Nerve-wracking, isn’t it?
After 2-3 weeks spent hard on your client projects, you’re ready to withdraw and receive your payments in your bank account.
You look at the calendar to see what day it is. You estimate that the money will arrive in 2-3 days’ time.
But then, the weekend is fast approaching. There’s also a holiday coming up.
I’m sure you’ve wished for a faster and easier way to get your payments into your accounts. You’d save yourself the trouble of waiting and worrying if they’ll arrive on time.
While there isn’t a payment method of the sort yet, you can determine when the best times to withdraw your funds would be instead.
Of all the online payment methods available, PayPal and oDesk’s Local Funds Transfer are the two most convenient options for Pinoy freelancers.
I’ve been using these two withdrawal options since 2009 and can now anticipate when the best times to withdraw using these options are.
You can choose to follow my suggested time slots so you’d always receive your money on the expected dates.
Payment Method #1: PayPal
Whether you’re a BDO, BPI, Metrobank, or a Unionbank Philippines client, you can withdraw funds to PayPal at any time you see fit.
So long as your PayPal account is verified and you have the correct bank codes and account details, everything should turn out all right.
As of this writing, PayPal’s withdrawal process takes 3 days, so the best time to withdraw would be anytime between Monday morning and Wednesday morning. If you withdraw more than PhP 7000 from PayPal before 12PM, the money will most likely arrive in your account on Friday.
My most recent Paypal withdrawal was processed on April 29 2014, Tuesday. The funds were deposited on May 2 2014, Friday. A total of 3 days worth of processing time.
Payment Method #2: Local Funds Transfer
As for oDesk’s Local Funds Transfer, it’s my preferred withdrawal option because of how much faster processing takes.
Back then, it took 2-3 days before your payments were transferred to your account. These days, you only have to wait for 1-2 days before your funds are available.
With that said, the best time to withdraw to Local Funds Transfer and receive your money within the week is between Mondays and Wednesdays. Thursday morning’s all right so long as there are no upcoming U.S. bank holidays.
My most recent LFT withdrawal was processed on May 14, 2014 (Wednesday). Upon checking my online banking account, the funds arrived the next day, May 15 (Thursday).
Delays, The Enemy
Delays are a big problem when withdrawing online income, which is why I highly encourage you to keep an eye out for the US and PH holidays whenever possible.
If you’re wondering when these U.S. and Philippine holidays are, you can take a look at the list of 2011 and 2012 holidays here. A big thanks to oDesk contractor Lichelle De Vera for sharing the link at the community forums!