Be sure you have read these previous posts first!:
1- Getting started with Elance;
2- Applying for your first job (Elance).
You got your first job, you completed it, and got paid!! So now what?
When it comes to hourly jobs, you get paid only after the employer has reviewed your work sheet and checked all the screenshots from the time tracking software. This system works on a weekly basis, like this: you log your work hours during a one week period, meanwhile all the screenshots are uploaded to your worksheet, which you can constantly check from your Elance user panel. If you accidentaly logged hours that you were not supposed to log, you can go there and erase them. Once the one week period is over, the employer has one week to review the screenshots. If he approves them, then you will get the money transferred to your Elance account the following week.
If you completed a fixed price job, then you have to make the arrengements yourself with your employer. You can ask for an advance payment, you can establish milestones, or simply get paid upon completion of the job (this is what I usually do, and I never had problems getting paid).
After you had your money transferred to your Elance account, you have several withdrawal options:
1- Paypal (no fee);
2- Skrill (no fee);
3- Bank transfer (Free for US banks);
4- Wire transfer (expensive fees, which depend on which country you're transferring to);
5- Payoneer (no fee);
6- Bank Check (no fee, only for US and Canada).
I use Payoneer, because it's the most convenient method for my country (Argentina).
You can even use the same Payoneer account and card to withdraw money from most freelance work sites like Elance, Odesk and Freelancer.com.
So, this is basically how Elance works for a freelancer. I hope this works out for you! Feel free to ask me any questions!
Good Luck!!