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Saving on the oDesk wallet or withdrawing all earnings all at once?

I noticed how the dollar currency exchange rate is kinda fluctuating these days. I was trying to save my earnings to a huge sum before I withdraw them for my pregnancy (next year) but I'm torn now. I'm afraid I could be saving it in return for a lesser value (as our currency is presently improving in value >_>)

Haha! I know it should be good news but it means depreciated amount of earnings. So could anyone in any part of the oDesk world share any insight with your own experience?

Thanks!

Smile

Vote Result

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Score: 5.0, Votes: 1
I know what you're talking

I know what you're talking about.

I live in Canada and currently all my earnings are paid in U.S. dollars.

The Canadian dollar is currently going up vs. the U.S. dollar, and this means I don't end up getting paid as much as I thought I got paid a lot of the time.

On the other hand, if I was working with Canadian clients, I'd have to charge sales tax, so I think it all evens out...

What about income tax?

Just a thought - perhaps if you won't be working much during (and after) your pregnancy you might go into a lower tax bracket, so there might be some savings on income tax if you withdraw your money next year!
About the exchange rates, I personally don't worry about them because I see them dancing around all the time, so it averages out sooner or later. You can take advantage of the odd spike or trough though.

You can set up a dollar

You can set up a dollar account. In that way, you can withdraw your earnings in Odesk still in dollar form ( and not in peso) and can have it exchanged to peso when the exchange rate went high. Smile

Dollar Account

Is this true that you can set up a dollar account and withdraw your oDesk earnings in US dollars? I just want to confirm for this is what I've been wanting to do. TIA. Smile

Thanks for responding to my million dollar question!

Junelle A. wrote:
short answer: yes, and i know because that's what we've been doing since the beginning.

Thanks Junelle A! You're an angel! Smile

Transferring earnings to a dollar account

Hi, i just wanted to ask if you were able to withdraw your earnings in USD and transfer to a dollar account? Would you mind telling me how to? I used my BPI account for the Local Fund Transfer option. Do i just request for a USD withdrawal?

Thanks!
Che Bello

If I'm not mistaken, there

If I'm not mistaken, there was no option to transfer oDesk earnings to a dollar account when I applied for an account at BPI. I hope someone could enlighten us on this, though.

Karen you can use the USD

Karen you can use the USD wire transfer to withdraw funds in US Dollars. The fee is $30 per withdrawal and the funds are sent in US Dollars to your account. If your own account is a local currency account, then you bank will convert the funds to your local currency using interbank rates. If you have a US Dollar account, then the funds received will remain in dollars.

Hope this helps.

oDesk Forum Moderator

Always reach for the skies, for even if you fall, you'll still be on the top of the world...

Thanks for the response,

Thanks for the response, Ayesha.

I do save my earnings in

I do save my earnings in oDesk until it reach $1000 or more. Then I withdraw if I need and save them in my local bank.

Ya. You can set up an account to keep your USDs. In here we call RFC account Smile

The Indian Rupee was 56 to a

The Indian Rupee was 56 to a dollar a few months back but now the Indian economy is improving and the US economy is declining due to which now it stands at Rs52 or less for a dollar. I wish the golden period is back.

Yeah, I do that. I keep some

Yeah, I do that. I keep some amount in my wallet (not huge sums though, as with all the odd stuff that's been happening on oDesk for the last 2 months and with the financial account suspensions I wouldn't want to get 'trapped' with all my money in the wallet and no way to withdraw).

It works for me because that way I always have some amount for emergency PayPal payments (stock photos, etc.) and I can choose a better exchange rate for my transactions. Currently the rate for me is not good either (as almost everyone above noted, the $ is weaker lately). Few months ago I could get 1.58 local currency for $1. Now it's 1.49 :/ Waiting for the good times to come back.

/// Success is not final, failure is not fatal: it's the courage to continue that counts.

Hi Bojana :)

What do you think is safer? Paypal or oDesk wallet? I mean if you would have to pick from these two to keep your money, which one would you pick?

For some odd reason I prefer

For some odd reason I prefer oDesk - it helps me keep better track of my income. However, in my opinion PayPal is definitely safer. At least when you've gone through all the verification procedures, it's much less likely that PayPal limits your account/withdrawals. So although I know that PayPal is safer, I'd chose oDesk. Go figure : )

/// Success is not final, failure is not fatal: it's the courage to continue that counts.

Same here

Bojana D. wrote:
For some odd reason I prefer oDesk - it helps me keep better track of my income. However, in my opinion PayPal is definitely safer. At least when you've gone through all the verification procedures, it's much less likely that PayPal limits your account/withdrawals. So although I know that PayPal is safer, I'd chose oDesk. Go figure : )

I also prefer oDesk, but i am going with what is safer. Are you not scared of getting your oDesk account hacked? Sad

Natasha, just a thought.

Luckily, I don't have the same problems some of you guys have with your currency rates, etc. But I would like to offer something from my perspective.

I've been using Paypal now for about 5 years and have never had a problem. I let the money build up in there to a certain amount and then I transfer to my bank account and have never had an issue. I also never have late payments.

I NEVER leave more than $1 or two here in my wallet for just the reason Bojana mentioned earlier.

With the state of freelancing the way it is, this platform could go belly up at any moment. I've seen it happen with other sites. I just think my money is safer in Paypal than here.

Thank you, Cate :)

Cate B. wrote:
I would like to offer something from my perspective.
I've been using Paypal now for about 5 years and have never had a problem. I let the money build up in there to a certain amount and then I transfer to my bank account and have never had an issue. I also never have late payments.

I have been using Paypal for almost 2 years, i have never had any issues, but sometimes i hear terrible things.

Cate B. wrote:
I NEVER leave more than $1 or two here in my wallet for just the reason Bojana mentioned earlier.

My concern is only with safety. Oh gosh, i actually only withdraw from my wallet to Paypal when i have at least $500, usually way more.

Cate B. wrote:
With the state of freelancing the way it is, this platform could go belly up at any moment. I've seen it happen with other sites.

No, don't say this Sad

I am only working here, i know it's wrong( i read your posts) but i don't have time for more work - I don't want to bite off more than i can chew. However, i always have in my Bank account enough to live for about 3-4 months, with no work or income (I am a full time freelancer).

Things are looking good Smile

Cate B. wrote:
I just think my money is safer in Paypal than here.
Going to my wallet now, withdraw all my money. Thanks!

Yeah, I do that. I keep some

dp

/// Success is not final, failure is not fatal: it's the courage to continue that counts.