Bitcoin Forum

Are USD withdrawals from Mt Gox to Dwolla still taking weeks? What's your latest experience in trying to do this type of USD withdrawal from Mt Gox?

Hello EuSouBitcoin,

MtGox clarified some delay issues with this post: https://bitcointalk.org/index.php?topic=88504.msg976490#msg976490

So I guess it all depends on the individual's situation.

Yes.  I have several withdrawals queued up, all for relatively small amounts (less than $1000) and they have all been delayed by around 12-14 days or so before going through.

And I'm not a new account, been verified forever, and done around a hundred or so dwolla transfers with Gox over the past year or so.

So if there is anyone NOT having issues, I'd like to hear their secret :)

The post you quoted is about the issues with a wire, something not Dwolla related; maybe I missed it?

Bump

yes.. last withdrawal for me took 12 days.
 

MtGox might be intentionally holding your $$ so they can put the $$ into some kind of interest paying investment.
I tried to withdraw $400, and it's been 3 days. Then I ask what happened, they said I need to have my account verified.
Their own FAQ stated that WITHOUT verification, one can withdraw up to $1000 a day. So how is $400 > $1000????
I smell some sort of scam.

Guys... we already replied to this question again and again and again. Please make sure to read carefully what we post. We are still waiting for Dwolla to give us a "Green Light" and continue to work with them. Since we do not have any reply from them after sending them all the necessary documentation we want to play safe. They can at anytime close or account and freeze any funds on it. To avoid this problem we are carefully monitoring the account and asked for people to be verified.

Update your FAQ?

And how long does it take for withdrawals for verified accounts?
You made it sound like it doesn't matter if accounts are verified at MtGox or not. It sounded that Dwolla haven't reply to MtGox requests.
"Since we do not have any reply from them after sending them all the necessary documentation we want to play safe"

If Dwolla is not coorporating with MtGox, then you guys need to REMOVE Dwolla as one of your withdraw methods. Apparently, Dwolla withdrawals doesn't work. Having Dwolla listed as one of the withdraw methods is very misleading. I only traded b/c I thought I could withdraw easily via Dwolla.

Why don't MtGox simply offer ACH withdrawals?
What other methods can one get USD out of MtGox besides WIRE?
If there's no easy way to move USD out, then I am sure MtGox is losing customers fast.

"They can at anytime close or account and freeze any funds on it."

This definitely seems like withdrawing USD from Mt Gox via Dwolla is a crap shoot. Your USD could get frozen for an indefinite period of time. No thanks. I'm taking my BTC and USD to another exchange.

"Guys... we already replied to this question again and again and again. Please make sure to read carefully what we post. We are still waiting for Dwolla to give us a "Green Light" and continue to work with them. Since we do not have any reply from them after sending them all the necessary documentation we want to play safe. They can at anytime close or account and freeze any funds on it. To avoid this problem we are carefully monitoring the account and asked for people to be verified. "

Any idea on when you expect to receive a reply from Dwolla and when withdrawals to Dwolla might start to happen in a more timely manner? Or is this like waiting for your physical issue of Bitcoin magazine to arrive?

???

If you are still waiting for Dwolla to give you the green light, then why is Dwolla still listed as a withdraw method??
Your statement sounds like MtGox are not processing ANY Dwolla withdrawals until Dwolla specifically reply to your requests. Is that correct??

How do you explain the fact that DeathAndTexas WIRE withdrawal took over 19 days? More excuses?

I believe that things have been explained over and over and over, you are frustrated, for good reasons, but please try to understand what we announce. We are carefully monitoring the flow of money on Dwolla to not be caught in bad situation. Until Dwolla say otherwise we are still allowed to use their services. Having AML of people using Dwolla is also a good way to protect you guys using the service, if tomorrow they abruptly close our account and freeze funds we will have all your contact details handy to give your back your funds.

We do not give more excuse, we do not fabricate them neither, but you have to understand what Bitcoin is and how Banks, Financial authorities, Governments and others think about Bitcoin, they definitively do not love it! So in this rather unique situation you have to understand that sometimes some delays could happen.

My account is verified.  It took 9 days last time, up to day 7 now for latest one, so not quite weeks unless you add in the dwolla to bank delay. I think Gox is doing the best they can, it's just not good enough for me. There are faster and cheaper options now for anyone in the US.

Debating using CampBX for the ACH option for large sells myself.

I've already switched to a mix of CBX and bitfloor for the time being. I haven't written off MtGox totally, but I won't be using them until this stuff seems to be a little clearer.

-bgc

"We are still waiting for Dwolla to give us a "Green Light" and continue to work with them. Since we do not have any reply from them after sending them all the necessary documentation we want to play safe."

Mt Gox when do you expect to receive an answer from Dwolla regarding the "Green Light"?

Ask them, not us! As I said, one of my colleague did send everything Dwolla asked several weeks ago (now 3?), I contacted personally Ben Milne over a week ago by email and no reply. I won't give up I will try to get in touch with them, but at this stage we are waiting for them and ready to work with them like in the past!

For Science - I plan on moving around $2500 out of Gox using Dwolla. Due to the fact that my count has become unverified (WTF mate...) I have resubmitted my documentation. As such, I will document exactly how long it takes for money to actually hit a bank using this method, and this will occur each month on the 1st as a standardized metric (without the resubmitting of the AML documents hopefully). I would do a wire, but I don't trust Gox to not delay it and the other methods start shaving too much off the top.


July Transfer
AML Verification
July 1 1245 - July 1 2038

Mt. Gox -- Dwolla
July 2 0744 - July 2 2035
July 3 0714 - July 5 0944

Dwolla -- Bank
July 2 2040 - July 5 1500
July 5 0952 - July 6 1500

ACHs are reversible for >60 days. It's a little more ballsy to fraudulently reverse an ACH transaction, but very possible. I wouldn't want to have hundreds of thousands of dollars effectively "pending" in the ACH reversal window. Fwiw.

Hi

This is in fact normal, being verified does not automatically raise your limits. You have to contact the support for that as explained during the process. So just contact the support and they will handle it for you quickly.

Cheers

Did as requested, in the email:


In other news, kudos on the Dwolla transfer, same day. I may have to take back some of my scorn. Have two more transfers to do and are interested in how they will turn out :D

I'll be a guinea pig. I requested to withdraw between $6K and $7K from Mt Gox to my Dwolla account on June 29, 2012. Let's see how long it takes to arrive in my Dwolla account. As of July 2nd, the status in history of my Mt Gox account says "confirmed". Mt Gox says 8 business days to do the transfer. Let's see what happens.

You can compare your experience with mine in post #23, maybe track in a similar format?

Update - Day 1 Dwolla transaction was 13 hours, day 2 is at 15 hours and counting. By morning I will hopefully see an update.

The last three transactions I've done from MtGox to Dwolla over the last month or two have all taken greater than 8-10 days. In each instance, the amount was between $500 - $1,000.

There's got to be a better way. This is getting pretty ridiculous.

The better way? Ask Dwolla to send us "Writing Consent" that we asked for, it is now over 4 weeks that we replied to all their question and still waiting.

Thanks for the insight. My apologies if it seemed like I was blaming Mt. Gox. I wasn't aware that Dwolla was holding things up. Where can I learn more about it? Does Mt. Gox have any suggested alternatives to get money to a US bank account that are not too expensive?

For all the difficulties, I still appreciate the service Mt. Gox provides, as well as the fast support response.

No Problems here. Dwolla's silence is not helping in us in intrusting them with a LOT of money...

It is my understanding you do also have a USA based company (otherwise it would be hard to work with Dwolla), why don't you offer ACH payments?

They are safe on your side, not expensive (maybe free) and in 2/3 days are credited.

It could be a good alternative solution

I'm starting to think that may be the past, unless Gox is just humoring me to throw the statistics (highly unlikely).

This.  ACH would really be wonderful for US users.

Not for me. My last dwolla withdrawal was 2012/6/27 23:19:17. Has yet to go through.

Are you confirmed as AML verified on both end?

Update - All of my funds cleared by Friday, total of four business days.

Yep. Confirmed. Still waiting on $200 withdrawal to dwolla

My account has had "Verfied Status (Level 1)" for over 6 months. I'm still waiting for USD to arrive in my Dwolla account which was requested from Mt Gox on June 29th.

I don't think verification status has anything to do with it.  The way I understand it, Gox is in some kind of bureaucratic limbo with Dwolla right now.  Because of this they are trying to avoid keeping any significant funds at Dwolla in case they just arbitrarily decide to shut down Gox's account and lock up whatever money they have there.  So, Gox is keeping just enough money there to cover their immediate need for withdrawals.  Since it takes time to transfer money to Dwolla, this means that everybody's withdrawals are delayed by approximately that amount of time (which appears to be something like 12 days from my experience over the last couple months).

This will not help MtGox as Dwolla will just freeze any new incoming funds to offset any fraud they are seeing happen on the account. Dwolla has shown many times that they cannot be trusted to manage the fraud or deal with protecting merchant accounts. MtGox's continued use of them really puts their client's funds at risk and exposes MtGox to more operational risk.

I have a withdraw on June 26, and still no money in my account yet.

I just thought I'd post a follow-up about my most recent withdrawal.

Withdrawal request from MtGox to Dwolla:
~$900
June 25, 2012 - evening

Deposit into Dwolla from MtGox:
~$900
July 8, 2012 - evening

Total transaction time: 13 days

Soon the end of the tunnel my friend.

i hope you don't mean mtgox is going to disappear

Similar to TT - June 21 withdrawal and July 3 deposit -- 12 days  ::)

mine has been over 12 days, and i am beginning to suspect something is happening at the gox

Withdrew on 6/27. Earlier today it was Status: confirmed. Right now it is "Status: todo".....that means soon? 12 days too....

How soon is "the end of the tunnel," and what do we expect to see at the end of this tunnel?  Many of us need our money in less than a week - and some of us need several thousand dollars to pay our college bills very soon.  Please hurry and make reliable rapid withdrawals for U.S. customers, and respect each customer's privacy.  There has got to be a way...

Mine has been confirmed since 6/26, and today, it is still showing confirmed.

:D Don't worry.

You have to understand that until Dwolla do not clear the situation we, and other company dealing with Dwolla, will have some troubles dealing with them, I strongly advise you to read this to understand the situation.
https://bitcointalk.org/index.php?topic=86224.msg997245#msg997245

Now what we are doing is to work on bypassing Dwolla and offering something different, cheap and fast for our users in the US, so yes the end of the tunnel and to this really uncomfortable situation is soon.

Got my dwolla today.

got mine. 16 days.

Got mine today - hit Dwolla that is - still a few more days until it hits the bank.  Withdrawn from GOX on June 27th.

ditto. waiting on a withdrawal since the 27th and now went from "confirmed" to "todo". what does this mean?

I'm thinking it means they're sending it soon. As you can see I got mine shortly after.

I got tired of waiting. On July 11th I cancelled my withdrawal request from June 29th and had the USD credited back to my Mt Gox account. I bought BTC and transferred approx 900 BTC to BitFloor. I'll try my luck over there. I've sold about 100 so far. I've got the other 800 offered at various prices. If anyone is looking to buy BTC be sure to check out the offering prices and sizes at BitFloor. If Mt Gox improves their withdrawal times on Dwolla or offers another method I might reconsider, until then I'll let someone else be the guinea pig.

Hopefully that means direct deposit to bank accounts. Although - and nothing personal against MtGox - I think this particular issue is good for bitcoin because it's spreading people out across several other exchanges. It'll be better for the longterm adoption of BTC since it lessens the impact of one exchange site crashing or going down temporarily - not that I think it's as much of a problem as in the past.

I sold my other 800 BTC on July 12 at BitFloor. Granted the market was not as thick as at Mt Gox. But it was thick enough to get my approx 900 BTC total sold. Now, I'll be the guinea pig at BitFloor. On July 13th I requested to withdraw between $6K and $7K from BitFloor to my checking account at an American bank via ACH. Let's see if BitFloor can do better than Mt Gox in terms of withdrawing USD.

Please do report back :), very pleased with bitfloor so far but have not tried to withdraw USD.

So far I've done 3 ACH withdrawls from Bitfloor .. all 3 have taken approximate 48 hours from time of request to money avaliable in my bank account.

Sigg 

Thank you sir, a great platform :P, although they do deal with much less volume.

I'm happy to report that the USD were direct deposited from BitFloor to my checking account on July 16th, 2012. Withdrawal from BitFloor requested on Friday and received 3 calendar days later on Monday. That's fast! Watch out Mt Gox. There's a new player in the game and he plays hardball.

MtGox already offers bank wires.  There is no possible way to move funds faster in the fiat banking world.  MtGox payouts by wire take 14 to 21 days.  Kinda hard to see how the slower ACH/Direct Deposit would improve anything.

Oh yeah? What about a private jet stuffed full of cash, mister smarty pants?

Bahahaahaa

USD Withdrawals should be safe, fast and cheap. Bank Wire transfers are safe and fast, but not that cheap. The other issue is how long are withdrawals actually taking from Mt Gox? I know withdrawals via Dwolla are still slow, I just tried it. How are the withdrawal times from Mt Gox via Bank Wire? Things that should be fast aren't. That's the problem.

Are you Brazilian or American after all?

There seems be to be quite a few expats among us   :)

I realize there's no volume there, but I wonder about an exchange like CampBX, being US-based.. whether it would be faster to Dwolla. I had high hopes for CampBX, but it seems to have fallen to disuse like so many other attempts.

CampBX killed my interest when they started putting a 10second delay on API calls. Horrible way to fix their traffic problem - how about temporarily blacklisting IPs?

Later they said "we reduced the delay time some, come back!" Sorry guys. Provide a real solution with 0 throttling for non-offenders or don't expect me to come back.

Also, BitFloor covers ACH transfers themselves (smart) and CampBX wants to charge a fee. They also offer a significantly lower commission and a liquidity rebate.

Hopefully CampBX takes notice and offers competitive rates and services soon.

I have to say Bitfloor has been pro.  #1 of all exchanges so far. 
Sure there are things I wish they could add or change but the core (deposit, trade, withdraw) is solid.

We welcome all suggestions :) Please send them to the support email and we will make note of them!

Many of the improvements we make to the website are a direct result of users like yourself sending us these suggestions.

I just tried out BitInstant after cashing out some bitcoins on MtGox. I sent money to a PayPal account from a MtGox code (dollars). It was a painless and straightforward process, aside from the 6% processing fee. Funds were in my PayPal account within an hour. There was some delay which I think was because I was a first time user. From PayPal its just 3-4 days to the bank, or instant from an ATM if you have a PayPal debit card.

Thanks BitInstant!

If I'm verified with mtgox and/or dwolla, would it still take weeks to withdraw USD from mtgox to dwolla? This is a problem for the past couple of months, has it been fixed yet?

Yes.  Likely 2-3 weeks.  To avoid the dwolla delay you could pay extra for a bank wire.  If you do that you should have your money in 2-3 weeks.

Hello,

We have sent out more international wire withdrawals today.  These are taking approximately 1 week.  As for Dwolla withdrawals, they are currently taking about 8 business days.   This was as explained before that we are still waiting for the written consent from Dwolla.  Our apologies for any inconvenience caused and thank you for your continued support to Mt.Gox.

Natalie, there was talk of an alternate withdraw method coming soon. Any new updates on that?

Hello,

We are applying to use the service of a global payment service provider and if our application is approved, we will make sure to announce this.   

ACH really isn't any slower.  Maybe by one day.

It is much cheaper.

OTOH bitfloor's customer service has taken quite a nose-dive.  It's getting to near-MtGoxian-levels of rudeness.

What happened?

I would like to know what happened as well? All recent support issues have been solved in a very friendly manner.

I believe you are referring to a cash deposit issue you had a while back. You simply failed to follow the specified instructions as as a result I was very clear that this would not be acceptable as the instructions are required for everyone. If you try to abuse the rules, we will be very direct with our responses. The process is in place so that things run smoothly not so you can decide how things are run.

As I said in my response, if you don't like the process, you are welcome to suggest improvements (and we do listen) but you are not welcome to ignore it.

ITT: eldentyrell wants everyone to kiss his ass.

So, going to do my monthly transfer, and see if any issues occur. This is documented, for science, each and every month to identify deficiencies in the Mt. Gox - Dwolla transfer scheme.


Mt. Gox -- Dwolla
July 31 2119 - August 09 1138

Dwolla -- Bank
August 09 1146 - UTC+1

Thanks for this.

For reference, I initiated a transfer on July 15 that took exactly 10 days to land in my Dwolla account. Did you submit a ticket or something to get yours in just a few days?

He declined to elaborate so I'm guessing his side is doesn't sound so good.
My customer service experience has been better than great.

We have some good news for everyone soon, just waiting for some ACH transfers to clear...

Instant dwolla transfers for everyone!! Yippee!!!

No, I was actually pleasantly surprised when it occurred as quickly as it did last time. If it happens again, I have no idea. If it doesn't happen, then it may have been a fluke.

I've noticed that Dwolla transfers are down to about a week or less lately (I transfer money out of Gox almost daily).  Of course I'd love for them to be instant, but a week is better than two weeks.

We have been anxiously waiting for weeks! ;D

Sometimes I wish we could just wire to Dwolla...

So I figure the problem with Dwolla is two fold: You have to wire from your Japanese bank to an American bank, which might have a small delay and also might incur whatever checking needs to go on. Then, you ACH from the American bank to Dwolla, which takes a minimum of 5 days, because Dwolla likes to profit from the float. I'm guessing most of the "unknown" delay is on the wire side.

Give us a hint. Is it Dwolla related or something else?

So Dwolla withdrawls are taking around a week these days? Or has this changed at all?

I think it is more like 1-2 weeks.  Haven't seen anyone get one in less than a week.  There is some "luck" given you can't see the backlog.  Withdraw when backlog is low you might get it in a week.  Withdraw right after couple hundred people just jumped in line and it might be 2 weeks.  Still definately better than the 18-21 days it was a month ago.

I got one at 8 days right now.

Still far longer than it used to be.. The money  used to transfer from GOX->Dwolla inside 24 hours.. Now Dwolla shows nothing for a minimum of 7-10 days...

Opening support tickets with EITHER party is pointless. Gox blames Dwolla, Dwolla says "We see no money yet from Gox, nothing we can do".

:(

Well it's been a week, no change yet.

dwolla to bank in 4 days. How much are yall transferring? mine was right at 1k. A little under, could that be the problem?

I am sure that you will all be very happy with this announcement

https://mtgox.com/press_release_20120808.html

Very much indeed!  :)

Not for me.  They've been increasing slowly.

7/26 withdrawal was not completed until 8/6

two from 7/31, 8/2, 8/3, 8/6, 8/8 all still pending

So when does this policy go into effect? I made a small (<$100) Dwolla about 5 hours ago and it hasn't gone through. I still have another larger transfer pending from 3 days ago as well. I'm verified on both sites and have been for some time.

Looking forward to the return of the faster Dwolla service--I await its implementation.

Should have just held back that announcement until the event that is to take place 'within the next 7 business days'...... actually takes place

I believe the answer to this question is in the press release you just quote.

You're correct, I misread the post. It seems very strange that you'd post this before it goes into effect.

We send several batch (of funds) since July 30, some of them already reached our Dwolla account and the queue has been reducing since then... This is why we made the announcement.

And we will hold you to it; myself publicly stating what time I pull funds from Mt. Gox and what time it arrives at Dwolla. Since July 31, my running count is 8 days and 8 hours and growing, much longer than my last transfers in July of 13 hours and 50 hours respectively.

The fund have been sent, now let's the magic of transfer begin !

I updated my original time tables :D I'll be seeing you next month with the same stopwatch, on the same channel.

7 days, still not in my Dwolla. Guess you still have a few more days before your "7 day" window from your announcement ends.

Business-days and Days are two very different things, also we said "Around".

Wow.

How far does "around" extend? I was thinking of using your service but "around" is one scary adverb.

The money has been sent a while now once the money has been taken from our account we no longer have control over how fast things goes. The process is simple Japan > Our US Account > Dwolla. You have to remember that we are not dealing with Bitcoin here.

The money reach quickly our account in the US and the 8 of August we initiated via Dwolla's interface several transfers to our account. Dwolla announced a 3 to 5 business days for this reach. Please remember that ACH is not the fastest thing on earth.

Dwolla told us around 3 to 5 business days, we announced 7 (Since well... ACH is the world slowest system ever made)...

Mt Gox, can you give us an update? Are USD withdrawals from Mt Gox being processed any faster or are you still waiting for funds to arrive? I've got a small USD withdrawal from August 8th that I'm still waiting on. Are USD that customers deposit to Mt Gox from Dwolla available for Mt Gox to use for customer withdrawals or does Mt Gox not trust Dwolla enough to keep significant amounts of USD at Dwolla?

They still have to process withdraws from the 6th.

Mine from the 6th went through today. One from the 8th is still pending.

Dwolla transfer from the 8th went through just now. Sweeet!

Same..  I have one from the 11th, 13th, 14th, 14th (#2) still pending.. so down to 5-6 business days from 8-10 now at least

My funds transferred from MTG to Dwolla took 8 days, 14 hours. Dwolla to Bank took 25 hours, and yet Mt. Gox has the nerve to say ACH is one of the slowest transfer methods out there....ya...out where?

  Generally seeing several days but not forever. 

  At one time I saw the process go from Gox to Dwolla in as little as 10 minutes to perhaps 45.  Longest I've seen is a good 2-3 weeks.

  It's gotten back down now that it seems Gox and Dwolla are both agreeing with each others' policies and stuff.  Not instant but not taking forever.  It'd be nice if it was faster, sure but I'm just happy it gets in my account eventually.

Should we expect this to take 5-6 days from here on out?  Or is this temporary while a backlog is being cleared?

I remember the good-ole days when Dwolla transfers were typically done within a few hours...  Any chance we'll get back there?

  There was another update on Gox saying they've complied with whatever Dwolla's asked; dated a few days ago if I'm not mistaken.  Either way while it's not down to the old days of mere hours, I did see a payment clear in a couple days.

  For all intents and purpose, it seems like things are back to normal now.

I got a transfer from Mt. Gox to Dwolla on Tuesday.  It had taken 6 days.  Then Dwolla said it would take 6 days to transfer to my bank but it was done by Friday morning so it only took three days for that.  All my accounts are verified accounts at both places.  So it seems it is no longer weeks but not as fast as it once was.

Seems like they're back up to 1 week ++. I have one that's at 9 days right now.

Just noticed that myself today, not all too pleased.

My last transfer only took 3 business days.

Mine from the 4th just went through today (8 business days, 11 total). 8th still hasn't gone through. Maybe there's sort of transfer limit at which point they throttle your transfers? Not sure, but I haven't had one go through in 3 business days in quite some time.

Nevermind, the one from the 8th just went through as well. Perhaps they are catching up  ;D

My transfer today was almost immediate. Looks like things are running smoothly again :D

Mine from the 10th went through on the 15th. It's so fun waiting.

One I did last week finally went through. A total reversal of their improvement and back to just plain slow again.

On a related note, I'm attempting my first transfer from MtGox to Dwolla.  After plugging in my Dwolla account and whatever other bits they needed, they said they needed to do some sort of "validation" on my Dwolla account.  It's been an hour or two...how long is this supposed to take?  Both accounts are verified; I even have the freebie Yubikey that MtGox sends out (which locked me out until it arrived in Las Vegas from Tokyo, as they had enabled it in preference to Google Authenticator).

Just had a withdraw that took only 2 days.  ;D

....and another less than an hour!

Everything was sorted the next morning. I initiated a transfer, and had the money in my Dwolla account in about an hour.

8)

Hello,

We currently have no traffic in our Dwolla withdrawals.  However, if you are missing any Dwolla withdrawals, please feel free to contact us at the Support Desk so that we can check the status.