4.11.2015

Odesk / Upwork to BPI 2015 Local Funds Transfer (LFT)



I'm new to freelancing and this is going to be the first time that I'll be withdrawing salary from oDesk/ Upwork. I have been reading reviews and forums online about Local Funds Transfer, oDesk/ Upwork payouts and payment methods for a while now. Well, basically just about everything you need to know about how to withdraw your earnings from oDesk/ Upwork.

I wanted to have a clear grasp of how it works before going through the process to make sure that I'll be doing the right thing the first time. Unfortunately, I only have a few options, namely: LFT to BPI Savings; LFT to Unionbank Eon Card; oDesk/ Upwork withdrawal to Paypal then Paypal to Bank of the Philippine Islands (BPI).

Through research, I found out that LFT to BPI takes about 5 business days for the amount to be credited while through Paypal, it will only take a maximum of 3 days to be credited to your bank account. With those in mind, I have set my eyes on the Paypal route in comparison with the BPI route to see which is better and leave Unionbank as contingency. Don't worry, when I try it out, I'll tell you all about it.

Over the years, I have been withdrawing money from Paypal to my BPI savings account, so that was the first option I considered doing. I have always been aware that Paypal money transfer charges fifty (P50) pesos per withdrawal if the amount is less than seven thousand pesos (P7,000) and on the other end, BPI charges one hundred fifty (P150) pesos flat rate for incoming. So the total deduction would be around two hundred pesos (P200) excluding the amount $0.99 or approximately forty-four pesos (P44) that oDesk/ Upwork charges per withdrawal.

In my personal experience, Paypal to BPI money transfer or withdrawal can be credited to the account as fast as 2 business days after the withdrawal request and at most was 3 business days. Of course, you do not want to withdraw on a weekend because the request will be processed on the next business day, monday, so it will take longer than the advised allowance of 2-4 business days for you to get your money.

After rigorous web research and reading forums online about oDesk/ Upwork payment methods, I found out that because of the partnership with oDesk/ Upwork and BPI, BPI waives the withdrawal fees when withdrawing from oDesk/ Upwork. Yes, that's 1 deduction down. So when doing direct LFT, it would be less deductions from your hard earned money compared to withdrawing it via Paypal.

Here's my 1st attempt:



As you can see above, I requested withdrawal on April 08, 2015, a wednesday, at roughly around 8PM Philippine Time. The withdrawal fee is $0.99.



The expected delivery date or the date it will be credited to my BPI savings account will be April 14, 2015. The $0.99 oDesk withdrawal fee has already been deducted so the AMOUNT PAID stated above is the clean cut. In this case, it is P7,290.72.



My salary was credited on April 10, 2015, which is friday, as stated in the captured image above. It matches the amount on the previous image which is P7,290.72 clean and no deductions. In addition, it is labeled as Payroll, which is really neat if you are looking at submitting this document to Pag-ibig or HDMF for housing loans and for bank loans.


Summary :

PAYPAL ROUTE: 3-4 days
oDesk -> Paypal                      = ($0.99) P44
Paypal (if less than P7k)-> BPI  = P50
BPI fee for incoming                  = P150
----------------------------------------------------
Total                                           = P244


BPI ROUTE: 2 days
oDesk -> BPI                              = ($0.99) P44
BPI fee for incoming                  = 0
----------------------------------------------------
Total                                           = P44


There you have it. It took roughly less than 48 hours for me to get my money and I was only charged roughly about P44 to withdraw it. Not bad for my first time!

- - - - -

Update : I requested payment on April 29, 2015, I got credited on my BPI account the following day April 30, 2015. Really good and cheap way to withdraw salary from oDesk/ Upwork.

Update : I requested payment on December 16, 2015, I got credited to my BPI account on December 18, 2015. Efficient as always!

I will be exploring other ways to withdraw salary from oDesk/ Upwork very soon. I will surely keep you folks posted!

- - - - -

Update as of May 3, 2016 :


We are very lucky as some friends were very kind to share with us about their experience with Bank of the Philippines - Easy Saver Account.

It takes the same amount of time (1-2 days) as the Regular BPI Savings Account for your Payout to be credited from Upwork/Odesk. *Given that you initiated the withdrawal during Mondays thru Fridays*

The same way, for Upwork withdrawals, it appears with the CO. CREDITS tag and PAYROLL as description.

Bank of the Philippine Islands (BPI) Easy Saver Account Statement - Upwork Payroll


And, NO, there is Zero Fee as well.

Oh! I forgot to add, for BPI Easy Saver account, whenever you withdraw money via the Automated Teller Machine (ATM), it charges P5. I guess that is the catch for opening an ATM account without a maintaining balance. But think about it, that's minimal compared to hundreds of pesos you'll lose with other banks.



Let's keep being awesome Virtual Assistants, Freelancers and Online Filipino Workers! 
Be proud of what we do!




36 comments:

  1. Do you use only LFT only now or do you use still use PayPal at times?

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    Replies
    1. Hi Lakshmi, I still use BPI all the time and the same TAT as always. Never had problems at all! :)

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  2. Hi Yanie! I used to withdraw via LFT through BPI but some years ago oDesk had some kind of problem with them and things got really ugly for me. This is the first time I heard they've actually tied up together. Question: What specific kind of BPI account did you use here? Planning on opening one too :) Thanks in advance!!

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    Replies
    1. Hi Trixie! I'm using the regular savings account with BPI which has the 3k maintaining balance requirement every month. It has been awesome ever since. I actually like it because it is very easy to check your balance every time via the App. One helpful tip though is to withdraw on a Wednesday, so you'll see them credited to your BPI account by friday without any issues at all! Hope this helps!

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    2. Thanks for the info. I am planning to apply for BPI easy saver atm. I have been using smartmoney since 2012 but since it will no longer be available in 2017, I am switching to BPI. Smartmoney is like BDO and fee is around 200. I will try LFT soon with BPI.

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  3. I withdrawed via LFT through Eastwest, I requested on 12/13/15 and up til now, nothing, almost two weeks have passed but my funds hadnt arrived :(

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  4. I withdrawed via LFT through Eastwest, I requested on 12/13/15 and up til now, nothing, almost two weeks have passed but my funds hadnt arrived :(

    ReplyDelete
    Replies
    1. Hi Psyche! I'm so sorry to hear about this. I haven't had the chance to try Eastwest at all. But since you gave me this I idea that it takes a long time to get funds using Eastwest, I may try them sometime and all other banks in PH too!
      I'm really hoping you get your money credited very soon! Don't forget to let us know too!

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  5. Waaah! Thanks for this post!

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  6. Waaah! Thanks for this post!

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    Replies
    1. You are most welcome Jen! :D

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  7. yikes! P244 fee. just use LFT BPI without going through PayPal - only $0.99 fee from Upwork and that's it.

    or use Unionbank's EON and link it in PayPal - $0.99 + P50 (if less 7K), no incoming remittance fees. got no prob with EON for years. ;)

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    Replies
    1. Can we do LFT transfer directly to EON without going thru Paypal? how much is the fee aside for the $0.99 charge from Upwork? Thanks in advance!

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  8. Can we do LFT transfer directly to EON without going thru Paypal? how much is the fee aside for the $0.99 charge from Upwork? Thanks in advance!

    ReplyDelete
    Replies
    1. Hi Camille! Thanks for this inquiry. I personally haven't tried direct LFT from Upwork to EON. Everyone I know seems to be using it through paypal. I will try to see if that works. Will keep you posted!

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  9. Can we do LFT transfer directly to EON without going thru Paypal? how much is the fee aside for the $0.99 charge from Upwork? Thanks in advance!

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  10. I've been an Upwork freelancer since 2011. my LFT has always been tru bdo since while my paypal salary has been with my eon/unionbank.

    just recently I withdrawn money from paypal to my bdo account and guess what- bdo charged me for php250+ because they said paypal is not a remittance partner. tsk that was too much fee for a withdrawal. won't happen again

    ReplyDelete
    Replies
    1. Hi EL A! I'm so sorry to hear about that. I'd definitely Recommend BPI, its totally worth a try!

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  11. Is it okay when I used my BPI easy savers account for local fund transfer?

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    Replies
    1. Hey Russell! BPI Easy Savers is fine for Local Funds Transfer (LFT). I have a lot of Virtual Assistant friends who use that!

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    2. Hi, Therese! Would you happen to know the LFT fee for the Easy Saver account? Is it similar to yours and does it show as Payroll as well? Thanks!

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    3. Thanks Therese. Is BPI easy savers don't charge for incoming fee also?

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    4. Hi Trixie and Russell,

      Let me ask some friends and I'll get back with you guys soonest!

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    5. Hi Russell and Trixie! I've just posted an update about BPI Easy Saver Account re Upwork Withdrawals. Hope it helps!

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    6. You're a godsend, Therese! Thank you so much!!

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    7. You're most welcome Trixie!

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  12. Hi! Do I need to file an income tax in order for me withdraw my upwork earnings through BPI? Are there are any documents I need to submit for me to withdraw my upwork earnings through LFT? Thanks! :)

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    Replies
    1. Hi Naomi, I don't think you'd need to file that if that's the W8ben you're referring to. PH based workers do not need to accomplish that. :D

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  13. Hi!!! Do you think transferring from upwork to a BPI passbook account will work?

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    Replies
    1. Hi! I think that should work just fine. :D

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  14. Hi, Just want to ask what is better Upwork -> BPI or Upwork -> Paypal -> BPI? Thanks

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  15. How can I use my BPI family saving bank account?I tried entering BRSTN code for BPI Family(BRSTN 021000021) on upwork but it says that the bank is not found. Is there anyone here had issues using LFT to BPI Family? IF there are issues, are there any work around for them?

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  16. Hello, Im doing the LFT to BPI from Upwork. 11/19/2016. I'll check if the salary arrives in due time. thanks for the helpful blog post.

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  17. Hello. I just used the LFT using my BPI easy saver account. It took 4 days before I received the money. But in my surprise there is a charge of 150. How come there is a charge besides the .99$ from upwork since I only used LFT>BPI account? Thanks.

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  18. Upwork LFT transfer fee update as of January 18, 2017

    https://support.upwork.com/hc/en-us/articles/211060578-Local-Funds-Transfer-Fees-Timing

    ..... Upwork transfers are not currently charged any incoming remittance fees for the following banks:

    Bank of Philippine Islands (BPI Direct and BPI Family Savings accounts do not qualify for this waiver)
    Banco de Oro
    Standard Chartered Bank

    That means, BPI Easy Savers Account holders will be charged P150 pesos for incoming. :( Yeah, I'm one of them and I'm shocked (just found out today when I checked on my balance online). Guess I have to stick with Paypal then.

    ReplyDelete
  19. How about LFT using Metrobank Debit Card po kaya? Will be withdrawing my first pay in Upwork next wednesday and I have no idea if how long will it take or if there are any incoming charges ��

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Thanks for sharing a piece of wisdom fashionista!