Best Method to get oDesk Funds Transfer to Indian Bank Accounts

Hello,

I a newbie freelancer. Just did a couple of work related to website development and writing. Was able to earn $150 within few days. Now there is an option of Local Funds Transfer (LFT) in oDesk. I know it's free for 1st time and $1.99 from next withdrawal, but is this the best method to get money transferred..?

I want a way through which my oDesk money is transferred to my Bank Account with 2-3 Days and with less issues.

I have a Axis Bank Savings Account.

 

you can easily withdraw your earning for oDesk to your local bank by two ways.
1-skrill
2-bank wire transfer.
its up to you which method you like to use.you have to verify you bank account with them using your bank's IBAN and SWIFT codes.
skrill takes 3 to 5 days while oDesk take about 2 to 3 days for your money transfer process.

 

See in oDesk there are two methods. So which one to go for .What is the difference.?

Local Funds Transfer (INR)
$1.99 per withdrawal to India. Your first Scheduled Payment in INR is FREE!

Wire Transfer (USD)
$30 per withdrawal to India.

 

now you can decide it yourself.
can you afford to give $30 per withdrawal ?

 

I know I can't so option 1 will be then. But $1.99 would the final amount deducted from final amount or any other fees would be levied before reaching to the respective banks?

 

As far I know no fees will be deducted except the final amount of $1.99. So you've no worry to withdraw your money.

 

@shakiba.proba Also in Elance there is also an option of Local Fund Transfer. which is one free withdrawal every month. So in that also no fees will be charged right..? Also how to show this in IT returns.. need help on that too as i a newbie here..

 

Yes, you are right. But Elance Local Fund Transfer is free for only 1 withdrawal per month.

 

Talk to your CA, he will give you a much better advice then anybody here.

 

Hi, I'm a newbie too. I'm from India and I would also like to know the best method to transfer my earnings from Odesk to my account. I checked Paypal but it has high fees. So, if you can suggest a cheaper method to transfer money. Thanks

 

Hey Chirag,
Since this is an old thread, you must have definitely cashed out your Odesk earnings by now. Can you please post an update so that the India members reading this thread get an idea bout it?

Which bank did you use for the transfer? Did you sign any undertaking or document at the bank as you are receiving funds from foreign country?

Please do update us.