Payment

I am often asked by my colleagues how a person working on oDesk could get his supposed salary. As I've said before, oDesk has the best payment options that contractors can choose from:

Payoneer Debit Card- Payoneer is the "pioneer" in providing online payment solutions for employers and contractors. Once you apply for a Payoneer Debit Card, you will receive your card which you can use in several atm machines (fees for withdrawal apply depending on ATM used). And you don't have to pay when applying for the card. You will only have to pay $2 per withdrawal from your oDesk account. The card will arrive in the address you have provided. Money usually takes two days to transfer. This method is the most expensive of all. 

Moneybookers- this method is similar to Payoneer Debit card, except that you only pay for $1 per withdrawal. Money is transferred instantaneously. But withdrawal using your card depends on your provider.

Paypal- Same as the two above. Charge is $1 per withdrawal. Paypal account holders are required to associate their Master Cards/Visa Cards to be able to receive money. Same with Moneybookers, instantaneous transfer but withdrawal time depends on provider.

Direct Deposit/ACH- Automated Clearance House is used to be able to make a direct deposit to the contractor's bank account. This can only be used by contractors located in US. No charges will be added for the withdrawal except when withdrawing from ATMs (fees depend on provider). Money will arrive within 2-4 business days.

Wire Transfer (USD)- it uses bank-to-bank transactions in transferring funds across the globe. The only set back is charge per withdrawal. In the Philippines, a contractor will have to pay $30 per withdrawal. This payment method is only advisable to contractors from Armenia, Bulgaria, Colombia, Croatia, Egypt, Indonesia, Jamaica, Kenya, Morocco, Peru, Serbia, South Africa, Tunisia, United Arab Emirates, and Uruguay. Money arrives within 2 business days.

Local Fund Transfer- this is the newest mode of payment and the least in terms of fees charged. This is somewhat similar to Direct Deposit except that it can be used by contractors based outside of US territories. You just have to find the BRSTN of your bank. As of now, this payment method is available in Philippines, Australia, Canada, India, United Kingdom, and SEPA Euro (Single Euro Payments Area). Your money usually arrives within 2-3 regular business days.

I highly suggest using Local Fund Transfer since it has the lowest charge rate. And in the Philippines, Bank of the Philippine Islands (BPI) has employed policy, reducing their charge to $0. Yes. No more fees to be deducted. I hope you select the method which best suits your needs.