This is a CANDID step by step tutorial that aims to help freelance consultants like me who currently works online and receives payment online. Note: this tutorial specifically is linked with oDesk, PayPal and Unionbank payment system. I believe it is still applicable to other online jobs such as selling or buying at eBay. You can figure it out. lol.
Everything is linked from my experience so its still the freelance consultant’s choice to follow my practices. What I can only promise is a guaranteed payment and lesser fees to shell out. Also, it is based on the principle of PATIENCE. So if you are the type who is in a hurry to hold your $10 payment in flesh, then this is not for you.
Please be advised that I am not a mathematical person and I hated math and is totally bad at budgeting but I am an Obsessive Compulsive person and I like to list all the things I have done in an organized way. *wink*
B. PayPal – Your online Bank Account.
C. UnionBank Eon Card or oDesk Payoneer Card – Your Debit card which you will link to PayPal to receive payments or buy online.
Here is a glimpse of what I did.
1. I applied at oDesk. I worked until I have received a considerable amount of money.
2. After a month, I want to withdraw my money. I felt impatient already. I applied at the official debit card of oDesk which is Payoneer. My research says it is the most convenient.
3. I received my card after a month and while trying to activate it, I read some good reviews about Unionbank EON card. I researched and I laid down the pro’s and cons of the two debit cards.
|Bank Account||IN USD||IN PESOS - 47 PHP|
|CHARGES||Payoneer||Payoneer activation fee||$9.95||467.65|
|oDesk to Payoneer||$2.15||101.05|
|monthly maintenance fee (July & August)||$6.00||282.00|
|EON - Paypal||$1.95||PHP 91.65|
|oDesk to PayPal||$1.00||PHP 47|
|annual fee||$7.46||PHP 350|
|more than 7K to withdraw = free|
|$10.41||PHP 488.65 ★★★★★|
* PayPal Verification fee is crossed out because technically it will be deducted BUT will be given back after the verification process.
4. I decided to choose UnionBank as my Debit card after looking at my comparison chart. *ching!*
Now My UnionBank EON Card History
|1||1st Day||applied for Unionbank EON card.|
|2||submitted two valid IDs.|
|3||waited for 1 week|
|4||7th Day||called the branch office to confirm my card|
|5||redeemed my card at the branch office and gave 350 as a payment||annual card fee|
|6||checked my balance at the branch ATM = 0 PHP|
|7||activated my account online at home|
|8||waited for the activation (two-four business days as per Unionbank)|
|9||13th Day||can now log in and required to change my online transaction pin|
|10||withdraw funds from oDesk to PayPal - $1 fee|
|11||withdraw funds from PayPal to EON card- still unsuccessful|
|12||In Paypal, I saw “transfer thru bank account vs. card”|
|13||I chose bank account which is free for 7K above funds|
|14||I was rejected for PayPal debit/credit card verification||I think because my EON card has zero balance|
|15||I don’t want to choose the other option because it will cost me $5 and its longer to process||this site helps|
|16||71st Day||deposit PHP 1000 at the branch office|
|17||log again to PayPal to verify|
|18||log to PAYPAL to confirm debit card details|
|19||put my card number details|
|20||log in to EON account|
|21||searched for mini statement|
|22||charged 98 PHP or 1.95 USD at EON card which was given back at PayPal|
|23||confirmed in PayPal the XXXXPAYPAL in the statement|
|24||log out for safety|
|25||82nd Day||I finally withdraw funds from oDesk to PayPal||TOTAL AMOUNT FEE: $ 2 ONLY from the first oDesk withdrawal|
|26||I finally withdraw funds from PayPal to EON card||TOTAL MONEY NEEDED FOR BANK APPLICATION: 350 (Annual Maintenance Fee + 1000 (deposit)|
|27||Wait 2-4 business days for me to receive my funds! *CHING!*|
Yes it took me 82 days to withdraw my funds. Take note that this is not the recommended and ideal. Few factors that resulted to delays are becoming busy at life and therefore I became idle at oDesk.
1. Wait until you can save until PHP 7,000 at oDesk. This is to avoid the PHP 50 fee for any less than 7K. (I am that frugal!) This means work hard and search hard for legitimate buyers who pay really well and those that gives bonuses!
2. When you receive your Unionbank EON Card, deposit money immediately to avoid the hassle of being rejected for Paypal Verification.
3. If you are like me who got the Payoneer first than the Unionbank EON card, no matter how many times the email says: “Activate your Card now!” DONT DO SO UNLESS YOU WANT TO PAY THE ACTIVATION FEE WHICH IS $9.95. gulps.
4. When choosing which account to choose in Paypal, I go for Personal Account. Business accounts are for the sellers who receive big amounts of money. I believe personal account has lesser fees.
5. Check the foreign exchange rate! Be aware thought that Paypal has unbelievably lower rate than what you see in the banks, tv, newspapers etc.
6. Do not withdraw during holidays cause obviously Unionbank is closed.
Well I guess I’ve covered enough. If you have questions just comment here. I need to rest. Oh did I say that, I have a flu right now? Can’t help but to post up this tutorial. ^^