Are swissquote and dukascopy good for 6 figures transactional bank use?

offtobusiness said:

Dukascopy is the worst bank ever, they have nice perks thats for sure. No other bank allow you to withdraw money directly to yourself through Westerunion for small fee etc. but to get there, they will ask you to give them so many even personal informations that after two weeks of communication you just realize its not worth beucase they can aslo decline you just becasue. In my situation i was arguing with them for so long and they gave me some bulls**t like our bank is in Geneva we need more documents becuase of that despite that i did provided them with everything, they have bad limits like 2000 quarterly and they will demolish you for trying to move that limit above.

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Never had this issue in over 5 years. My quarterly limit is of 65,000 USD and if I don’t reach it they don’t ask any questions.

In order to get it I just had to provide a contract.

Clank said:

Never had this issue in over 5 years. My quarterly limit is of 65,000 USD and if I don’t reach it they don’t ask any questions.

In order to get it I just had to provide a contract.

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Well i guess that they dont threat all countries the same. In my situation i did provided them with full bank statment and explain the situation, however they asked for more and more and i didnt want to disclose such information with them as they asked some personal information about my business. There are so many other banks that wont even think about asking you about that stuff.

Alexmorgan said:

They asked my friends in Saudi Arabia a screen shot of a system there about their electronic ID while they checked they physical card ID and asked them a video call to show it

Besides they told my friends because of the country they reside in is not allowing Crypto trades they wont allow them to use their platform for it

I have so many friends in Saudi Arabia who told me this either they are Saudis or Expats who living their

On me as i reside in Bahrain they were asking me a lot of documents too which is really strange

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I've created new thread here: EMI and Offshore banks that works worldwide
about EMI and Offshore banks that works worldwide, feel free to check it out.

Just to add up to my previous reply, i just had conversation with my lawyer and he said to me that there is huge option that they are taking people businesses like this. When you think about it, it makes sense. Bank is asking for some private information for you to get even approved, and then if you deliver every information to them they will see if the business is profitable and then some rich banker from Geneva will use that same idea, and just watch how fintech industry gets destroyed but rich bankers. No thanks from my side, especially that Swissquote also from Swiss dont ask for none of the documents or even said something like Dukascopy did to me: We need more evidance we are from Geneva. Like who cares where are you from, right?

offtobusiness said:

Dukascopy is the worst bank ever, they have nice perks thats for sure. No other bank allow you to withdraw money directly to yourself through Westerunion for small fee etc. but to get there, they will ask you to give them so many even personal informations that after two weeks of communication you just realize its not worth beucase they can aslo decline you just becasue. In my situation i was arguing with them for so long and they gave me some bulls**t like our bank is in Geneva we need more documents becuase of that despite that i did provided them with everything, they have bad limits like 2000 quarterly and they will demolish you for trying to move that limit above.

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What did they want? I mean, what exactly docs and info about your business?

I would check with SQ prior to making a transfer, advise them which particular exchange and the amount, if they are happy.

Some musings
Are they likely to ask for SoF for this type of deposit, if so what in particular? Just proof the crypto exchange account is in your name, or the origin of the funds that bought the crypto?
CARF is set to kick in (2026?) for crypto. SQ would already be doing CRS as a bank/brokerage but I wonder what criteria they use for CARF. Maybe if you do not enable crypto trading or do any crypto spot deposits, they will not trigger CARF?