More than 89% of work performed online is for employers outside a worker's home country. This creates a borderless economy and presents new challenges to workers around the globe -- especially in accessing their online earnings. High-cost bank transfers, capped deposits and reliability issues around transferring funds have hindered companies from tapping into the global talent pool, and workers from collecting earnings from the tens of thousands of jobs available each month outside their local area.
oDesk believes in the opportunities available in a truly borderless economy, and the global workforce created when both work and money can flow smoothly across borders. We are continuing our mission to empower this global workforce with the introduction of International Payments. With these new withdrawal methods, contractors' earnings are deposited directly into their bank accounts, in their local currency, at a fraction of the cost of a traditional wire transfer.
The term "International Payments" refers to the suite of withdrawal options that allow contractors to directly withdraw their online earnings to their bank account. This includes Local Funds Transfer and Wire Transfer (Local Currency). While the mechanism that powers these transfers differ slightly, the end result is the same: easy, low-cost access to earnings in local currency.
International Payments are currently available in 47 countries worldwide, with more in development. We are working hard to bring low-cost, direct withdrawal options to as many online workers worldwide as possible -- and deliver with it the potential of a truly borderless economy.