This was one of the first thoughts that came into my mind when I signed up as a provider in oDesk. How will I get paid? It is natural for first time oDeskers (that’s what we call ourselves) to wonder how we will be able to withdraw our earnings from oDesk. Well, there are various methods to choose from but there are some that wouldn’t work for Filipinos like me.
Payment Methods in oDesk
1. The oDesk Mastercard
The oDesk Mastercard is like any other ordinary debit card with your name on it. Once you have applied for this, it will be mailed to you and if in the Philippines, it usually arrives within 25 to 30 days after card approval. I personally use this because it’s fast! (Although the fees are quite high in my opinion) Another good thing about this is it is very secured. Once your card is lost or stolen, just report it to Payoneer and they will deactivate it immediately.
2. Paypal
Paypal is a well known system for transferring money especially in the United States. I don’t like to use this service as it takes longer to withdraw your money or transfer your money to your bank. Read the oDesk Guide to Paypal for more information.
3. Money Bookers
This works similarly with Paypal except with lower fees. Moneybookers is an international e-wallet system based in the UK. When you receive a payment via Moneybookers, your Moneybookers account is instantly credited with the payment amount. Learn more about the advantages and disadvantages of Moneybookers.
4. Wire Transfers
Wire transfers are fast and reliable, but for international transactions can be very expensive and you are the mercy of your bank (and if it uses one, its intermediary bank or banks) to determine the exchange rate you will receive. They are also quite complicated and it is imperative that you enter your bank information 100% accurately.
5. ACH / Direct Deposit
ACH stands for Automated Clearing House, and is the primary electronic network for bank-to-bank financial transactions within the United States.
What it really means is Direct Deposit. When you withdraw funds from oDesk via ACH, we send the funds directly into your checking or savings account electronically. ACH is the easiest and lowest-cost way to receive funds for US bank account holders.
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Hi Micah,
I’ve tried oDesk but I got frustrated with all the bidding process just to get a job. I was up against folks who have very low rates. As a result, I set up my own web writing services site and clients found me naturally. I felt so much better.
But I’ll give oDesk another try. I know Gem (The Lady Programmer) earns much from it so I am still enticed to try it.
Thanks for this handy guide on oDesk’s payment options.
Hey I visited your site and it looked great.
Well, the process of getting a job in oDesk is undeniably tougher than many other people think. I also waited for from a couple of weeks beore I got my first job.
I started as a Sales Executive and Assistant, but the competition was too high so I decided to study SEO. I found my passion.
how much do you charge by the way? Just in case, you know if I have clients looking for a writer… I can recommend you.
Hi Micah,
I just registered in oDesk. I have an inquiry regarding the payment methods. You said that the best choice of payment method for us here in the Philippines is the oDesk debit card. I tried to register and found out that they charge a one time payment of $10. How will I be able to pay this? Would this just be deducted once I get paid? or do I pay for it before they send it to me? For the meantime, can I use my ATM account at Landbank? Also, am I required to already have a payment method before I get hired? Thank you very much.
Michael
Michael, the $10 payment for the oDesk card will be deducted on your salary. And every time you withdraw, they’ll charge you $2 to $3 as well. But if you wish to use paypal, then it’s okay too. But I personally prefer oDesk mastercard.
Thanks. One last question, can I start applying for a job right away even when I still don’t have a payment method? Or do I need to apply first and have an oDesk card before I can accept any jobs?
Michael, you can start applying on job openings even if you don’t have the oDesk card yet.
Hi! I agree with Micah, the best payment method is still thru the Odesk Payoneer card based on the ease of process. Because once you withdraw your available funds/earnings from Odesk and transfer it to your Odesk Payoneer acct/card, you can withdraw the funds right away.
Thru Paypal, if you will sum up the charges deducted just to withdraw your earnings, it will equate to Odesk Payoneer withdrawal fee, i.e. $2. If you withdraw thru Paypal, withdrawal fee from Odesk is $1, after transferring the amount to Paypal, you will then transfer the amount to your local bank account. Paypal will then charge you P50 (that’s more than a dollar) withdrawal fee if you have withdrawn/transferred an amount less than P7000. Then you have to wait for 2-4 days for the fund to be credited to your local bank account.
And the rest have higher withdrawal fees.
Oops, I’d like to correct the info on Odesk Payoneer card withdrawal. After fund transfer from Odesk acct to Payoneer acct, it will be credited within 2 days and cannot be withdrawn right away as I have previously stated.
i would like to ask on which bank do you prefer to withdraw the funds from payoneer? i just signed up on the odesk mastercard and im still confused which bank should i use (we have RCBC, BPI, Metrobank in our area)
Hmmm, I just withdraw my earnings everyweek on any ATM machines that has a MASTERCARD logo on it.
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Hi, What ID cards are valid for the registration verification when applying for an oDesk MasterCard. Thank You.
Before, I used my student ID. I was a student back then. But I guess any government issued ID will do.
Have you used withdrawing from oDesk through wire transfer?
Nope not yet. I am not sure if this is applicable to providers from the Philippines or if it is too expensive. I only use oDesk Mastercard. Less hassle.