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Looking for reviews about Dukascopy

I

iloveyouguys

BANNED MEMBER
Dec 31, 2019
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#1
I looked into their key people and Linkedin presence of their employees. They don't seem very trustworthy. Two founders own 99% of the bank. Bank's chairman has a very low profile.

Do you know any alternatives? CIM Bank would be great if their fees weren't like $500 per year even if you keep $10k there.
 
#2
By the looks of it, I guess you're referring to alternatives in Switzerland. Bear in mind that there is a depositors compensation scheme that covers your first 100K CHF in case anything goes wrong with a bank. Dukascopy is part of the scheme, therefore, shady or not, your money as a (retail) depositor is protected (whether you believe these schemes are reliable is not relevant, in theory "you are protected").
Other similar names that keep popping up here are: CIM Banque, Swissquote and Saxo Bank. All mostly trading-related banks, but so far so good as far as I know.
BTW, if the CHF360 (it's CHF90 per quarter...) CIM Banque will charge you to hold your $10K looks 'abusive' in your eyes, ie, a mere 3.6% (a bit less taking currency rates into account), then I think you should start looking in another planet... Swissquote will charge you between 100/200CHF per year for the credit card maintenance alone, so I don't feel like you're in the right spot here, maybe I'm wrong...just think it over.
 
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#3
Hands away from DucasCopy, after you send your money IN, you will figure out, that only way how you can use it is to buy theirs s*itcoin "DucasCoin", you can not even transfer funds to another IBAN (transfer them out), you can only transfer to another account of DucasCopy
 
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#4
John Dee said:
Hands away from DucasCopy, after you send your money IN, you will figure out, that only way how you can use it is to buy theirs s*itcoin "DucasCoin", you can not even transfer funds to another IBAN (transfer them out), you can only transfer to another account of DucasCopy
Click to expand...
Can you show me the screenshot of that? That sounds hard to believe.
 
#5
Nicholas Van Orton said:
By the looks of it, I guess you're referring to alternatives in Switzerland. Bear in mind that there is a depositors compensation scheme that covers your first 100K CHF in case anything goes wrong with a bank. Dukascopy is part of the scheme, therefore, shady or not, your money as a (retail) depositor is protected (whether you believe these schemes are reliable is not relevant, in theory "you are protected").
Other similar names that keep popping up here are: CIM Banque, Swissquote and Saxo Bank. All mostly trading-related banks, but so far so good as far as I know.
BTW, if the CHF360 (it's CHF90 per quarter...) CIM Banque will charge you to hold your $10K looks 'abusive' in your eyes, ie, a mere 3.6% (a bit less taking currency rates into account), then I think you should start looking in another planet... Swissquote will charge you between 100/200CHF per year for the credit card maintenance alone, so I don't feel like you're in the right spot here, maybe I'm wrong...just think it over.
Click to expand...
So if I don't want to waste $500/yr, I should go to another planet? Okay buddy.
 
#6
iloveyouguys said:
Can you show me the screenshot of that? That sounds hard to believe.
Click to expand...

sure

ducaserror.webp
 
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#8
John Dee said:
Hands away from DucasCopy, after you send your money IN, you will figure out, that only way how you can use it is to buy theirs s*itcoin "DucasCoin", you can not even transfer funds to another IBAN (transfer them out), you can only transfer to another account of DucasCopy
Click to expand...
So it makes it more or less useless for anyone to use it!
 
#11
Where do you see this ? If you go to Send money, there is only 2 options "Phone number" and "Account number" , when you click on "Account number" there is field where to fill IBAN and amount of money to send + currency and that's it. Are we talking about same "Bank" here ? Are you sure ?
 
#12
@Marie Manila - for how long have you been using Dukas with wire transfer i.e. Swift / Sepa?
 
#13
It's not like there's much free action to be had in that negative interest rate climate. Go for CIM.

If the prices are a little much for your business at this stage, you can also consider becoming an on-shore resident in the high tax 1st world, and manage your business from there, to get access to better and cheaper banking options.
 
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#14
xzars said:
you can also consider becoming an on-shore resident in the high tax 1st world, and manage your business
Click to expand...
That's a good suggestion. What you safe with the cheap banks you pay in taxes. What you pay in additional fees you avoid in taxes.

Now there is a balance in all of this thu&¤#
 
#15
John Dee said:
Where do you see this ? If you go to Send money, there is only 2 options "Phone number" and "Account number" , when you click on "Account number" there is field where to fill IBAN and amount of money to send + currency and that's it. Are we talking about same "Bank" here ? Are you sure ?
Click to expand...
Exactly, "Send money" is the wrong form.
In the form itself is written "Please note that Send Money option transfers funds between Dukascopy Bank MCA accounts only".
You have to use the Withdrawal form.
There you can make transfers to Bank accounts, Netteler, Skril, Mastercards (must be in your name) or the Dukascopy card.
If you choose "Bank account", you can give all necessary details like IBAN and BIC.
The beneficiary details are already filled out with your own name. You can easily change it.
But to be honest, up to now, I only made payments to my own accounts.

Admin said:
@Marie Manila - for how long have you been using Dukas with wire transfer i.e. Swift / Sepa?
Click to expand...
Since a few month already.
No problems so far. Just a little expensive.



If you still struggle to make transfers out, just order a credit card and spent the money via the card.
 
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#16
John Dee said:
Where do you see this ? If you go to Send money, there is only 2 options "Phone number" and "Account number" , when you click on "Account number" there is field where to fill IBAN and amount of money to send + currency and that's it. Are we talking about same "Bank" here ? Are you sure ?
Click to expand...

You need to use a computer and click on "Withdrawal" and choose between "bank accounts, neteller, skrill, mastercard". I don't know if it can be done with the app, because I never used the app to make a withdrawl.
You also can order a debit card...
 
#18
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#19
So can you send money out to a thirdparty account using SEPA/SWIFT from Dukascopy? Has this been proven to work by anyone?
 
#20
xzars said:
It's not like there's much free action to be had in that negative interest rate climate. Go for CIM.

If the prices are a little much for your business at this stage, you can also consider becoming an on-shore resident in the high tax 1st world, and manage your business from there, to get access to better and cheaper banking options.
Click to expand...

Why does it worth that much to have a bank account in Switzerland, compared to US or other western countries? (I'm a non-US/EU person)

I don't get it.
 
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