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Author Topic: Dwolla to Mt. Gox vs. Dwolla to TradeHill  (Read 3101 times)
alexanderanon
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June 11, 2011, 05:30:21 PM
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On Tradehill it says that dwolla transfers to Tradehill (USD) are "instant". Does anyone have experience with this? Anything would be better than Mt. Gox right now which says it will take nearly a WEEK to take the dollars I sent it via Dwolla.
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kiwiasian
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June 12, 2011, 01:25:39 AM
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Buddy, patience...it's just one week.

Also, Dwola transactions take 0-3 business days as per their website.

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Stephen Gornick
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June 12, 2011, 02:14:21 AM
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Anything would be better than Mt. Gox right now which says it will take nearly a WEEK to take the dollars I sent it via Dwolla.

I think you might have misunderstood something.

Dwolla is a cash service.  Getting cash into dwolla is what takes a long time.  From there, sending the cash already sitting in your Dwolla to either Mt. Gox or TradeHill is fairly quick.   Technically, it happens instantly -- Dwolla's debits your Dwolla account for the amount you sent and then credits the Dwolla account to whom you sent funds.  

Now, the method that the exchange uses to then credit your account at the exchange with the funds received will vary per exchange.  

Mt. Gox processes Dwolla transactions manually and sporadically [Update: see MagicalTux's response, below].  Because that exchange is likely in a different time zone than you, their daytime schedule is likely different from yours.  As the result, instead of that batch being processed in minutes, it can take hours, or a dozen hours maybe [Update: an hour] before it is processed.

TradeHill, based out of Chile, might have an automated method so it is processed instantaneously or a manual process that runs more frequently or has operating hours that are in the same time zone as you.

If you have sent funds from Dwolla to the exchange and it has taken more than one business day for those funds to become credited to your account on that exchange, then that's not normal.

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June 12, 2011, 02:28:02 AM
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Stephen I like what you wrote.  One thing that confuses me is ..ok my money is at mtgox I've put my buy order in and lets say it gets filled then how is the Bitcoins sent to me and from who?
alexanderanon
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June 12, 2011, 05:11:11 AM
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Here's copypasta from my dwolla account:

Sent To: Mutum Sigillum LLC
Sent On: 6/10/2011 3:03:10 PM
Expected Clearing Date: 6/16/2011 by 5PM CST

Even ignoring the weekend, this is 3 days. I'm calling Dwolla.
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June 12, 2011, 05:34:27 AM
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For info we have updated the system here, now checks are done every hour (at XX:50, takes ~5 minutes to get the whole backlog from Dwolla)

Stephen Gornick
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June 12, 2011, 07:21:32 AM
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Here's copypasta from my dwolla account:

Sent To: Mutum Sigillum LLC
Sent On: 6/10/2011 3:03:10 PM
Expected Clearing Date: 6/16/2011 by 5PM CST

Even ignoring the weekend, this is 3 days. I'm calling Dwolla.

Three business days.

Dwolla certainly doesn't have your funds yet.

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June 12, 2011, 07:25:46 AM
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Stephen I like what you wrote.  One thing that confuses me is ..ok my money is at mtgox I've put my buy order in and lets say it gets filled then how is the Bitcoins sent to me and from who?

The bitcoins you buy are added to your bitcoin balance in your exchange account. 

If you wish to withdraw those bitcoins to your local wallet or to send them anywhere else, use the link for Withdraw:
  - http://mtgox.com/users/withdraw


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June 13, 2011, 03:32:23 PM
 #9

Guys, I apologize if you're having problems getting money into Dwolla reliably. They have been doing what they can to improve the ACH transfer times, but it's hard to get every bank on board with them.

The reason why every exchange or OTC trader is pushing Dwolla though is because it is much much much more scam-proof. If someone sends money from Dwolla, it's practically like sending it from their bank. If someone send from Paypal, they are almost certainly a chargeback scammer.

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June 14, 2011, 01:03:42 AM
 #10

I understand MtGox now checks every hour for new Dwolla deposits, but how about withdrawals?

shouldn't those be completely instant and automatic? why do they take so long?

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