Friday, April 15th, 2011 - oDesk
REDWOOD CITY, Calif. – oDesk continues its mission to empower the global workforce with today’s introduction of International Payments. Traditionally, it has been difficult for workers around the globe to access 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 opportunities available outside their local area. With oDesk’s 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 difficulties of transferring funds internationally have been highlighted by the limitations on certain third-party transactions (such as the recent issues PayPal and others have faced in India). oDesk’s new options currently allow contractors from more than 50 countries worldwide to easily access their earnings..

“Receiving payment has been an ongoing challenge for workers and businesses outside the United States. They face high bank fees, costly exchange rates and often unreliable third-party connections to access their earnings,” said Gary Swart, oDesk’s CEO. “The nature of today’s borderless economy demands ready-to-use, trusted solutions for transferring funds internationally. oDesk International Payments gives workers affordable, reliable and easy access to their earnings in their currency, regardless of their geography.”

As recently uncovered in the oDesk SMB Trend Report, there are several factors at play powering the global workforce: technology advancements, economic change and globalization. Technology in particular has been a driving force in the growth of the borderless economy, and companies of all sizes now have access to a highly skilled global workforce.

"Payments on a global scale are an immense challenge that, if simplified, can drive commerce and development across the globe,” said Ohad Samet, VP of Analytics at Analyzd, an analysis firm specializing in payments. “I have noticed how hard it is to find a real multi-currency disbursement solution that is cost effective and efficiently handles multiple currencies, and it seems like oDesk is making a material step in that direction."

The benefits of International Payments include:
- Low-cost funds transfer — as little as $0.99 per transaction — and foreign currency exchange rates competitive with most other international payment providers.
- Convenient, withdrawal process allowing earnings to be transferred directly into local currency, without intermediary banks or external account setups.
- Reliable and safe account access, with no third-party payment providers. Contractors will enjoy unfettered account access, speedy payment, and reduced fees.
- Free first withdrawal. The first withdrawal using one of the new International Payments options is free. Getting paid across borders has never been easier.

“I was using PayPal and it cost me roughly 5 percent on every transfer,” said Vishal Dingra, a business owner based in New Delhi, India. “When you are running a small business, that adds up to a lot of expense just to get access to the money you already earned. With the new oDesk payment system, I save money right off the top, and I get my earnings in three to five days.”

To see a list of countries where International Payments are currently available, and answers to frequently asked questions about these new options, please visit the International Payments site. Companies interested in offering their workers access to International Payments can do so through oDesk’s Bring Your Own Team program.

With more than $17 million worth of work completed each month and doubling in size every year for the past four years, oDesk is changing how the world works.

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Easy, Low-Cost Access to Online Earnings for Today’s Borderless Economy



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