A method, system and program are provided for dynamically allocating DMA channel identifiers to multiple DMA transfer requests that are grouped in time by virtualizing DMA transfer requests into an available DMA channel identifier using a channel bitmap listing of available DMA channels to select and set an allocated DMA channel identifier. Once the input values associated with the DMA transfer requests are mapped to the selected DMA channel identifier, the DMA transfers are performed using the selected DMA channel identifier, which is then deallocated in the channel bitmap upon completion of the DMA transfers. When there is a request to wait for completion of the data transfers, the same input values are used with the mapping to wait on the appropriate logical channel. With this method, all available logical channels can be utilized with reduced instances of false-sharing.