I just wondered if what is the best local bank to deposits our hard worked paychecks here in Odesk. The criterias are:
1. Hassle free application (online, 24 hrs only, etc)
2. Maintaining balance
3. Transaction fee everytime we transfer our money to them
3. Withdrawal fees
4. How fast can we receive the deposited money?
5. Availabilty of their ATMs (banknet, megalink, etc)
In my case, I enrolled on Union Bank's EON Account. Enrollment was online and just went to the branch I picked and gave my barangay clearance and ID's since it's the bank's requirements. Got my atm card the same day and just waited for 24 hours activation.
The pros were:
1. Quick one banking day processing only after withdrawing from Odesk and you get your money deposited.
2. I can withdraw from any bank atm (BDO, BPI, METRO BANK, etc)
3. No maintaining balance required
4. Just Php. 200 initial deposit
5. Online banking is great, can transfer money bills to other accounts and pay bills
6. Can be used as your "virtual wallet"
1. Php.10 fee for every withdrawal (Unionbank ATM)
2. Php.12 fee, from the other bank
3. Yearly fee (just not sure if it's Php. 200) that will be automatically be deducted in your fund.
Let me know experience also with your banks so we can compare it and pick the best!
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I've been using Eon for 4 years now and I would vouch the same pros and cons you've listed. Although there's one thing missing on the "cons" side. I remember being charged P50 transaction fee when withdrawing from oDesk direct to Unionbank (LFT). Was this policy waived already? I hope so coz I've been taking the oDesk to Paypal to Unionbank route just to avoid that fee. Takes a little longer to reach the bank (2-3 days) and takes several key strokes to complete the transaction. They also require a minimum withdrawal of P7,000 from Paypal otherwise you'll be charged that transaction fee.
I heard BPI could be a better route with no fees via LFT. But didn't bother to get one.
Hope this helps!
Thanks for the other stuff, forgot to mention it. The LFT is still present on every transaction I had. One more thing about their minimum withdrawal fee, that isn't true. In my experience, I've withdrawn more thatn 7K and they still charged me with 50. I hope some fellow Pinoy freelancer will share their bank details and experiences so we can compare each.
Now that's strange. I always compute my earnings before making a withdrawal and true enough they never charge me the P50 fee.
Take a look at the attached. Paypal always shows me that reminder.
Hi Jose you are right theres no fee from paypal to EON if you withdraw 7000 php plus but I don't know how you avoid fee by going through that route from Odesk to Paypal to EON because whenever I transfer money from ODesk to Paypal its costs me $1. And if I transfer from Odesk to Local bank/EON it costs me 0.99 cents. So either way will cost to transfer. And it is much faster to transfer from Odesk directly to Eon in my experience if theres no holiday if I transfer Wednesday morning phil time I usuall get the money Thursday night Phil time at around 6 pm.
My bad I see your point now Jose aside from the 99 cents fee from Odesk to Local bank/EON theres another 50 pesos fee deducted by the bank. Thanks for sharing because I didn't even notice it because I'm not checking the transaction history of my EON account.
It's a matter of personal preference. If you need cash right away, better take LFT. Since I pay certain monthly bills using paypal, I thought of leaving a certain amount there just for that purpose and withdraw the rest.
One thing I haven't compared is the exchange rate difference between the two. Could there be a significant difference?
BTW, I didn't realize there's a 1 cent difference with the oDesk fee. Is it an incentive?
I am new in upwork, I'am just wondering if I can use a BDO cash card as my payment method (LFT)? I hope someone can help me with this. Thank you.