdraw it to my local bankwill they charge me anything ?
Thanks,
love
Ask your local bank about how much remittance fee they will charge you. It depends on the bank. This blog is about the experience of him from Philippines.
I only withdraw once a month thru LFT and it’s okay for me. If you received it in 3 days, you got lucky! I received it in 5 banking days using LandBank. (PS Do you really think it’s a good idea to show your bank slip or the amount? I’m paranoid about stuff like that.)
Hi Aleah! Hmm, maybe. I sincerely hope that the 3-day duration maintains though. It’s always nice to get your money in just a short span of time. Could it be the choice of bank? 🙂
Oh, about the bank slip, I’m actually still looking for a good free image software to use on the Mac that has the blur feature, so till then so long as my bank account number and location is kept secret, I’m not that worried.
Doesn’t iPhoto have the blur feature? Great post by the way. Thanks for the info. I just started getting my contractor profile up at oDesk. Wish me luck!
No problem RJ! The best of luck to you and to your career on oDesk! 🙂
Re iPhoto, not sure really. I haven’t gotten around to learning the application yet.
Hi Stephanie,
Great article! Thank you for posting it 🙂 Seems like LFT is *hopefully* getting better. But I noticed your sample screenshot (the amount to be withdrawn) does not correspond to the amount you actually received? $148.01 is not equal to P67,000++? Or is this just an example? Was thinking it could have been better if you posted screenshots of your actual first withdrawal so there are no discrepancies (i.e, the amounts, the time and date, etc)and that we could see the actual results 🙂
Thanks!
Hi odesker! Thank you so much for your feedback. The first screenshot is just an example to show readers what panel displays when you’re about to withdraw using LFT. I wasn’t able to take a screenshot for my actual withdrawal, so I think I’ll have to edit this one for more clarity. If necessary, I’ll update the post with screenshots of my 2nd withdrawal. Thanks again! 🙂
Thanks Stef! It appears that BPI is the right bank for LFT which is very nice though mine is Metrobank and i don’t know how much they charge.:( Also, I heard Unionbank and Landbank charges 50 pesos for it.
Hi Nath! Well if you ever do decide to withdraw your earnings to Metrobank, let us know if they deducted any remittance fee so that readers who use Metrobank accounts to withdraw will be informed about it already. 🙂 And yes, Unionbank does charge P50 but for Landbank, someone in the forums mentioned them deducting P100.
Hi! I would like to ask if you use the BPI Express (blue) card? Or can I use the BPI Express Cash Card too?
Hi sweetlady! I used the blue BPI Express card. I’m not sure if the cash card will work, but if the bank says it’s a savings account then you can give it a try. 🙂
Hi Stef G,
Can you also post a screenshot of the blue BPI Express card you were referring? I have already opened an oDesk account but couldn’t find a job yet without having a verified bank in my account. I was trying to get an account in Unionbank but they’re asking for too many government IDs which I currently don’t have. Your prompt response will surely be appreciated. 🙂
Hello Lyn,
This isn’t my card, but it’s the BPI Express savings account that I am referring to. 🙂
BPI express cash is accepted in the LFT. though it takes at 3 days before you can get it.
Woah this post is helpful 🙂 In the past months I’m not so sure if I’ll use LFT; setting up the account is stressful for me, I keep on checking the number if I entered it correctly and some of my non oDesk clients are paying directly to my Paypal account. But maybe this month I will try it, the exchange rate is pretty good. 🙂
Hi Je and thanks for the comment! Go ahead and try LFT out, even for just a couple hundred dollars. It’s actually a neat payment method to use, especially when you follow the tips I suggested at the bottom of the post. 🙂
Hi Stef,
Again, thank you, I appreciate your immediate response.
I have already inquire you before about using my sister’s BPI account but I have my EON account now and I’m satisfied with it. I’m an oDesk newbie and I don’t earn much as of now. I would usually withdraw my money on Wednesday and expect it to have arrived before Saturday; but if I use LFT, I would probably received it on the other week, isn’t it?
Thanks a million.
No problem! Wednesday withdrawals will most likely arrive next week, if I’m not mistaken, since you have to consider the 3-5 business days needed to complete the transaction. This is why I encourage Pinoy freelancers using LFT to withdraw on Monday or Tuesday so that the money will arrive within the week. 🙂
I’ve also tried it the second time around and I received my money on the third day. It seems they’re really doing a great job with this. The only thing I hope they’ll change now is the exchange rate system. It’s very pointless that they display the current rate, and then use the next day’s rate. Other than that, it’s going pretty good now.
Hi bloodytom! Good to hear from you again. 🙂 I actually wondered why oDesk chooses to use next day’s rate. Maybe their direct transfer system isn’t designed to apply the exchange rate of the day the withdrawal was made yet. Hopefully, they’ll update their direct transfer system to make it even more convenient for us Pinoy freelancers.
Hi Stef!
Long time no see!~
Do you happen to have any idea RE: how long it takes for oDesk-to-UnionbankEON LFTs to clear?
P.S. I read “Bacolod” in the receipt. I envy you. Y_Y
Hi RJ! It’s been a while. 🙂
I went through some of the pages of the community forums and many claim that if you withdraw your earnings on Wednesday, you’ll get it in 3 days’ time (more or less Friday).
Re: Bacolod, why so? Are you from Bacolod? 🙂
Oh, so it’s slower than via Odesk-to-Paypal-to-EON (which usually takes less than 36 hours)
P.S. No but I’ve always wanted to visit that place. :-
Yup, but as a BPI user, it’s a whole lot cheaper than oDesk-PayPal-bank. 🙂
I’m sorry if this is irrelevant or something but… is there any way that I can check if the bank already received the money?
Also, can I have a paypal account even if I don’t have a credit card?
PS: I registered my BDO remit account for the LFT.
Hi Sean,
For inquiries not related to the post, you can always use the blog’s contact form. Just head over to the top right part of the site and click on “Contact“.
To answer your questions, it depends on your bank. If they have a site where you can check your funds online, you can do that. Like for BPI users, they can log on to bpiexpressonline.com and check their transaction history online. This helps us determine which transaction is a remittance or not. Since you’re a BDO user, you can ask if you can register your BDO account to their website.
Hi stef.. I am planning to open BPI on monday but before i do that i wanna make sure I am doing the right thing
is that BPI island?
also is that the express teller?
cause I saw a Bpinoy option and i was wondering if i open from there they wont charge me
Cause I tried with BDO the charge was way just too much for an Odesk starter
thank you and i will appreciate a response 🙂
Hi nabi and thanks for visiting the blog! Not sure what your question is, but Just visit any Bank of the Philippine Islands branch (go for BPI Express because that’s easier to access) and open an ATM account there. You won’t get charged for any money withdrawn. 🙂 Hope this helps!
How much is the initial deposit?
Thank you
P500 to open an ATM account. You can contact BPI customer service for more information about it.
hello stef,,,hope u can help me by this:
* is that true BPI opening is only 500 pesos? (just to make sure)
*Is that a visa?
* is that okay to connect paypal and BPI atm? (for my odesk)
*do u know what requirements BPI needs to have an ATM?
I hope you can help me stef,, i really need to have a BPI atm
Hello, Kimverly!
Hope this helps!
thanx stef 🙂 will open an account on monday 🙂
Hi. Ive opened an account through bank of commerce and linked it through local funds transfer. do you think this bank is a good choice?
Thanks!
Hi Krizia and thanks for dropping by! I’m afraid I can’t answer that question since I’ve never used Bank of Commerce before. But as long as you have its BRSTN number then withdrawing your funds using LFT shouldn’t be a problem. Let us know how it turns out! 🙂
Hi Stef. It went well. In three days, I received my compensation, and Bank of Commerce didn’t deduct any fees. Thank God and thank you for this article. All the best 🙂
That’s great! I’m glad to hear that it went well and that Bank of Commerce didn’t deduct any remittance fees. You’re very welcome. 🙂
Hello, I would like to ask if the Bank of Commerce don’t deduct any fees from oDesk until now.
im kinda confused about what particular BPI card your using.. im sorry..
are you using BPI Express Teller savings account (the blue one) ??.. or if not
can you tell me (if you don”t mind ^_^) what exaclty it is.. coz’ Im planning to open an account in BPI. Thanks!
and oh! this article is soooo helpful!! actually your entire blog! i love reading all your articles..
Hi Eds! I’m using BPI Express Teller, so it’s the blue card.
I’m glad the blog’s been very helpful to you. Let me know if you have any other questions. 🙂
Hi Stef. Will it matter if I used my BPI Family savings account? This is the only one I have. I’m afraid that the Bank of the Philippine Islands and BPI Family might be two different subsidiaries. Hope you can help with this.
Hi Sean,
You’ll have to use the unique BRSTN code of BPI Family Savings. From what I heard, it’s different from the BPI Express BRSTN code, which is the bank oDesk partnered with. I’m not sure what the code is though, so try contacting the bank as soon as you can so that you can use LFT for your oDesk transactions.
Hope this helps! 🙂
Hi,
You mentioned that in order to receive the money in full you have to apply for the BPI Express Savings. Does BPI Express Teller International work as well? I just picked up mine at the bank and I did not pay anything for it.
Hi Juna,
Actually, BPI Express Teller International is BPI Express Savings. I’m not sure what you mean by “not pay anything for it” though, since you have to pay P500 to open an account.
I opened the account with BPI Direct Online. When I picked it up after a week in a BPI Bank near me, I was not requested to pay 500 or 250. I don’t know why. I even asked the teller if I have to pay but she said no everything’s okay.
Maybe opening an account online using BPI Direct won’t require an initial deposit.
Hi Stef,
I am very happy to have found this article of yours. I am new to oDesk and like most contractors from Philippines I got confused with oDesk’s Local Funds Transfer Instruction (particularly #4). It says “Enter your Account Number. Do NOT use your EON, ATM, or debit card number.”
> I thought it means I can’t use my BPI express teller account to withdraw my earnings, but it actually means “do not enter the CARD NUMBER”.
I should have read the instructions carefully at first.
If not because of this article I could have stopped working at oDesk due to frustration.
Thank you very much!!! 🙂
Glad to hear that Elizabeth! A lot of people make that mistake actually (entering the card number), so you’re not alone. I’m happy to hear that the post saved you from quitting on oDesk. Good luck and you’re very much welcome! 🙂
Hello Stef,
It took me only about 3 business days to receive my first payment from oDesk (excluding 4th of July). I withdrew last Wednesday evening (June 29) and I just received my first oDesk money today (July 5, 2011). I’m so happy and I owe it all to your blog. Thanks so much! 🙂
Regards,
Elizabeth
That’s great Elizabeth! I’m really glad the blog’s helped you with the withdrawal process. Now you get to work and withdraw from oDesk without a thing to worry.
Best of luck to you and your freelance career!
Hi Stef. I was looking for more info about oDesk’s LFT to BPI account, and found your blog very helpful. I was confused about which BPI account to open kasi, because there are certainly different types. Based on the multiple forums and blogs I have read, I think it is safest to go with BPI Express Savings, since most of the bloggers’/forum posters’ experience is with BPI Express Savings.
Wala bang maintaining balance yung BPI Express Savings? Kasi I have Unionbank EON and all I have to worry about is the 350 pesos annual fee. Other than the initial deposit of 500 pesos, what else do I have to bring/present when I open a BPI Express Savings account?
You have been most helpful, and may you help many more.
Hi Kay-L and thanks for visiting the blog and your comments! This link from BPI Express Online should be able to answer your questions: http://info.bpiexpressonline.com/bpiprod/produpd.nsf/Deposit+Rates/DepositRates1
Thanks! 🙂
Hi Stef! This is very informative, especially for a newbie like myself. I have just been working in oDesk for about 5 days now since I joined last July 20. I do have some considerable earnings already and a few promising contracts. The only problem I have now is how to withdraw. I have read across your informative blog and find it very useful. May I just know what is the exact name of the BPI Express Savings Acct? I checked the link you provided for Kay regarding the BPI express online and I was just wondering, because there is no exact match for the type of account name for BPI Express Savings Account. Im sorry, but I am not really familiar with BPI. I have been using LandBank ever since, but the pay for extra cost for oDesk withdrawal prompt me to choose BPI instead. I just want to make sure if your BPI account(the one you posted in the screenshot image) is the BPI Express Teller Savings or the BPI Jumpstart Savings according to the list of account types in the link you provided. I am supposing it is the Express Teller, but I just want to be sure because I will be opening an account soon. Thanks so much! More power to you..
Hey Clarence and thanks for asking. The account I’m using for my LFT transactions is the BPI Express Teller Savings account, which is an ATM savings account that costs P500 to open. Just inquire with one of the staff when you visit a branch of BPI and they’ll help you out. You shouldn’t have any trouble once you’re done opening your account. 🙂
Hello Stef! Thanks again. That was quick. Thank you so much for confirming. I’ll be opening a BPI account soon.
Online Freelancing in oDesk is really wonderful, I could not make such money within the given time period. I hope to know more of you guys to build a friendly relationship so that we could continue in helping our fellow kababayans.
Kudos to all hardworking pinoy freelancers!
Hello!
ask ko lang po BPI ang banko ko tapos kanina mag wiwithdraw na sana ako kaso yung local fund transfer hindi pa din lumalabas sa payment method i mean wala pa sya sa choices na pwede pag withdrawhan paypal plang ang nandon which is 3 days bago naging active or na activate ganon din ba tong local funds transfer mag wait pa ako ng ilang araw para ma activate?
Hi, Johny! Please see this post: 10 Common PayPal and LFT Questions – Answered! 🙂
Hello, I am just wondering if that BPI Express Savings is the same as BPI Direct. I got this atm from kiosks for free. Actually, I already used it for my PayPal withdrawal and it went smooth. I’m just anxious about the “dedcution” things. Thanks.
Hello, dianne. Yes, you can use BPI direct and there are no deductions.
Hi
I had my EON visa electron megalink in Union bank, it is okay if I will withdraw my odesk earnings to this local transfer? My plan is to withdraw my earnings at this local fund transfer EON visa electron ATM card.
Hi po ulit. Ask ko lang usually what time po kayo nag wiwithdraw ng Odesk Balance niyo? Kasi dati naman po niwiwithdraw ko siya ng after lunch tapos by Saturday meron an siya sa account ko. Ngayon nagwithdraw ako, Nov. 9. Tapos expected date of delivery niya Nov. 15 pa which is Tuesday na next week. Bakit kaya po ganun? Wala namang holiday. 🙁 Gusto ko malaman kapag ba maaga like 9AM in the morning nagwithdraw what time narereceived ung money?
November 15 isn’t so bad actually. oDesk usually reminds users that LFT withdrawals may take 3-5 business days, so November 15 is a correct estimate of when your earnings will arrive. And to be honest, earnings usually get deposited earlier than 4 days. 🙂
Hello,
I just finished setting up LFT for my account. How long does it usually take before they make I can withdraw using it? Thanks a lot
Hi Stef,
Your post about LFT is very informative; helped a lot of people like me. I just want to ask what is the best minimum amount to withdraw funds from oDesk? Will there be a higher charge/transaction fee for bigger amounts? Thanks!
Hello Donna! Nope, there are no minimum or maximum amounts if you’d like to withdraw from oDesk. But to save on withdrawal fees I’d withdraw my earnings only once a month. 🙂
Thanks! That’s a very practical tip.
Keep up the good work posting great articles.
Just wanted to share. I withdraw from oDesk last Nov 16 and received a notification about the transaction and all the details like amount to reflect in PHP, which local bank it will reflect, including the date which is November 21. I checked my BPI account online several times a day yesterday and still have not received the payment. Any inputs on the delay?
this scenario happens to me too. I think the LFT BPI is usally getting delays now. Even though they said that funds are available at the said date, still you will get the funds a day after the scheduled date. 😐
Hey guys! Have you tried bringing this issue to oDesk Customer Service? If I’m not mistaken it was US Veterans Day last week and another holiday coming up on Nov. 24, which could be the reason why withdrawals are taking while to be processed.
oh yes Stef, I just sent a note to oDesk to inquire. I got a reply and was informed that the timeframe of LFT is between 3-5 business days, excluding holidays and weekends. customer support added I can request trace from their Finance if after the 6th day, the fund is not received. i’ll keep you informed what happened.
Hi there,
Thank you very much Stef for this wonderful site, its very informative and helps us online freelancers communicate, and of course your pretty face also brightens our day 🙂 Btw, I really want to try the LTF for odesk but my BPI International Savings account is already dormant so I want to try the BPI Direct Express Teller because you only have to maintain Php500 minimum balance unlike the BPI Saving account which is Php3,000. Do you guys happen to know if they charge atm withdrawal for BPI Direct accounts? Also, I happen to discover this site but it don’t see where they say that they don’t charge remittance fee or whatever they call it hehehe Here is the link http://info.bpiexpressonline.com/bpiprod/produpd.nsf/Deposit+Rates/BankServicesFees Kindly enlighten me. Thanks! 🙂
Hi CoolJ and thanks for the comment! 🙂 I can’t provide much advice here since I’ve never used BPI Direct before (a fellow freelancer, Helene Sonza, does though. You can contact her for info about it at her website http://thearticulatepen.com/).
But hey, why not give LFT a shot? We’ll then know if there are remittance fees or ATM withdrawal fees for BPI Direct accounts.
Thanks for your reply Stef, I appreciate it a lot. Guess I will try it and post my experience here as well. 🙂
hi,
i just saw this article and i have a question..
this day 12/21/2011, i accessed the LFT and said that it will be activated 3 days and that will be until 12/23/2011.
now that would be friday right?
i was wondering if ODesk considers saturdays and sundays a holiday. is it not?
my conclusion is, if i withdraw my earnings on friday 12/23/2011 (the day the LFT will be activated) when do you guys think i’ll receive it?
i was thinking it would be tuesday or wednesday 12/26/2011 or 12/27/2011
I hope to get 101% sure answers from this questions
thanks and more power to you guys ^^
oh and one more thing.
i am very much aware of the guides from Odesk.
i asked this because i don’t want to be redirected there to read it all again since i knew it already.
i asked because i want to know someones opinion and experience’s regarding this. ^^
btw, i worked there for like 5 mos. and i just got an account in BPI today, ( BPI EXPRESS TELLER blue card, easy saver savings account, only 250 php, maintaining balance only 5.00 PHP and 1day to activate the ATM ^^)
i used the bank account number at the “BACK OF THE CARD” and “NOT IN THE FRONT which is usually also the same number on the bank statement papers <<– (i guess this isn't posted here yet and i hope it helps on confused newbies ^^)
!!! more power to you guys !!!
Hi Stef! I just want to ask, when I was trying to set up my LFT, I was asked to put my account number, but not the one in my card. What is the difference? Cause I still don’t have a bank statement. And also, can I still work in oDesk without being verified? One of the requirements is a utility bill or a bank statement, and I don’t have it either. Any suggestions? Thanks! 🙂
Hi Krizia! Please have a look at this post. I believe it has all the answers to your questions: http://thefreelancepinoy.com/getting-paid/10-common-paypal-and-lft-questions
Regarding verification, it’s optional to have yourself verified but to use Local Funds Transfer, your bank name should be the name verified by oDesk. So in this case, you may need to push through w/ the oDesk verification process. You can ask oDesk Customer Support for suggestions on how to verify your account w/o a bank statement.
Let me know if you have further concerns about LFT. Thanks! 🙂
hi stef!
i opened a BPI easy saver account (the one with no maintaining balance and only 200 for initial deposit), and i want to set it up for LFT at oDesk. however, i opened/enrolled the account at a bpi FAMILY savings bank branch, and not a bpi MAIN branch. what BRSTN code will i use then? and will i be charged of remittance fees? i hope you can answer my question. thank you in advance!
Wow, Nice article Stef I just withdraw my earning few days back with my bpi account I hope that I can get the remittance later today friday. Can I ask how would I know if the transfer is successful and it is in my bank? Do the odesk have a notification? Or should I check the bank account? Thanks in advance 🙂
Hello dex and thank you! You’ll have to check your bank account to see if your funds have already arrived.
Hello Stef,
Thanks it actually arrived. I’m very happy because it is the first time I withdraw and that’s good. Thank you 🙂 Now I’m on the second withdrawal transaction 🙂
Hi! Thank you for posting this blog. I am currently new in odesk and i could use all these advices. I would like to clarify that the most important thing when you withdraw is that your account name and account number must match the name of your verified odesk account? Thank you!
Hello Jan! Yes, your bank account name must match your oDesk verified account name. As for the account number, make sure all the digits are correct and in order to avoid withdrawal problems. 😉
Thank you Stef! I am considering opening a BPI or Unionbank account. But the maintaining balance is very big. Is that one you are using a savings account or ATM? 🙂
Hi, Jan. I use BPI Express Teller and that’s a savings/ATM account. The maintaining balance shouldn’t be a problem if you’re able to withdraw funds regularly and save a percentage every month in your account. 🙂
hi, id like to ask about this
“Please make sure that you enter your name exactly as it appears on your bank account. Name mismatches can lead to delayed or failed payments.”
example:
oDesk
User ID: jaymarsalvacion
First Name:Jaymar
Last Name:Salvacion
Unionbank EON Debit Card
Account name: Jaymar K Salvacion
What should I put on the NAME? Jaymar Salvacion or Jaymar K Salvacion?
Hi Stef, I have a question.
Let’s say the name on my BPI account is Maria S Cruz (that’s what appears on the deposit slip). And then here on oDesk, the name that appears on the upper left part of the page is Maria Cruz (without the middle initial).
Would that be a problem?
To both Lai and joemar, I’m not really sure if the additional middle initial will do anything to the transaction. I’d normally give priority to the account name of my verified oDesk account, since I’ve presented documents proving my identity on the site. You can always contact oDesk Customer Support for clarification about this.
Okay thanks Stef. I’ll try contacting support. Because of that tiny problem, I haven’t tried withdrawing any amount yet in fear of having complications somewhere.
I have checked the link in this blog regarding BPI savings/ATM account. I am confuse because there are two types of account that says “BPI Express Tellers Savings” The one under “Bank of Philippine Islands”? or under “BPI Family Savings Bank”? Thanks 🙂
http://info.bpiexpressonline.com/bpiprod/produpd.nsf/Deposit+Rates/DepositRates1#bfb
Well, mine’s the Bank of the Philippine Islands savings/ATM account since the branches are more widespread than the latter, but you can choose between the two. 🙂
hello stef, i’ve chosen EASY SAVERS account for BPI because it has no maintaining balance. Is it okay?
http://info.bpiexpressonline.com/bpiprod/produpd.nsf/Deposit+Rates/DepositRates1#bfb
Hi Stef, I contacted support and here is their response to my inquiry.
—Upon reviewing your example, the system would identify this as a “name mismatch”. ” Maria Cruz” should seek us to request it be approved if the mismatch is due middle initial or similar minor difference.
My example was Maria Cruz (oDesk) and Maria S Cruz (BPI account name on the deposit slip) …
Argghhh.
what does this mean?
Hello Lai,
The easiest way to resolve that mismatch is to match your oDesk name so that it will be identical to your bank account name.
Hope it helps!
Hi Juna. I actually tried that, well not really.. I mean, I didn’t proceed. I’m not making sense, am I? hehe.
On “My Account” The first and last name can be edited. I was thinking of simply adding the middle initial. So let’s say Maria S Cruz..
The fields look like this
First Name: Maria
Last Name: Cruz
Then it suddenly occurred to me, should I put “S” on the first name field (Maria S) or on the last name field (S Cruz)? Either way, when combined it will still be Maria S Cruz, right? But I couldn’t decide! I know it’s funny.
User ID: jmyanoyan
First Name: Juna
Last Name: Yanoyan
My BPI card bears my fullname Juna May F Yanoyan. I haven’t been having trouble with withdrawals and I’ve been using LFT for almost a year now. Maybe your middle initial won’t make much of a difference. That’s just using my own experience. Add your ATM as LFT using the name your card bears and if something is wrong I’m sure there will be a notification from oDesk.
hello juna, do you really need to get Odesk ID verified? because I am hesitant in putting my documents online. Pls reply asap
hello Ms. Stef,,, i hope u can answer my question as soon as possible,,, i am working at odesk and i am using the LFT for the payment method or we called it Local Funds Transfer,,, and i am using EON visa card… and put brstn code (unionbank of the phillipines) my account number and also my account name and full address….. am i ryt? i just want to make sure i can withdraw my money from odesk… looking forward for ur answer 🙂
Hello kimverly rosales,
To answer your question, yes that is correct. As long as you follow all the steps indicated when adding a bank account to Local Funds Transfer—and all the information is correct—you shouldn’t have a problem. Oh, and make sure your oDesk account is verified. 😉
Hope this helps!
Hi stef,
i’m a newbie on odesk an i’m using bpi express teller international the blue card my question is where can i find my bank account number i’m just confuse that the lft indicates that DO NOT USE:
The number on your ATM, Credit or
Debit Card pls help
Hello, the number is at the back of your ATM card.
thank you stef
Hi Stef,
I want to try LFT but Im afraid I’ll have a problem with this because of my name.
My real name which I use on edesk is 1STNAME 2NDNAME LASTNAME
On my EON it is: 2NDNAME LASTNAME (because my name is too long, and unionbank don’t put the whole name, so they let me chose either: 1STNAME LASTNAME or 2NDNAME LASTNAME and I chose the latter.)
Then I registered with the LFT but it says “Name does not match.” I talked to the odesk live support chat and with all the chatting, they approved my LFT, but Im just afraid to use it. 🙂
Another thing, paypal has a low exchange rate, how about LFT?
Thanks 🙂
hello stef,
Do you really need to get Odesk ID Verified? because I am hesistant in putting my documents online? pls reply asap thanks
Hello, Jan. Yes, you need to have a verified oDesk account to use Local Funds Transfer.
Hi, Pls help me, what BPI, BRSTN code will I use for odesk? because the manager in the branch where I created my bpi account said that all bpi branches have different BRSTN code, the main branch also has a different BRSTN code. Did you created your bpi account in the main branch or some other branches? what BRSTN are you using? Thank you in advance!
Hi, Megurineluka. I use BPI Express and the main BRSTN code when registering for LFT. What BPI branch do you use?
Thanks! , I already filled the LFT at odesk and I used the brstn code of BPI’s main branch
I’m confused right now. I’m new in odesk and currently I already have my earnings, I want to use LFT, can I use my eon card to withdraw my money? Someone said I need to open an account in eon-unionbank…but it says in LFT “Do not use the number on your atm,creditcard,debitcard” I got really confuse… I also have an atm account in UCPB can I use it also in LFT? pls help I really wanted to withdraw my money.
Thanks
Hi. I’m new in oDesk and I’ve tried UCPB account and it worked. I got my first oDesk earnings in 3-4 days. My UCPB account type is a personal account and it is a Regular Savings Account(ATM).
Hello stef one more question can i use my bpi express teller to verify paypal account?
Hi, this article is so nice especially to new odesk contractors.
I just want to clarify the question about odesk verify. I had asked that to their customer support specialist last OCtober 2011, and she said that even if I’m not verified, i can withdraw my earnings. however, i still did the odesk verifybecause i figured that just in case there would be a problem with the wire transfer, it would be easy to fix since they can verify myidentity right away.
btw, i have a question and its a little off topic, but do you have any idea if LFT had lower exchange rate than any other withdraw methods in odesk?
HI
I am from Pakistan. I am here just to express my feelings regarding odesk withdrawal. Well I am working on odesk since quite a while.For some reason LFT is getting worst for some reason it takes ages to get the money in the account.
When ever I withdraw 500$ its takes 12 to 15 days to get in to my account. But when it comes to above 1000$ then I have to wait for my next birthday.
What they have in response bloody ticket, and the customer service is like oki we see what we can do. There is no problem with the details and the account .
I dont understand why this happens do they earn interest on holding money, really dnt know.
So in the end they said we place a tracer on your withdrawal so you need to wait for unknown time period till they trace where they have transfer d the money
Odesk have serious issues with there system and they a able to fix it… and wont be far when they will become history.
Hi Stef!
This is exactly what I was looking for! I’ve got an oDesk account and I was wondering where the dollar-peso conversions happen. I just googled, and I got you! What a great post, really. Very helpful. And this time I’ll let my pay accumulate first before withdrawing, that way I’ll save on the transaction fee. Thanks a lot!!! ^_^
Hello, Maia! No problem and thanks for visiting. 🙂
Hi stef!
I just made a BPI easy savers account late last month then and withdrew from odesk on June 3rd.. however another notification came on the 8th saying “Returned Withdrawal (Transaction 15862604 Reversed)”.. i don’t know how and why i got this.. can you enlighten me please?
Thank you sooo much!
Hi, Dawn F. Have you tried contacting oDesk Customer Support for the reasons behind the return?
Hi Stef,
I think I typed the wrong account information. I typed the account number in front of the card not the back (my bad). so I tried fixing that. If I still encounter problems, I’ll follow what you said 🙂
Thanks so much 🙂
Hi Stef G.,
-I’m new on odesk. Meron akong BPI Express Teller International card pwede ko bang gamitin ito sa pag widraw 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 po to e-coconfirm ko pa ba about the taxpayer status?
Salamat po..
Hi Stef G.,
New on Odesk meron akong BPI Express Teller International card pwede ko bang gamitin ito sa pag widraw using LFT? Merong mga logo ng Cirrus, express net at itong letter “P” na pula sa back part.
Pwede ko bang gamitin ang BPI card ko sa paypal kahit walang logo ng paypal sa likod?
Or should I make new account?
Ty.
Hi, Glenn. You can link your Local Funds Transfer account to your BPI Express Teller savings account. Just make sure the bank account details are correct to avoid withdrawal problems. Second, you can only use a credit/debit card to verify your PayPal account, regardless kung may PayPal logo ang card o wala.
hi stef! your blog is very helpful especially for me who is just a newbie to oDesk. I still dont have a bank account but im going to apply as soon as possible. i already completed my profile and was able to take and passed a number of Skill Tests. im very eager to try my luck at oDesk and hopefully I could also be successful just like the other contractors. Hope that you could help me along the way. It will be greatly appreciated. Thank you very much in advance.
Thank you rowena and congratulations on starting out as a freelancer on oDesk. The Freelance Pinoy will always be here to help you build your career as a freelancer.
Hi Stef,
I’m new in odesk and I also want to use LTF as withdrawal method. I was wondering if I can used the ATM account from my company (since I’m employed) in Local Funds Transfer (LFT). Thanks 🙂
Hello shey, so long as the ATM account is under your name and you have full control over that account, I’m sure it wouldn’t be a problem.
Thank you for the prompt reply. Just a newbie in o-desk and I just finish my first job. Hopefully I can be successful in odesk just like the other freelancer. 🙂
I’m sure you will reach that point in your career as a freelancer. Keep up the great work!
Thank you so much for the post, Stef. I am planning to use LFT and use a BPI bank account but I am in doubt but now it is crystal clear to me. I will open a bank account from BPI soon. Cheers!
No problem kenneth!
Hi Stef,
I made a withdrawal from Odesk to my EON Cyber Account UnionBank last August 08 2012, and then according to Odesk the money will be transferred by August 13, 2012, but until now wala pang natatransfer sa bank account ko, what do you think is the problem?
thanks..
Hi Sherwin,
May I know if your payment from oDesk to EON has already been processed? I’m planning to do the same anytime soon and I want to know if everything’s fine. Thanks,
hi stef!
i have set up my withdrawal methods through paypal, and LFT using my RCBC atm wise account….both po ay inactive ang status…when po ito magiging active?
and ok po ba na 2 ang withdrawal method?
naghihintay pa kasi ako ng EON card ng Unionbank ko na inopen ko mga last week ng july…
meron din naman akng BPI Express Teller International na card yung blue kaya lang wala ng laman at hindi ko na nagagamit mga more than a year na,,,ok pa po ba to? kung ito ang gamitin ko sa LFT sa odesk? hindi ko kasi alam kung may fee pg nagwithdraw sa RCBC
salamat po ng marami sa blog mo! GOd bless po! hintayin ko reply mo :))
Hi Maam,
Is BPI Direct International ATM card a valid one in LTF?
Thanks.
It was my first time to use the LFT (local fund transfer) in odesk and wooh’ it was successfully transfer into my bank account in union bank after and it takes only 2 days for me.
Stef, your articles on BPI opened my eyes and I left my BDO account and opened one with BPI Direct, the one which you can only open online and with just 500peso maintaining balance.
Transfer was quick. I withdrew last Thursday and it’s on my account now.
BUT BUT BUT I got charged 150pesoses.
Wasn’t it supposed to free? Has anything changed? I closed my BDO account just to avoid that 200peso chop. But now 150, I’m not much better off.
Is this perhaps an error on BPI’s part?
Hi, Joanna. For oDesk Local Funds transfer BPI shouldn’t deduct P150 from your funds. This is probably a glitch on their part. You can forward your concerns to oDesk customer support. They will be able to communicate with the bank to clarify this.
I have also used LFT to withdraw from oDesk to my Unionbank EON account. If I withdraw from oDesk on Wednesday morning, it’s credited to my EON account by Friday night. That’s one day longer than PAYPAL withdrawal which is credited to my EON account by Thursday night.
Both PAYPAL and LFT are convenient withdrawal methods for oDesk freelancers. Just choose local banks that do not charge a receiving fee. I tried BDO and I was charged around 200 pesos contrary to the BDO personnel’s claim that they don’t charge any receiving fee.
am just asking how to verify my fund in coming transfer in my bpi account
Hi,
i was just wondering what could really be the problem.. I’m new to odesk and just to make sure that LFT works, I withdrew $15 to my BPI account.. after the clearing period, ngreflect nman sya online.. pero 150pesos was missing. eh dba dpat no remittance pg BPI ung bank mo.. bkt ganun?
i hope Joanna can tell me if she was able to clarify this with odesk or bpi..
hi steff! this site is definitely a huge help for me..
i’m a housewife and in the process of looking for a job online during my free time (my husband works and no babies yet).. a friend suggested i try oDesk.. im in the process of starting and also looking for other sites offering online jobs, though most of them would send payment via Paypal/ETF. i also checked your other link (http://thefreelancepinoy.com/getting-paid/how-to-verify-your-philippine-paypal-account) and i think Paypal would not work for me.. For one thing, i don’t have either credit/debit card. I only have my BPI Express Card from my previous company. My question is: is it possible for me to use that BPI Express card which was my payroll card from previous company? Can i use that to withdraw money through ETF instead? I find ETF to be more convenient than Paypal (based on this blog). i would want everything to be ready before i start doing my jobs online.
your help will be greatly appreciated. thanks a million. 🙂
If by “EFT” you mean LFT or Local Funds transfer, yes you can definitely use your BPI Express ATM account to receive your oDesk funds.
Hi Stef,
Just want to ask about this new LFT to the Philippines. I am having delay and ID issues with Unionbank, so I plan to apply for a savings account in RCBC. Do you have any knowledge about what type of card/account should be used to link to odesk using RCBC account?
Thanks!
So long as you have the BRSTN code of RCBC and all bank details match that of your oDesk account, you can use LFT to withdraw.
thanks so much for this! i just clicked withdraw for the first time today on Odesk and i did it via LFT. will have all my fingers crossed ’til wednesday. 😉
Hello, Stef G.
Very helpful post. 🙂
Though, is it okay to ask for your email address or if not, is it okay for you to e-mail me in my e-mail?
I’d like to ask a question.
Thanks! 🙂
Hi Steph,
Thank you for the post. It really helped me a lot. I just started working from home through Odesk and I registered my RCBC and BPI Express Teller Card. I was planning to use my RCBC card, but after I read your post and viewed the comments I decided to use my BPI instead. Since you said that it’s faster if we’re going to use a BPI savings account.
Correct me if I’m wrong, I think right now it’s $0.99 per withdrawal to Philippines. Your first withdrawal in PHP is free.. Am I correct? And in regards with the currency, will it be the exchange rate that BPI provides? What I mean is If I will withdraw my money from Odesk using LFT will it be the the exchange rate of BPI and the only fee that will be deducted will be the $0.99 on my next transaction?
Jigger,
Thanks for the comment. Yes, the fee is $0.99 per withdrawal and the exchange rate being used for LFT is that of oDesk’s.
Hi Stef,
Dunno where to ask this, but can I also use this BPI savings account on elance?
Thanks! 😀
I’m sure you can. 🙂
Hi Stef! 🙂
I just want to ask if the middle initial is included in the bank account information that they were asking because I had my middle initial in BPI express teller card.And it also says that the name in odesk and bank account number must match.I didn’t put my middle initial in odesk so I was really concerned and confused :). Thank you
Hello Steph,
I never had any issues with LFT via BPI and I can say it’s the best method so far since I started working oDesk last year. But only this time that I’m kind of worried and caught my attention. I usually withdraw money from oDesk wallet every Wednesday (8am MNLA) and by Friday morning (5am earliest) it should be in the bank every time I check BPI Express Online. But just this morning (Friday- 17thMay 2013) still not there. Up until today midnight already. I process withdrawal 15th May (WED). I got the usual (2) notifications from oDesk, the Withdrawal Confirmation and the Withdrawal Confirmation. So how come it’s still not there? Who do I need to contact to verify if there is any issue needing my attention. Should it be oDesk or BPI? Ohhh how frustrating to not have the hard earned money in the weekend..
Thanks for your help,
Tulip
I suggest asking oDesk. I found that asking BPI is fruitless, that maybe their customer support reps aren’t aware that the bank is connected with a company like oDesk.
This post is very helpful. I got so pissed with misc. charges and finally sought out for other options and this post enlightened me. Thank you! 🙂
No problem!
Hi
I made a withdrawal from oDesk Account and to my carelessness I got to know that my account no attached to LFT is incorrect
Moreover, My oDesk Account is now showing 0 balance and I am Worried whether my money will return or not
And The wrong account number does not exist
So, Can you please help me out whether I will get the money back on oDesk or I have lost my Earnings
And I have now updated my LFT account no
I will wait for your reply
Thanks
Sahil Aggarwal
Hi Stef,
Your blog is really helpful.
Anyway, I would like to ask the as Nabi’s question somewhere up the thread, I think you said you weren’t sure what her question is. I think she meant to ask: Since there are options for opening an ATM acct in BPI (like BPInoy, Express Teller, Maxi Saver Savings and the like), are we free to choose from those so as to avail the non-charging of remittance?
Also, would you know if the non-charging of remittance also applies to BPI Family Bank users like me? ‘Cause if not, I plan to open another BPI (not Family) acct.
Thanks so much for your help! 🙂
Thank you Bea!
Yes, definitely. All of those accounts are under the same bank, so the fees (or the lack of) associated with it will be implemented for any of the accounts you decide to open. I’ve never opened and tried a BPI Family Savings bank for LFT though, so I can’t offer any advice on that.
as I read on oDesk BPI Family Savings is not waived for remittance fee. Btw, stef thank you for your blog it’s really help.
Hi Stef, this is a very helpful blog. I should have read your tips earlier. I withdraw(LFT) my earnings last Thursday, July 25 and already processed by Odesk, I was expecting it will be on my bank yesterday(Saturday) but I’m not so lucky because funds is not reflecting on my account at this moment. So you do to think, it is impossible that funds will be available Sunday? I usually withdraw Wednesday and got the funds early Friday or noon.
Hi,
I just want to ask if we’ll be able to get my funds tomorrow even if its holiday here in the Philippines, I withdrew the funds on Wednesday from Odesk. Thank you
My husband was able to receive his funds from oDesk today, so it should be the same case for you.
What a relief about LFT! I’m waiting for my first withdrawal thru oDesk using LFT. Then I’m also planning to get BPI atm card soon.
Hi, I am planning to join Odesk. I just want to know if aside from having a bank account here in the Philippines, should I also open a Paypal account? Thanks!
Hi mae, no need o open a paypal account if you wanna join odesk, paypal is one of the payment method, but few are using it since it has bigger chargers compared to LFT, you can open any bank, but i also red that BPI Family is not accepted in odesk for few months now due to errors in payment creditings,
And guys please help me, i wanna open an account to link to my LFT, im thinking of EON or BPI easy savers, but i dont get solid proofs that eon is not charging extras aside from odesk charge of $.99, but EON is better in terms of payment crediting because the pay will reflect from 24-36 hours from the date of widrawal, and BPI takes 3-4 days to credit the pay, and BPI easy savers also deducts 5peros per atm widrawal. so please please help me decide. i will be opening my account tomoro if possible thank you guys.
Hello,
I currently have problems in this LFT thing. There’s always Returned withdrawal transaction reversed. I dont know why thats happening. I’m new in oDesk.
Hi,
This blog is very helpful, thank you Stef G.!
I am new in oDesk (less than a month) so I hope you could help me, too.
Does anybody know if Metrobank is also a good LFT medium? I heard BPI is ok, but I only have Metrobank account. In connection, how much is the remittance fee of Metrobank and how long does it take to reflect my money from oDesk?
Also, is it still advisable to wait and withdraw my money once I have already accumulated 3-4 figures in my odesk account? No limitations (like I have to withdraw it monthly)? I asked because don’t think I can achieve that kind of figure in a month.
Thank you very much in advance!
Good day Ms. Stef,
Do i need to open account in BPI Main Branch?
Pls help me 🙁 i transferred funds from my union bank to my bpi but i still havent received it 🙁 all the details i entered are were correct and now im starting to worry 🙁
I have bpi family bank account, does it have the same brstn code with bpi?
Hi Stef,
Good day to you. I just wanna ask about the local fund transfer. Im currently working here in Macau. And I want to use my BPI account to transfer my salary from oDesk so i can receive my money in full.but as you said I need confirmation from the bank that they’ll guarantee my remittance.can you please help me how to work it out.
Thanks!
Mylyn
Mylyn, I’m not sure what you mean by “confirmation from the bank.” Could you explain further or point out in the post where I mentioned this? Thanks!
Hi Stef,
I would like to ask as of this month of February, did you experience any delay in LFT to your bpi account? and how many days it take to receive your money from the date of withdrawal this month? I’m planning to open a bpi account for my odesk account. I hope you can answer my question. Thanks!
Hi there,
is there anyone based in the UK and transferred their money just to their normal account? Was it all OK??? Bit sceptical of using the transfer but I need to get the money somehow and with the lowest fee charge! Thanks!!!
Hi Stef.
I just made my account today after I read your article. I opened an Easy Saver account because it’s much cheaper. I just want to ask how do I access my account info in the bpi website? I don’t have my atm yet because they told me the atm would be issued after a week.
Another question: how long will odesk hold my balance? I opt to transfer my balance if it’s already $1000, and it hasn’t reached that amount yet. Wil my balance be gone after a month from odesk?
Thanks! Your response would be much appreciated. 🙂
i know that LFT payment is available via Bank of the Philippine Island…
i just want to inquire if oDesk LFT payment is also available for Bank of the Phil Islands – Family Bank which is a different entity…Thanks..
Hi Stef,
I am a relatively new freelancer at oDesk. My question is, can I ask oDesk to delete a negative (1 star feedback) that one of my clients gave to me?. I was engage with a very stubborn and uncooperative client. Is it really my fault if I encountered such client?
Thanks
MisterJ
Hi misterj,
oDesk doesn’t delete negative feedback by request. Doing so would defeat the whole purpose of the feedback and rating system. What you can do, if you haven’t invested a lot of time and effort on the project, is to give the client a 100% refund. Then the system would understand it as a project that never happened and won’t show on your profile.
Its just unfortunate on my part, as I invested a lot of time, (I even work offline sometime), just to finish his task. All is set for me to complete , but he repeatedly refused to give some things that I need to make it possible. He is the only client of mine, that gave me such feedback.