Withdrawing from oDesk

From Smartycode Freelancer Wiki

Here are a few tips for withdrawing money from oDesk. For European providers (Russia, Ukraine, United Kingdom, Spain, etc.) the best option is using MoneyBookers system. You worked hard to get your money and now you want your money to work for you? Or you want to get your money onto a debit card issued by your local bank? MoneyBookers can save your money by offering you withdrawals to a bank account, or directly onto your Visa card. First you have to register at MoneyBookers with your @odesk email address. If you have registered previously with another email address, simply login to your Moneybookers account and add alternate email address (you will have to confirm that you own it).

Withdrawing onto Debit Card

If you have a debit / credit card issued by your local bank and it's a Visa one you can add it as withdrawal option in your MoneyBookers. Withdrawing to Visa works faster than using bank transfer but has a couple of limitations:

• you can't use it with Visa Electron cards (usually card issuer - your bank disallows using this type of cards for direct load)
• you can't generally use this method if your card is blocked for transactions via Internet. But usually the cards are enabled.

If you card is Visa but cannot be used due to limitations above, or it's MasterCard or different type, you can still load your money to your card :) To do that you have to contact your card issuer and ask for bank account details, usually bank's SWIFT code, full name, and your account number for "incoming" transactions. This is not as hard as it seems.

Withdrawing to a bank account. Make your money work

If you want your money to work for you, and you don't need to spend them emmidiately you can create a separate deposit account at your local bank which pays you percentage for keeping money there. This is good if you are saving money for something expensive you want to buy. Again, without a hassle you do your electronic money transfer to MoneyBookers from oDesk, then onto your bank account from MoneyBookers :).

Comparing MoneyBookers to Payoneer Card on real world example.

Provider working at Russia can get Visa Electron card at his local Sberbank department. The cost of use is only $10 / year comparing to Payoneer's $3 * 12 = $36. Opening card in USD allows for removing double exchange rates conversions which occurs with Payoneer Cards thus saves usually about 3% of your money! Having a local card also allows on saving on withdrawal from ATMs, that is no fee using Sberbank's card against Payoneer's $2.75.