oDesk - Payment Methods and Mechanisms
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oDesk offers more options for retrieving funds from your account than most other sites, including a few that are specific to particular countries where oDesk has a large number of contractors. The methods are:
Note that there is no paper check option, even within the United States.
Also, despite the existence of a US dollar wire transfer option, this is not available for US-based contractors. (US banks really seem to hate individuals receiving wire transfers, preferring direct deposit, which is the method of choice for American contractors, and is also free.) The less expensive local currency option is available in these countries: Eurozone, Armenia, Bulgaria, Colombia, Croatia, Egypt, Hungary, Indonesia, Jamaica, Kenya, Latvia, Luxembourg, Malta, Morocco, Peru, Poland, Romania, Serbia, South Africa, Tunisia, United Arab Emirates and Uruguay.
oDesk has its special weekly cycle for processing payments within its system, as described above, but does not appear to have any special scheduling requirements for withdrawing funds. Each request for a withdrawal is processed as it is submitted.
oDesk requires that American contractors have a W9 on file in order to withdraw funds.
Like most sites, oDesk only charges fees for withdrawals where this is necessary to cover costs imposed by the financial institutions that are involved in the disbursement transaction. The only free option is direct deposit (ACH) for US-based contractors, but Paypal withdrawals are close: they cost only $1 regardless of amount. The local funds transfer options cost $1.99 per withdrawal in the countries where they are implemented. oDesk doesn’t charge anything for the Payoneer option, but Payoneer itself has a variety of fees that depend on the country where the card is issued. US dollar wire transfers are a hefty $30, but the local currency alternative is just $1.99 to $3.99, depending on the country.
There can also be additional currency conversion fees associated with some options, which are generally in the range of 2.5%.
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Last Site Update: December 13, 2011
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