Tuesday, April 20, 2010

HowTo: Withdraw Money From Freelancer.com to Moneybookers.com to Unionbank or BPI

I've promised Temujin that I would make a "Moneybookers HowTo" so here it is.

Moneybookers is the absolute best alternative to Paypal. If it is more universally accepted, I would say that it is even better than Paypal. With it, you could receive and transfer money to your local Philippine bank account at the lowest possible cost.

I make money online by working at Freelancer.com as an article writer. After a month and a half I got my accumulated earnings in the amount of $400+ USD.

Here are the step by step instructions on how to transfer money from Freelancer.com to Moneybookers to BPI Unionbank or any other Philippine bank.

Disclaimer: This blog post merely relates my experience in the hopes of sharing valuable insights. Changes might occur in the processes which I may not be privy to. The information here does not represent official matters of fact and should not be construed as official information coming from the entities hereunder mentioned. Any problem, issue or circumstance that arises is solely the responsibility of the reader. By reading the post below, you unconditionally agree that you (the reader) bears full responsibility for whatever action you may be compelled to do. 

Important note:

You must first confirm your bank savings account with Moneybookers. Before you can add an account.


1. SWIFT CODE - Go here
         a. For BPI it is = BOPIPHMM       
         b. For Unionbank it is = UBPHPHMM
2. BANK VERIFICATION CODE = Six character alphanumeric code included in remittance transaction. to find your bank verification code:
         a. Go to your branch of account and inquire about remittance details
         b. Call your bank's customer service
         c. Email your bank's customer service.
* Note, interestingly, bank personnel are mostly unaware of this code. You must inform them that this bank verification code is included in the remittance details. In BPI, it is not included in the Statement of Account. So, provide the following to them:
         a. Date of Remittance
         b. Your name, who remitted, amount
         c. Inform them that the BVC is composed of six characters in the notes.

Step 1

Go to Freelancer.com and sign in to your account. 
Under Payments > Select Withdraw Funds

Step 2

The withdrawal request page will appear. Click on Moneybookers.com

Step 3

The only thing you have to do is to enter your Moneybookers.com account which is also your email address and enter the amount you wish to withdraw. *Note that there is no transfer fee from Freelancer.com to your Moneybookers account. 

Click on Next

Step 4

After a few days (In my case it was 2 business days), you will receive an email informing you that you have received an amount from Freelancer.com.

Step 5

Login to your Moneybookers.com account and then verify the status of the Deposit. 
Click on the Withdraw tab.

Step 6

Click on the Bank Account radio button and then pull down the menu to select the bank account you want to use for your transaction. 

Enter the amount you wish to withdraw. Note that, Moneybookers.com will have already deducted the $2.48 fee from the amount that you will withdraw. 

Step 7

Confirm information.

Step 8

Enter your birthdate. Click on Next

Step 9


The transfer that will occur will be a bank to bank transfer or in financial jargon, wire transfer. In other words, it is a remittance. As such, different banks have different policies and fees with regards to sending money from the Internet to your bank.


     Moneybooker's charged $2.42 from my moneybookers account prior to my withdrawal. In Unionbank, I got the amount of PHP 4,186.64. It seems that the exchange rate was PHP43.78 per USD.

So here's the breakdown:

Moneybookers Balance = $ 98.05
Moneybookers Fee        = $   2.42
Amt. to be Remitted       = $ 95.62
Amt. Rcvd. Unbank        = P 4,186.64
Exchange Rate               = P 43.78 = $ 1

Let's check the Interbank rate for April 10, 2010

It Oanda the Interbank rate for April 10, 2010 stands at $ 44.92
In Google the Interbank rate for April 23, 2010 stands at $ 44.41
(I don't know how to get the historical rate for April 10, 2010 on Google.)

So, the formula is:

Standard Interbank Rate less Unionbank Exchange Rate equals Rate Difference multiplied by Amount to be Remitted

Which is: 

PHP 44.92 less PHP 43.78 equals PHP 1.14 multiplied by $ 95.62 equals PHP 108.61

That's almost a 1 peso charge for every USD that you remit. To be precise, that's PHP 1.14 for every USD.*

That's alright if you will remit tiny amounts like a $100.00. If you are going to remit ginormous amounts, it would be wise to compare other banks services.

*Disclaimer: My computations are to be considered as my personal understanding of the remittance procedure and not as statements of fact by the respective companies involved. By reading the above, you agree that you will not construe this formula as a definitive guide on standard remittance processes. You also unequivocally and universally hold me the writer of www.dannybuntu.com, free from any claims that may arise from any loss that your decision or your future decisions could entail.

This is only my personal experience and should not be understood as official representation on any of the companies mentioned above. If you think the author has mistakenly included an incorrect fact or computation please do contact me so I could remedy the formula.

To repeat, www.dannybuntu.com or any of its authors DOES NOT REPRESENT ANY OF THE COMPANIES INVOLVED IN ANY CAPACITY.