Its good news for Philippine contractors! Thank you, oDesk, for finding ways for us to save on withdrawal fees. I always use my Payoneer Debitcard (immediate load), and seldom my Paypal. These payment facilities have their own unique features, however, with the new payment method of Odesk direct to bank account, the latter proves to be the best. Below is a re-post from Mollie Carter’s (of oDesk) post on the new payment method:
molliecarter 20 posts
If you are a contractor in the Philippines, we’d like to invite you to participate in our beta launch of Local Funds Transfer in the Philippines!
You’ve been asking for a better withdrawal method, and we’ve been working on it. We have a new local funds transfer withdrawal method for the Philippines that will allow you to withdraw Philippine Pesos directly into your local bank account for $1.99 per withdrawal.
Join Our Beta Program Today!
oDesk is offering Local Funds Transfer as a beta. We are also waiving the $1.99 fee on your first withdrawal. We are confident in the system — your funds are safe and after you add your bank and request a withdrawal, you will receive your funds in 3-5 business days. But, we’d like your help to understand better what’s working really well and what could be improved before we officially launch.
If you have any questions before or after you join the beta, please contact our Customer Support team directly.
Add your bank now to participate in this beta release.
What is Local Funds Transfer:
- Transfer funds directly to your local bank account. No third-party payment providers are involved. You deal directly with oDesk.
- Your first withdrawal is Free! Thank you for trying this new service. Thereafter, each withdrawal is just $1.99.
- oDesk offers a very competitive exchange rate that in most cases will beat the other payment providers. You can see the last oDesk exchange rate on the withdrawal form before you withdraw funds.
- You will receive your funds in 5 business days or less.
Your local 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. Because of oDesk’s 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.
- Please see our help page for information on other banks.
If you are interested in participating in this beta launch, please click here to add your local bank.
You may also click here for more information.
Now, I can withdraw my oDesk earnings direct to my bank account (BPI or BDO for me). From this payment method I get to save $0.01(odesk to payoneer) + $2.50 (about P110 for immediate load into my debitcard) + P200 (BPI charge for international funds) and another P352 (for BPI atm withdrawal charges). Wow! Thats-a-lotta-savings!
More power to oDesk! Gracias!