I want to transfer money from user 1 to user 2 instantly like it happens in bank applications, Can I achieve this with this Library? Or how much time it takes for money transfer. Please help
Hey @Zalak89 hope your week is going well.
I’ll lay down some foundational concepts to help answer this question:
A transfer can happen in four different manners.
- Bank --> Bank
- Bank --> Dwolla Balance
- Dwolla Balance --> Bank
- Dwolla Balance --> Dwolla Balance
A Dwolla balance is a funding source that is automatically created and associated with a Verified Customer. Think of it like a “wallet” that lives within the Dwolla network that you can send funds to, receive funds from, or hold funds in.
If your Customers are transacting between Dwolla balances, the transfers are settled in near-real-time.
However, at this time,
bank transfers are limited in speed, ranging from one business day clearing, to six business days, depending on factors such as your preferred transfer clearing method, if your transfer made it to the ACH file on time, etc.
For more information on how
bank associated transfers clearing times are calculated, check out our developer documentation.
@CoolStoryCory, We want to transfer money bank to bank. User A -> wants to send money to user B’s account which is configured in the application and also bind with this SDK’s API. So how long will it take for money transfer?
User A balance to User B balance is instant. User B balance to User B bank (funding source) will be reflected in the API instantly, and the funds will show in User B bank balance the next working day if you’re using regular ACH.
Thanks @bpmilne. One more query please can you share me details like how many things needed to fill up for binding this account to SDK
Hi @Zalak89 – would you be able elaborate on what you meant by binding that account to SDK? Just wanted to make sure that I understand your question fully before answering, and not give you the wrong answer!
@shreya We want to make payment from user to user and wanted to transfer money from user A to user B whenever wanted. Do we have any SDK which we can use to transfer money ?