So, when I came back here in the Philippines, I am so glad to try out the Local Fund Transfer (LFT) method to withdraw my earnings. I chose this option though Paypal is commonly used here because I still can't use my Paypal here (haven't got it verified). Also, the withdrawal fee of $0.99 for the LFT method is waived for the first transaction.
|Click picture to see enlarged detailed steps.|
- Go to your oDesk account Wallet tab and select Withdrawal Methods.
- Look for the Local Funds Transfer method and press Set Up Bank Account button.
- Enter your bank's head office BRSTN code and confirm that the bank found is correct.
- Enter your account number, account holder's name and address.
- Press the Add Withdrawal Method button. If all goes well, your new bank account will be active in 3 days.
If you would ask which bank is more advantageous to put your withdrawn earnings, oDesk recommends BPI and Unionbank because of banking relationships. It is stated in the oDesk help section that BPI will not charge you any fee when you remit your earnings there. But based on my use of this LFT to BPI, I was charged a fee of 10 pesos. Unionbank charges 50 pesos. Other bank charges are: BDO and Chinabank - 200 pesos; RCBC - 100 pesos; PNB - 250 pesos; Metrobank - 76.70 and Land bank - 50 pesos. These figures are the fees charged since December 2010. I am not sure if these fees have changed.
I'm using BPI to save on fees and I'm glad that I had a successful withdrawal using this option just recently. Thank You, Lord for the work at home opportunity and blessings.