Every time I convince anyone to work online, the first common question I received is “How will I get paid?” I understand that they just want to ensure that their hardwork will not be wasted. oDesk offers several payment methods so you can choose the most convenient way to receive your earnings.
Local Funds Transfer is the most recommended payment method for contractors living in the Philippines. You can get your earnings directly to your bank account using this payment method and it is the one with lesser fees. You need your bank’s code or BRSTN code when setting up your bank details in oDesk.
If you’re going to ask if what is the best bank to use, I suggest BPI or BDO because these two don’t have any charges when receiving payments from oDesk. Other banks deduct Php 50 to Php 200 bank fees and this amount is a big loss to your earnings.
Paypal is also good to use and many contractors are using this to receive their money from oDesk. You can receive your money faster using Paypal than Local Funds Transfer. The disadvantage is the Exchange Rate on Paypal is lower than usual. It is only good for those contractors who badly needed their money urgently.