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Indian Beta closed

Update April 25: Local Funds Transfer is no longer Beta! Withdrawal Transfer time down in India to 2-3 business day. Beta thread is now closed. Please see the new announcement.


If you are a contractor in India, we’d like to invite you to participate in our beta launch of Local Funds Transfer in India!

You’ve been asking for a better withdrawal method, and we’ve been working on it. We have a new local funds transfer withdrawal method for India that will allow you to withdraw Indian Rupees directly into your local bank account for $1.99 per withdrawal.

Join Our Beta Program Today!

oDesk is offering Local Funds Transfer as a beta. We are also waiving the $1.99 fee on your first withdrawal. We are confident in the system — your funds are safe and after you add your bank and request a withdrawal, you will receive your funds in 3-5 business days. But, we'd like your help to understand better what's working really well and what could be improved before we officially launch.

If you have any questions before or after you join the beta, please contact our Customer Support team directly.

Add your bank now to participate in this beta release.

What is Local Funds Transfer:

  • Transfer funds directly to your local bank account. No third-party payment providers are involved which means no waiting for a third-party to send the funds to your bank or risk of delays/restrictions imposed by a processing vendor. You deal directly with oDesk.
  • Your first withdrawal is Free! Thank you for trying this new service. Thereafter, each withdrawal is just $1.99.
  • oDesk offers a very competitive exchange rate that in most cases will beat the other payment providers. You can see the last oDesk exchange rate on the withdrawal form before you withdraw funds.
  • You will receive your funds in 3-5 business days.

If you are interested in participating in this beta launch, please click here to add your local bank.

You may also click here for more information.


Special note for Payoneer Users

Payoneer recently announced that their Prepaid MasterCard cards have been blocked for local purchases in India(POS Purchase) and will soon be blocked for ATM withdrawals in India. If you have a balance on your Payoneer card and would like to use oDesk's new Local Funds Transfer to receive your money, follow these steps:

  1. Contact Payoneer at IndiaSupport@payoneer.com and request your current card balance be reversed back to oDesk. There are no fees for this reversal.
  2. Once oDesk receives the reversal of funds, we will credit your oDesk account.
  3. In the meantime, set up Local Funds Transfer. Once we credit your account, you will be able to withdraw your funds to your bank using Local Funds Transfer.

Local Funds Transfer Beta also available for Philippines.

Vote Result

+++++++++-
Score: 9.8, Votes: 69
Thanks!!!

Thanks a lot!
This is what we are expecting for a long time.
I just saw the Payoneer alert and went to ATM and withdrew the money. Luckily, as of now, Payoneer still allows us to withdraw the money.

Thats Really great News!!!!!!!!!!!!!!!!!

That's Really great News!!!!!!!!!!!!!!!!!

Thanks for creating an

Thanks for creating an immediate alternative even if it is still in beta stage.

I have a question. As this is still in beta, what if something goes wrong? Will you be able to track down the issue and can assure that the funds transfered through this beta program is safe?

-- Pothi

Update: I just read http://www.odesk.com/help/help/payments/payment_methods/withdrawals_tab/india. Would love to join the beta program.

Pothi

Your funds are safe

Hi Pothi,

Thanks for your interest and feedback. This is a beta, but your funds are absolutely safe and will get to your bank. We are able to track your funds through the process and we can assure you that they will get to you. We are launching as a beta to learn more about what works really well, and where we could make improvements before launching officially.

Thanks,
Mollie

Thank you for the assurance

Hi Mollie,

Thanks for the reply. I applied for the beta now and it will be activated tomorrow. Would definitely give it a try next Wednesday. Wink

Thanks again,
Pothi

Pothi

Hi Mollie, I just wanted to

Hi Mollie,

I just wanted to say a big thanks to you and other oDesk people behind the scene for making it so easier to get paid. I could not wait until Wednesday. So, last Sunday, I transferred money that reached my bank now (on 4th working day). The exchange rate was much better than Paypal, yet, slightly lower than Payoneer (it doesn't work in India, anyway). Most importantly I got what I was assured/shown at the time of withdrawing. No intermediate fees. Couldn't ask more.

Thanks again,
Pothi

Pothi

Bank details not found through entered IFSC code

Hi Mollie,

Thanks for adding this wonderful option of direct bank transfer to Indian banks,
we have been waiting for this since long.

My issue is, while registering, the oDesk system could not able to find my bank details through the IFSC code i've entered.

I'm sure about the IFSC code, because i've used the same code for registration with paypal, moneybookers and payoneer.

Can you please help me with this.

My details are:
IFSC Code: SBIN0001507
Bank Name: STATE BANK OF INDIA
Branch: MILLONIGANJ
City: JABALPUR
State: MADHYA PRADESH

Best Regards,

Ritu Raj

Add it manually

Hi Ritu,

You are correct, this is a valid and correct IFSC, we just don't have it in our database yet. You can go ahead use the "add my bank" option in the form to add your bank manually.

Thanks for your interest!

Mollie

Thank You!

Thank You!

Can you share your experience.

Hello Ritu Sir,

This is Akhil Sengar, i am not sure if you know me but i have heard of you from Apoorve Sir so many times. I saw your name in here and recalled, made me say Such a small world.

btw i just added this payment method and probably going to withdraw tomorrow. Have you used it ever? can you share your experience?

Thanks.
Akhil Sengar

Hi When i try to withdrawal

Hi When i try to withdrawal by adding bank account in wire transfer, it is asking "Remittance".

what i need to enter in this,,,?
it says most of govt authorities will have this...

please advice me

Bank details not found through entered IFSC code

Thanks for this great Service .
Same problem with IFSC
Only Problem with State Bank of India IFSC codes

Thanks
Tejinder

AWESOME

I love you Odesk.
Thanks a lot.
We have been Waiting for such a facility for long time.

Ruben

great step from odesk

Thanks Odesk!
we were looking for it from past one years.

Here is my bank detials
IFSC CODE:SBIN0001828
ADDRESS:SCO NO 35 SAS NAGAR MOHALI DISTROPAR,PUNJAB 160055
CENTRE:MOHALI
DISTRICT:RUPNAGAR
STATE:PUNJAB
But unable to find it on odesk, so i have added it manually, let see how odesk will find.

Thanks again for this payment method.

Not able to see the Payment option in WithDrawal Screen

Hi,

I just added withdrawal method and working fine. But When I was trying to withdraw some balance ..Option was not available in drop down. (Withdrawal Method drop-down don't contain my newly added method. Server Cache issue?)

Thanks

-Inder Singh
http://www.indiapoly.com/
http://www.inderweb.com/

--Time Is Everythings ! Rspect For time----

please look on the withdrawal

please look on the withdrawal methods registration page for the local funds transfer "active on" date

Joint Account

Thanks for this local fund transfer method for banks in India.
I have applied to participate, but I have one query.

I have a joint savings account.
When we add bank account details, is it OK to add just one name.

Thanks again,
Malini Gupta

yes

yes

enquiry

Hello there,
this is great, i am very happy after seeing this,
can i know when it will officially launched in odesk.
please reply me as soon as possible.

Regards,
AN.Subramanian.

We expect to officially

We expect to officially launch Local Funds Transfer in India in the next month or two. Please note, if you use the Beta, be assured your funds are safe and you will receive your funds into your local bank account. And, your first withdrawal with the Beta is free!

Awesome service

Right from the first day i am impressed with the service provided by Odesk...this is really adding another feather in your cap...really looking forward for this service...I hope my money will be safe in beta transaction too

Odesk rocks again! . So

Odesk rocks again! Party Love . So Indian providers can withdraw every week from odesk Smile

bank charges

Hi,
This is wonderful. I have a question, may be a little deviating. Any idea, banks will charge anything extra. How the dollar to INR conversion happen? Will there be any hidden charges by the bank?

thanks,
Murugesh

Thank you guys!

Hey there,

I just added the method and cant wait to experience how it works. Like all others have commented i have also seriously needed such kind of withdrawal method for so long.

Thank you guys for considering our problem and providing such a nice and handy solution.

btw out of all the comments, everyone said they are going to use it but no one actually shared their experience that how did it go for them? any one?

I am going to try tomorrow morning, if anyone can share his/her experience before it i would appreciate that.

ODesk thanks again Smile.

Best Regards,
Akhil Sengar

Still working Payoneer Master Card ATM withdraws in India???

Can anyone please tell me ?
Is working Payoneer Master Card ATM withdraws in India today January 10th 2011??

Thanks
Gan

No Its not working. I tried

No Its not working. I tried it 2days back and also yesterday.

Please help me

I have one doubt. Please claify it. I don't have an account in my own. My husband has an bank account. Can i add that for beta method?

You may use your husband's

You may use your husband's bank account, however when you add the bank details on oDesk, please ensure that the name of the bank account holder matches precisely to the name on file with your bank.

Mike Ting

oDesk is Rock Always !!!

Yeah!!!!, i am also looking for this type of option. Thanks a lot for your effort to make this system. Cheers !!!

"oDESK IS ROCK"

Yes oDesk really rocks

I've got my money today through oDesk new fund transfer system.
"ODESK ROCKS..."

can you let us know about the bank charges?

Hi,
Glad to know that your transfer went smoothly. Did bank charges anything additionally?

thanks,
Murugesh

No, bank didn't charge

No, bank didn't charge anything.

It does not work

Hi

We withdrew funds on the 8th and it is still not credited to my account even after 5 working days. Support is not at all helpful even though I contacted them on live chat. They just said we will create a ticket and there has been no response to the ticket.

Please beware to use services till they are in Beta stage.

Thanks
Pawan

Please note that if you

Please note that if you submit your withdrawal on a Saturday or Sunday, we will process it at the earliest opportunity on Monday. As Jan 8 was a Saturday, we processed your request on Jan 10. Therefore your funds should have settled today Jan 13. We have confirmed that your payment was processed successfully. If you still don't see the credit in your account, please contact your bank as they may not have posted it to your account.

Thank you.

Thanks

Hello

Thanks, the money has now been credited. Thanks for being so active in the forum. However, I would request you to please make sure that support tickets are also replied to. Also, when submitting support tickets you should give us an acknowledgement number so that we can follow up on the same.

Definitely a great way to transfer money.

Thanks
Pawan

I request oDesk to send the

I request oDesk to send the transaction details to email or oDesk inbox when the transfer is processed.
Details like:
transaction Id(if any)
transaction date
origin of transfer country/city or bank (whichever may apply)

This is really important for 2 reasons
1. We know that oDesk has processed the payment from their end (and also when it was processed)
2. In case of any delay/problems, we need these details when we contact the bank.

Right now, for these details, we have to raise a ticket with the finance department which is very cumbersome process.
BTW, my ticket, inquiring for these details, have not received a reply yet, after 24 hours which was the time quoted for reply. So, I dont know what is the status of my funds/tranfer.

Very High exchange fee

Hi Odesk,

I tried it and got very high exchange fee. It was 44.14 whereas as RBI rate was 45.04. My bank South Indian Bank provides 45.84 rate(same day). I cant loose 70 paise per dollar for local transfer. So old method through moneybookers is good enough, unless odesk improves exchange rate.

Can't use Local transfer now

Hi oDesk,

Why can't you improve exchange fee ? I can not currently use your local beta transfer method, because of this lack of good exchange rates.

Please note that we are

Please note that we are continuously working toward improving our exchange rates so that contractors are maximizing their earnings. As a point of clarification, the exchange rate is determined on the business day following the date you submitted your withdrawal. Please also consider the fact that exchange rates can be volatile throughout the day and across different sources. Notwithstanding, we understand your position and will strive to provide more competitive rates in the future.

Quote:the exchange rate is

Quote:
the exchange rate is determined on the business day following the date you submitted your withdrawal.

I made a withdrawal on 8th of $4.7K so it seems odesk made the transaction in next business day, 10 th and my exchange rate is based on 11 th . The rate i got was 44.6 and the highest rate in xe.com for that day was 45.35. so it seems there is a diffrence of .7 for each dollar .I am little worried of this rate .Its is not good for higher transaction .For users who makes one time withdrawal of $12K or more they will lose 8k in INR.In India for wiretransfer the exchange rate of banks are depending on the amound in dollars.If we make higher transaction the exchange rate increases

Axis bank
http://www.timesofmoney.com/remittance/jsp/axisremitExchangeRate.jsp?partnerId=AXISREMIT&uiId=AXISREMIT

Icici
https://m2inet.icicibank.co.in/m2iNet/exchangeRate.misc

It seems the exchange rate increases when the amount in $ increases

When i make wiretranfer of amounds more than $10k or 12.I get nearly equal to the that days exchange rate

My doubt

Will exchange rate for local fund transfer increases with the increase in amount in dollars? Otherwise its better for me to use wire-transfer if exchange rate is less

In the U.S. the 10th was a

In the U.S. the 10th was a Bank Holiday (Martin Luther King Jr Day). Therefore the 11th was the "next business day".

Need detail of exchange rate in "Local Funds Transfer:India INR"

Hi,

I am Mohammed Abdul Kadher from Coimbatore, Tamilnadu.

For 1$ = what will be the exchange rate in INR exactly in this " Local Funds Transfer: India INR "?

That means, I like to know, for each dollar, how much INR,they are taking as conversion rate?

Till now, I losted more money in transfering from odesk to Paypal to my Bank Account in India.

For the Amount = $507,

Odesk to paypal = $1 withdrawl fee.
Receving money in paypal = $20 dedcuted by paypal as transaction fee.

Paypal conversion rate will be less than 2 rupee of the actual RBI rate for each dollar. For example RBI rate is INR 45, Paypal exchange rate will be INR 43

So paypal deducting more charges like $20 + additional 2 rupees for each dollar.

Paypal taking lot of money.

You may see the last exchange

You may see the last exchange rate from oDesk on the Withdrawal page once you have added your bank account.

Not able to register for Local Funds Transfer in India

Hi

I have tried to register with beta Local Funds Transfer in India but it gives me following error
Error
Due to technical difficulties we are unable to process your request.
Please try again later. (error: Innocent

I have tried it many time yesterday and today(Jan 18th 2011) also but having same issue.

Is there any one else facing the same problem

Thanks
Sanyam

Try this link

Hi,
pls read the link
http://www.odesk.com/help/help/payments/payment_methods/withdrawals_tab/india

see your check book for IFSC branch code and apply for it.

Today i successfully withdraw the money through odesk local payment method. It is working great. ODESK ROCKS. I have account with AXIS.

I also have account with axix

I also have account with axix bank. When I fill up the information on the form like IFSC code,Account number,name and address. But when I submits the page its takes me to error page. Its not getting me registered.

yipee

i also did fund transfer, got it, only thing i am not sure is the exchange rate, i feel the rate was low. i would like to know what exchange rate was used.

You may derive the exchange

You may derive the exchange rate by dividing the INR amount you received by the amount of USD you withdrew. Please let me know what rate you were expecting and what the source of that rate was.

We are constantly striving to make our rates as competitive as possible, so we appreciate this feedback.

HI

what i got is around 44.49 , is the exchange rate not 45.

Thanks oDesk

I withdrew my funds on 14th and got in my Bank Account Today.
Thank You oDesk.

Thanks for making this payment method made available quickly and at the right time.

This is the best withdrawal method.

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