There are now 6 withdrawal methods available to oDesk freelancers.
1. Payoneer Debit Card
2. Moneybookers
3. Paypal
4. Direct Deposit
5. Wire Transfer
6. Local Fund Transfer (new)
I'll only discuss the two cheapest and quickest way to get your money and that is by using PayPal and Local Fund Transfer.
Withdrawal Method #1: PayPal
Before setting up an account, you must have a credit card or a debit card or a bank account. Do you have one? If you don't, I suggest you get a Unionbank EON card. I have been using it since 2008 and have had no problems using it to withdraw my money. If you have an existing bank account, that's fine. No need to switch to Unionbank.
The following how-tos are for those with Unionbank EON cards ONLY. I cannot help you if you are using another bank as I'm not familiar with their account set up. I only know how to do Unionbank's as I have set up mine and have helped three others with theirs.
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A. Applying for an EON card
First thing you should do is apply for an EON card. You have to go to the bank in person, submit the requirements and your card will be made available to you in two to three weeks time.
B. Enrolling your EON card for online banking
Once you have the card, you have to wait for three days for it to be activated. After three days, apply for online banking. How? Go to their website and look for EON Cyber Account on the upper right of the page. Another screen will pop up. Right next to the login form, it should say: Start banking online with your EON! ENROLL HERE to be able to access your accounts online. Press that one and then enter your card number and then your account number.
Your card number should start with 4404-XXXX-XXXX-XXXX and is made up of 16 numbers.
Your account number, on the other hand, is right below your name. It is made up of 12 numbers.
Never post your account number or your card number or the numbers at the back of your card anywhere online.
Once you've entered your card and account number, you'll be asked for 3 usernames. Think of names that are easy to remember but hard enough for people to guess and that's it. Wait for three more days for your online bank to get activated.
Remember, your EON card is both a debit card and a bank account. You can add both to your PayPal account. Add it as a debit card and get your PayPal account verified. Add it as a bank account and choose withdraw your funds to your bank account the minute you have funds available. Withdrawing your funds to your bank account takes only 2-3 days. Withdrawing your funds to your debit cards takes 3-4 days.
TIP: When using Paypal as a withdrawal method, make sure you withdraw your funds from oDesk at 8:00 Wednesday morning. Login to your PayPal account and withdraw your funds to your bank account right away and you'll get your money Thursday at around 6:00 in the evening.
If you withdraw your money way past 8:00 in the morning, there is no guarantee you'll get your money by Thursday evening.
Withdrawal Method #2: Local Fund Transfer
A. Setting up Local Fund Transfer
Login to your oDesk account and go to the Payments tab at the upper part of the page. Choose Payment Methods and then click the big yellow Set up now button for Local Fund Transfer (LFT) to enter your bank details.
The good thing about the EON card is that it is both a debit card and a bank account. So yes, you can use it for Local Fund Transfer.
B. Bank details
Everything else should be easy. Enter your account number. Enter the account holder's information, street address, city and province, country and phone number. Enter the BRSTN code. It's all there.
Question is: Can I use someone else's EON card? How about my mom's bank details? Or my boyfriend's? I already asked this same question and got a positive reply from oDesk.
Just make sure you enter the right info and there should be no prob.
Compared to Paypal, the transfer of money from oDesk to bank via Local Fund Transfer takes around 5-7 days. With Paypal, it takes just two banking days.
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