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Author Topic: How long do Dwolla funds take to get to MtGox?  (Read 1888 times)
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June 14, 2011, 12:49:28 AM
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The subject basically asks it all -- I transfered some money from dwolla to mtgox a while ago and was wondering how long this hop takes?

Setting up the account took several days...  Doing the initial move from my bank to dwolla took several days...  Please tell me this last hop is quick!

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tymothy
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June 14, 2011, 01:00:31 AM
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The subject basically asks it all -- I transfered some money from dwolla to mtgox a while ago and was wondering how long this hop takes?

Setting up the account took several days...  Doing the initial move from my bank to dwolla took several days...  Please tell me this last hop is quick!

It should be under an hour. I know Mt. Gox was having some issues with a new Dwolla structure, but if that's fixed, just an hour or so.
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June 14, 2011, 01:04:06 AM
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Just one example, I carried out a transfer using Dwolla to go from my bank account to Mt. Gox on Wednesday night, and the Dwolla site projects the transfer to be completed on their end by today (Monday) at 5pm. That's three full business days, not including the fact that there's been a weekend in between.  Current status? I still don't see it in my Mt. Gox account.  Considering that MagicalTux has to manually enter a spreadsheet into his system until Dwolla changes their system to automate it for him, it probably takes an additional day for that to happen.  So I guesstimate at least 4 business days total.  You better get your transfers in on a Sunday or Monday morning, or I doubt you'll see it until the following week as things currently stand.
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June 14, 2011, 02:56:24 AM
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I requested a transfer from my bank account thru dwolla on Wednesday pm. Just arrived today after 5pm.
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June 14, 2011, 09:00:01 AM
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I requested a transfer from my bank account thru dwolla on Wednesday pm. Just arrived today after 5pm.

May I ask how much? (ballpark figure) I ask because maybe they have a certain transaction threshold or something? Mine still hasn't posted on Mt. Gox, and it's still pending over at Dwolla.
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June 14, 2011, 09:20:23 AM
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Yes. Please let me know too. This waiting game is killing me. And if I can get a smaller transfer into mtgox quicker, I'll be happy.

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June 14, 2011, 10:19:31 AM
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Just one example, I carried out a transfer using Dwolla to go from my bank account to Mt. Gox on Wednesday night, and the Dwolla site projects the transfer to be completed on their end by today (Monday) at 5pm. That's three full business days, not including the fact that there's been a weekend in between.  Current status? I still don't see it in my Mt. Gox account.  

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 wherever 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 hourly.
  - http://en.bitcoin.it/wiki/MtGox#Dwolla

But until those funds are in Dwolla (which you can easily monitor by logging into Dwolla), there is nothing that Mt. Gox can do about it.

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June 14, 2011, 10:22:12 AM
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May I ask how much? (ballpark figure) I ask because maybe they have a certain transaction threshold or something?

There is no threshold on the amount when sent to Mt. Gox.  There is a theshold when withdrawing from the exchange to your Dwolla account -- that limit is $1K per day, $10K per month.
  - http://en.bitcoin.it/wiki/MtGox#Withdrawing_Funds


Mine still hasn't posted on Mt. Gox, and it's still pending over at Dwolla.

When the ACH transaction that Dwolla did with your bank is completed, then and only then will the funds be available to Dwolla.  As you realized, you can monitor the status of that by logging into your Dwolla account.

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June 14, 2011, 10:57:01 PM
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Looks like the hold up was Dwolla.  It finally went through at 5 pm today.
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