Wire Transfers Now Supported(blog.dwolla.com)
blog.dwolla.com
Wire Transfers Now Supported
http://blog.dwolla.com/wire-transfers-now-supported/
4 comments
This is incredibly helpful. Wire transfers at big banks (like Chase) cost around $20 per transfer. With Dwolla, it's 25 cents.
I think the person initiating the wire transfer would still get charged their normal fee, and dwolla doesn't support wire transfers out yet, this only saves the fee to receive wire transfers in the case that you don't care about speed (Dwolla is slow to your bank account for most people).
I believe the initialing bank will still hit the account holder with a fee to wire transfer to Dwolla.
I can transfer money from my bank account to my paypal account with no fee.
Why is there a fee to transfer money to Dwolla then?
Why is there a fee to transfer money to Dwolla then?
That is considered an ACH transfer, which is the same way that you normally fund your Dwolla account. A wire transfer allows larger amounts and is much quicker but usually has significant fees attached to it. ( As well as some other differences)
http://en.wikipedia.org/wiki/Automated_Clearing_House http://en.wikipedia.org/wiki/Wire_transfer
http://en.wikipedia.org/wiki/Automated_Clearing_House http://en.wikipedia.org/wiki/Wire_transfer
So can I transfer money into my Dwolla account with ACH, and then wire transfer that money to someone's bank account (possibly oversea)? That way the whole process would be free.
"Dwolla now supports wire transfers for deposits."
It looks like wire transfer is only supported for depositing money into Dwolla.
It looks like wire transfer is only supported for depositing money into Dwolla.
It's free via ACH which Dwolla offers, however if you choose to use a wire transfer, then you have to pay whatever rate your bank charges.
I don't know why, but it's surprising to me that Dwolla has only been around for five years. They seem much older to me -- not in a bad way, I just feel as though they've been around much longer than they actually have been.
Strange I thought they only launched in late 2011. So to me they still seem "new." There was a raft of financial services api companies that popped up around the same time (recurring billing ones, swipe, square, etc)
As asked on the post, is this just domestic or international wire transfers?