Dukascopy Broker or Bank?

[Alexmorgan]

Greetings

Is Dukascopy bank is a broker or bank?

As the US banks dont wanna deal with broker entities as i have a business account in US for my company


And is it risky to move money from US business bank account to my personal account in Dukascopy?

 

[troubled soul]

Dukascopy Bank is both‌ a bank and a broker. It is a Swiss bank that is regulated by the‍ Swiss Financial Market Supervisory Authority (FINMA). It also has a brokerage subsidiary, Dukascopy Europe IBS⁠ AS, which is regulated by the Financial and Capital Market Commission (FCMC) in Latvia.

If you are concerned about the risk, you can always⁣ contact Dukascopy Bank to discuss your specific circumstances.........IMO do not do it ....

 

[Sols]

It's both.

Yes, it would be seen by‍ Dukascopy as a third-party transfer. AFAIK, they don't want you to transact with anyone but⁠ yourself.

 

[Alexmorgan]

Does wise consider Dukascopy Bank as Broker if someone will move money to it from‌ his wise personal account?

 

[Forester]

Regardless of the reaction of Dukascopy, do‍ not forget about possible tax consequences for the US company (e.g. not all the companies⁠ are tax-transparent).
TBMK, if you have a current account with Dukascopy (bank), you can receive (and send) 3rd⁣ party transfers. But the limits can be low (it's on the case-by-case basis, depends on⁢ your evaluation) and to raise the limits is not an easy task. Probably, if you︀ have only a brokerage account (honestly, I do not know whether such a possibility even︁ exists), you haven't access to 3rd party transfers.
For any even a little bit non-standard transaction the behaviour of Wise is︃ IMO unpredictable. It includes this case.

 

[Alexmorgan]

Regarding taxes its LLC so its disregarded entity

I thought when see it as its my account on my name they wont⁤ do anything

I asked them this question but they avoided answering it

If someone tried⁣ moving money from Wise personal account to Dukascopy personal account under same name it will⁢ helpful to tell us if there was problems

 

[diatessaron]

Yes it is going to be a⁤ problem if you send from a US bank account. Dukas can be very annoying once⁣ the monkeys at the compliance department decide to block your transfers and not reply to⁢ your emails.

 

[Alexmorgan]

I meant is it a risk for my american company bank accounts?

My company bank is⁠ the important thing if they gonna say anything when sending money to Dukas

 

[Alexmorgan]

If im transferring from my personal account in a bank to my personal account in dukas⁠ are they going to freez it?

 

[diatessaron]

As long as‍ it is a US bank the chances are high. Even USD transfers are painful with⁠ Dukas. I've been using them for a long time now and I'd suggest another EMI.⁤