daveedge
Member

PayPal accounts vs. my banking info

Hey everybody, I'm new to oDesk and just finished my first contract. I'm about to set up how I will actually be receiving my payments and wanted to see what other people inside the US subscribed to. I'm leery about inserting my bank info for obvious reasons but wasn't a fan of the $1.00 surcharge for every time I withdraw with PayPal. Thanks!
3 REPLIES 3
ryan_banag
Member

Hi Dave welcome and congrats on the first job done. We're not on the same country but to answer the question, I favor the bank wire method than PayPal, mainly because its cheaper and eliminating extra fees from PP if I need a cash physically. More work to you sir and enjoy your stay! (batman hint* you can hide your below average test score on your profile, and take more tests, its free anyway. na na na na na na na)

Caveat first - I'm in Europe so the situation may differ for you. But, I use Paypal to transfer from oDesk, and then transfer when I want from Paypal to my bank account. The whole system is seemless and has never gone wrong for me. oDesk charges $1 for each withdrawal, and the transfer from Paypal to my bank is free. The whole process to get the money from oDesk to Paypal takes literally a few minutes, if not seconds sometimes; and getting the money from Paypal to my bank takes two working days max, usually less. If you're bothered about the $1 fee, don't transfer every amount, but let it build up a bit and transfer larger amoounts for the same $1 fee. Like I say, it might be different in US, but certainly works here..

I use the free bank transfer and have for years with no problem. I withdraw at midnight UTC on Wed. (8pm Tuesday my time) and the money is in my bank at 5AM Thursday morning. Never one hitch in many years. It is probably the one thing oDesk has not screwed up (knock on wood).