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Monday, March 15, 2010

How to Transfer Your Income From “Make Money Online Sites” to Your Local Bank

Making money online does not end on earning the money. You have to deal with the administrative issues of transferring the money to your local bank. Find out how you can do this.
There are so many online sites that allow you to make money online. You can apply for jobs by joining online marketplaces such as oDesk, Guru, Elance and the like. You can also join revenue sharing sites that let you post articles online and you earn by either the viewership of your posts or the clicks received by the advertisements pasted on your articles. The best-known example of this, perhaps, is Google Adsense, wherein you can write for the sites and earn when the ads automatically placed by Google on your publications get clicked by one of your readers. Admittedly, luck spells all the difference with these sites, because you can have tens of thousands of traffic and still not get one iota of click.
Whether you choose to be a provider and give services to buyers or whether you decide to be an affiliate of the revenue sharing sites, one thing is common with all of them – you still need to transfer your money from these revenue-generating sites to your local bank. Otherwise you can treat it as “virtual money” – it is reserved for you in this whole universe, but you cannot spend it. You cannot transact, pay or buy from one online site to another.
For example, you have a provider account with oDesk, and you also have a buyer account. The money you earn from being a provider cannot be used to pay for the jobs you have posted as a buyer. Though they are the same site, you are the same person, you still cannot move your money around. And you certainly cannot use that money to buy from Amazon or Ebay.
All money-generating sites will have payment methods, and this is how you can move your money around from the internet to your pocket. When joining these sites, better check first if there is a mode of payment that you can use, otherwise you cannot hold your money. Common methods are PayPal, Payoneer, or direct banks. The last method, however, is not applicable to all. Certainly it is not applicable for freelance writers in the Philippines. Once you have opened a PayPal and Payoneer accounts, you can now use this money to transact online. You still need to do one more step to actually touch the bills (the money bills!) in your hand.
From PayPal or Payoneer, you can move the money to your local banks. It will be automatically converted to the currency of that local account. These sites have their own currency conversion rates and they are indicated whenever you withdraw to your local bank. It is a fine print, yes, so make sure to pay attention to those fine prints. Depending on your bank’s policies, they may still charge you for the transaction fee. The fees are tolerable, but you might want to plan your withdrawals well so that you maximize the transaction fee.
Remember that all of these started on the premise that you had some money to move. So better take the first step in moving your money from your online income to your pocket – and that is by landing a contract first.
Happy freelance job hunting!

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