Dwolla is a financial services company that provides APIs for businesses and platforms in addition to enabling individuals to sign up for a free account to send or request one-time, recurring or mass payments. To send money, you simply need to know someone's email address, phone number or Dwolla ID. For issuing person-to-person transfers, Dwolla now partners with the company Current.
What Are Dwolla’s Transfer Fees?
- There are no transaction fees when transferring money using Dwolla’s basic services. Formerly, there was a $0.25 fee per transaction but this fee has been removed.
- Merchants wanting to use Dwolla’s more advanced services are subject to additional charges. Users of Dwolla Plus Services are charged $25 a month and users of Dwolla Premium Services are charged $250 a month.
How Fast Are Dwolla's Transfers?
Dwolla advertises next day transfers, which means you can transfer funds into the Dwolla network in just one business day.
Dwolla was launched in 2010 and is headquartered in Des Moines, Iowa. The company powers billions of dollars in commerce annually and has a B rating with the BBB. Financial backing for Dwolla is provided by Union Square Ventures, Foundry Group, and Andreessen Horowitz. In 2016, Dwolla partnered with Current, which now issues person-to-person transfers instead of Dwolla itself processing such transactions.
Who Can Benefit From Dwolla?
Dwolla was launched with the vision of building the ideal way to move money. In addition to the company's business-to-business services, the company offers person-to-person transfers through the partner Current. Especially if you want to request a money transfer from businesses, nonprofits or government accounts, Dwolla is a great tool.
What Are The Advantages and Disadvantages Of Dwolla?
This is what we love about Dwolla:
- Dwolla doesn’t charge transaction fees for the company’s basic services.
- Requesting money transfers is easy with Dwolla.
- Dwolla’s advanced services are great for businesses.
What We do not Like About Dwolla:
- Dwolla does not support international transfers.
- Since 2016, Dwolla doesn't process person-to-person transfers itself but instead refers to a partner company to actually carry out such transactions.