This is another payment method I am subscribed to. I withdraw my oDesk earnings into Paypal, then I transfer my Paypal funds to my local bank account (BPI or BDO). oDesk deducts $1 for every withdrawal I make using Paypal as my payment method.
For those of you who’d like to know how this works, here are the steps:
1. Add Paypal as your payment method, if you haven’t done so.
Login to your oDesk account then simply click on the Payments tab, and choose Payment Methods from the drop down menu. You will be asked to re-enter your password and continue.
oDesk will provide you the following choices.
When you click on the Sign Up Now link, you will be redirected to the Paypal website where you will be creating an account.
2. At the Paypal site, click on the Sign Up to start creating your account. Most contractors on oDesk choose Personal.
Fill out the online form and supply the required information. (You may use your oDesk email or your personal email on the box provided.)
Note: Your name should be the one used in your bank records because you will eventually withdraw your Paypal funds to your local bank account. This is to avoid delays or problems in receiving your hard earned money. The credit card portion is used to verify your account with Paypal. You may uncheck the box for the credit card info if you do not have one. (A debit card or bank account may be used for verification purposes. Some contractors use their Payoneer debit card, and still others use their EON.)
3. Confirm your Paypal account.
Upon creation of your account, an email is sent to the email address you indicated in your registration. (If you do not find the email in your inbox, check your spam folder as it might have landed in there!) For your security, PayPal asks that you confirm your email address.
Click the Activate button in the email and login to your account. You will be asked to enter security questions which Paypal will use to verify in case you forget your password.
You might want to jot down the answers to your chosen security questions for future reference. (Unless you have superb memory!)
This is how your Paypal account looks like when you login.
Take note that your status is “Unverified” until you verify your Paypal account with your credit card, debit card, or bank account. Make sure there is available fund balance in those accounts because Paypal will charge some very small amounts, from .01 to .99 pesos (refundable, so don’t worry) to verify your Paypal account. When you see the charge in your credit/debit/bank account, you can already click on Get Verified and follow the instructions from Paypal.
4. Add your Local Bank Account into your Paypal.
Click on the Profile tab and choose Add/Edit Bank Account.
(I found a list of banks and their respective bank code or BRSTN from this site. To make sure, contact your bank for details.)
It is very important to review your bank account info before proceeding. You may add more than one of your local bank accounts. A confirmation from Paypal will be sent to your email.
5. Withdraw Funds From oDesk Into Your Paypal Account.
Make sure that you already have withdrawable funds at oDesk. This means that your earnings are no longer “pending.” To withdraw, go to your oDesk account and hit the Payments tab, then Withdrawals. Choose Paypal from the drop down list of withdrawal methods:
Indicate the amount you want to withdraw from oDesk into your Paypal account.
Note: For every withdrawal, oDesk deducts $1 from the funds as withdrawal fee. It is advisable then to withdraw as much funds as you need or all of the available funds at one time before you hit the Withdraw button.
A confirmation email of the withdrawal will be sent by the oDesk system to your odesk or personal email. Paypal will likewise send an email to you to notify you that you have received funds from oDesk into your Paypal account. Login to your Paypal to check your account.
6. Withdraw from Paypal into your Bank Account.
The minimum withdrawal amount from Paypal is $10. When you withdraw funds from Paypal, there are certain fees that you may incur, especially if the conversion amount is below P7000.
If you can wait until you reach the P7000 benchmark, you get to save on the fees. Otherwise, you can go ahead and withdraw your funds.
Click on the Edit button if you need to revise, otherwise, Submit.
You can login to you Paypal account or make a balance inquiry at your bank’s ATM after 2-3 days to check on the status. When it shows “Completed” in the transfer to bank account, then your funds have hit your bank account. Congratulations! You are ready to withdraw and enjoy the fruits of your virtual labor.
If you want to share your experiences at this withdrawal method, please post a comment so we can all learn from the experience.