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The Freelance Pinoy

Expert Advice for Freelancers

10 Common PayPal and LFT Questions – Answered!

July 8, 2011 by Stef

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

  10. 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.

  11. 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 <<

Tutorials Tagged: contractors, LFT, Local Funds Transfer, payments, PayPal, Withdrawal

oDesk Local Funds Transfer: My Own Personal Experience

March 18, 2011 by Stef

odesk-local-funds-transfer

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.

>> BACK TO TABLE OF CONTENTS <<

Tutorials Tagged: LFT, Local Funds Transfer, oDesk, payments, Withdrawal

oDesk Local Funds Transfer Versus PayPal: The Withdrawal Experiment

March 3, 2011 by Guest

[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.
[Read more…]

Tutorials Tagged: BPI, LFT, Local Funds Transfer, oDesk, PayPal, Withdrawal

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