Up to 8 Business Days to Withdraw USD from Mt Gox to Dwolla Account

[EuSouBitcoin]

I queried Mt Gox how long it would take to transfer USD from Mt Gox to my Dwolla account.  The response I got was

". . . due to huge volumes of Dwolla withdrawals, it would take up to 8 business days for the transfer to be processed. . ."

Is that your recent experience? How long is it taking you to withdraw USD from Mt Gox via Dwolla? Are the transfers at least going through even if they do take a long time or are they stuck in limbo?

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[Stephen Gornick]

I queried Mt Gox how long it would take to transfer USD from Mt Gox to my Dwolla account.  The response I got was

". . . due to huge volumes of Dwolla withdrawals, it would take up to 8 business days for the transfer to be processed. . ."

Is that your recent experience? How long is it taking you to withdraw USD from Mt Gox via Dwolla? Are the transfers at least going through even if they do take a long time or are they stuck in limbo?

There have been reports of it being longer ... up to 2 weeks, though getting back to 1 week.

The withdrawal is held by Mt. Gox until they have the funds in their Dwolla account to be able to do an account-to-account (A2A) transfer.  You can request the withdrawal be canceled and take your funds elsewhere if you wanted.

There are others, like Camp BX and Intersango that will cash out to Dwolla, within hours.

[EuSouBitcoin]

I usually want to be able to transfer USD between my checking account at an American bank and a Bitcoin exchange. What keeps me, the bitcoin trader, from being screwed by the transfer services and exchanges? Competition. Exchanges are competing to offer better methods of transferring USD. Competitors include cash, checks, money orders, ING Direct P2P, Popmoney, ACH and bank wires.

Personally, I think BitFloor is the leader in this area. I can use ING Direct P2P to deposit USD to BitFloor for free and ACH to withdraw USD from BitFloor for free. They bypass the need for Dwolla. Couple this with their rebate commission structure and they have 2 strong weapons in the fight between exchanges. If BitFloor's volume continues to grow, they will be a force to be reckoned with. 

Mt Gox has shown signs of weakness. The bid-ask spread is sometimes wider on Mt Gox than other exchanges . Also, Mt Gox's percentage of total BTC/USD volume has been dropping.

Competition is good for the consumer. If you don't believe me, read
http://en.wikipedia.org/wiki/Free_to_choose

[Stephen Gornick]

What keeps me, the bitcoin trader, from being screwed by the transfer services and exchanges? Competition. Exchanges are competing to offer better methods of transferring USD. Competitors include cash, checks, money orders, ING Direct P2P, Popmoney, ACH and bank wires.

Yup, Dwolla used to be the method with the least friction.  They introduced friction (probably were forced to by their new investors) and as a result, it took a mere matter of weeks for an explosion of alternate transfer methods to be implemented.

Mt. Gox used to be the exchange with the least friction for many.  The Dwolla restrictions plus other service failures (whether they stem from cash management or policy changes, etc.) have cause Mt. Gox to no longer necessarily be the exchange with the least friction, so we are learning how to route around the damage.

And BitFloor is the most innovative and solving this friction problem.   (Cash deposit at a bank, with no fees, with fast (same day) credit to my BitFloor account, ... I like very much!)

[Inaba]

Yep, gotta give a +1 to Bitfloor.  It was fairly easy to move my automated platform(s) over from MTGox and developer response has been great so far. 

As for 8 business days from MTGox to Dwolla, I laugh... been a lot longer than that for me.  Going on 3 week now, still waiting.  It's almost a morbid curiosity how long MTGox will hold my Dwolla transfer at this point.  It's the last of my funds in MTGox though and I will not be returning.