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Question: How long are your Bank -> Dwolla transfers taking?
1-2 Days - 2 (14.3%)
3-4 Days - 7 (50%)
5-6 Days - 2 (14.3%)
7-8 Days - 2 (14.3%)
8+ Days - 1 (7.1%)
Total Voters: 11

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Author Topic: Bank to Dwolla transfer time.  (Read 1827 times)
BGL
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June 13, 2011, 07:13:21 PM
 #1

How long are your Bank to Dwolla transfers taking?
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TGE
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June 13, 2011, 08:32:03 PM
 #2

I'm currently waiting for dwolla to make 2 small deposits so I can verify my bank account...THEN transfer funds. Would love to know as well...but can't vote myself since I haven't done it yet Tongue
brom333
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June 13, 2011, 09:03:52 PM
 #3

Depending on the bank you are using, it can take more than the 72 hours that dwolla quotes to actually see the small transfers...
djproject
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June 13, 2011, 09:11:43 PM
 #4

Interestingly, the whole ordeal of getting money from a bank to MtGox only serves to hammer home the virtues of bitcoin-- which might have otherwise been missed.

Consider:  when you pay college tuition with a wire transfer, you simply forget about it.  You probably imagine the money went through instantly.  You don't realize it takes days and days, because you don't have to do anything with it once it's transferred.

Most people would not believe how slow bank transfers are.  There is no real reason they should be so slow, and so most people would just assume they are fast.  Putting money in MtGox is very educational.

Better to suffer and learn today, than have to someday be in a position where you really NEED to move money fast (loved one in the hospital, etc.) and suddenly be rudely awakened then.

Banks:  holding your money and treating you like shit, since forever!
BGL
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June 14, 2011, 03:30:43 AM
 #5

Don't get me wrong.. I don't mean to burn bridges but..

I can't think of any transaction that is slower than this. This is ridiculous. Things are moving at around one transaction per work week.

The predictably inaccurate "Expected Clearing Date: XX/XX/2011 by 5PM CST" from Dwolla seems to hover close to 48 hours off.

I hear the "it's your bank" but i'm also tuned in to others that are all but swearing it's Dwolla.

I feel like i'm getting the short end of the stick. I have frustratingly & repeatedly watched things slip by during these excessive wait times.

I can't predict the future by a week in order to anticipate *

WTF is the alternative here?
darkskypoet
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June 14, 2011, 04:07:19 AM
 #6

Completely understand where you are coming from.. Heck to pay a hydro bill through online banking... it takes 2-3 days to go through.. and thats verified funds in the account to a large corp... But that 2-3 days gains them some interest... Its sad, as debit transactions are instantaneous... so there is no reason to take 2-3 days to xfer something electronically via an online payment. Visa upsets me too, as it never gives me a current up to the second balance.. it's always lagging by a few days, unless i call them. If ic an call them and get a balance up to the second, why isn't this available online as well? They keep claiming its the age of the Visa network, and it wasn't designed to pass that data that quickly.

Sigh.

Hopefully though, the liquidity issue with BTC is solved... However, realize that as volatile as BTC trading is now,  increased liquidity would increase that over the short term... something that may not be so desireable with merchants who can't implement floating scripted prices based on conversion rates at time of purchase...

Good luck with your transfer, and hopefully a better alternative emerges for you, and us all.

Happily mining at bitcoins.lc
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lessPlastic
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June 14, 2011, 04:13:22 AM
 #7

Just initiated a transfer, and Dwolla is estimating about 1 day 20 hours to clear.
yoake
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June 14, 2011, 04:31:09 AM
 #8

IConsider:  when you pay college tuition with a wire transfer, you simply forget about it.  You probably imagine the money went through instantly.  You don't realize it takes days and days, because you don't have to do anything with it once it's transferred.

I've found that wire transfers really are instant. Not talking about ACH.
dmsnet
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June 14, 2011, 04:40:57 AM
 #9

My bank->dwolla transfer took 3 days.  I just did the dwolla->mt gox transfer tonight and it took somewhere between 1 and 2 hours.

darkskypoet
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June 14, 2011, 05:01:15 AM
 #10

Good to know... US bank as originator?

Thanks.
i am curious if Canadian Banks would be slower.

Any one with experience transferring from a Canadian bank to Dwolla?

Happily mining at bitcoins.lc
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deadon
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June 15, 2011, 03:16:53 AM
 #11

Today was day three, still not there. Hope tomorrow.
EpicFail
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June 15, 2011, 03:22:49 AM
 #12

On the third business day ... bank is Chase in the US.

Transferring OUT of Dwolla seems to be 2 days (1 day faster).
rnreekez
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June 15, 2011, 06:48:21 AM
 #13

I put mine in on a Friday, had it clear by Tuesday afternoon. Although the verification of the bank account took about 4 days. In total about a week, which the last few days involved a jump from $9/coin to $30  Angry
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