Is Dukascopy Bank SA a trustworthy bank?

[magnificence]

Hi all. I have read through most of the threads here regarding the lost of offshore banks available. In some of the threads, somebody mentioned a swiss digital bank regulated by FINMA. I understand that this company was founded as a broker at first and transformed itself into a bank.

Dukascopy mobile account is one of those with no minimimum requirement and no maintenance fee. For people with little cash balance like me, it seems to be a good choice of offshore account. However, noting that it is not known by many people, at least in the forum (as compared to Swissquote or other popular digital banks) and that there seems to be a growing trend of swiss banks entering into insolvency as incidated on FINMA website, I am wondering if I should open a bank account there.

Any users or experts know anything about this bank? Is it safe to put despoits there? I read from a thread that it was founded by a Russian who has got swiss passport. Other than that, there is not much about the bank. It is noted that it has been losing money in 2019. I have also checked their branches around the world and found that their Hong Kong office is just a co working space, not even a "real" office.

Thanks a lot.

 

[magnificence]

typo in my thread: list of offshore banks* sorry guys!!

 

[Martin Everson]

It's just another Russian broker that may go under at the next major forex movement‌ (maybe brexit) just like the other Russian broker Alpari UK did during EUR/CHF unpegging in‍ 2015.

They aint making any money and in desperation they are entering crypto space...not wise⁠ move. I think even trying to launch their own coin...lol.

Using their free mobile banking⁤ account as a Swiss offshore account might work well as they offer 100k CHF deposit⁣ protection and individual ibans in 23 currencies. Plus with Samsung Pay and Apple pay it⁢ looks very interesting actually for those looking to park below 100k thu&¤#

 

[Sal0005]

But I used to search for it's price list, it will cost you 1 CHF‌ each month.

 

[Flatworld]

bank wire fee of its account is quite high now~

formerly fee is 20$ per‌ wire, now is 50$ per wire... = =

but i think its still better than‍ many EMIs that mentioned here because the 100k CHF deposit protection...at least it's safe~

 

[Sal0005]

Which I say is the monthly fee of it's card.

 

[magnificence]

Thank you so much for your advice! They indeed aint making money but︀ the only good thing is the swiss deposit protection they offer for people with money︁ below 100k lol

They are offering dukascopy coins. To me, crypto space is too competitive︂ and volatile.

Just wonder if they enter into insolvency, will they have enough liquidity or︃ asset to provide the securer desposit under the FINMA scheme.

 

[magnificence]

The wire fee is quite high. Maybe they could only earn⁤ money this way lol

But the 100k CHF deposition protection is quite a selling point.⁣ It is one of the few banks which accept foreigners worldwide.

 

[Martin Everson]

They aint making money and the work and compliance involved on international‍ non SEPA wires (especially USD) has to be paid for from somewhere I guess 🙁.

 

[Marie Manila]

To my surprise they do not ask for the TIN.
The account itself is free.‌ You need a mobile app for video identification. Afterwards you can use the website for‍ banking.

The mobile app is somehow a messenger, where you can do some dating, flirting⁠ and so on. Mostly Russian speaking people use the social part of this app.
But you can also access your account through this app and manage everything there.

I think⁤ I did not have to provide a prove of address.

You can open several accounts⁣ in different currencies. Also RUB is supported. The only European bank I know, where you⁢ can open a RUB account.

Credit Card is 1 CHF per month per currency. Unfortunately︀ the card is not multi currency itself. So you have to order different cards, if︁ you want to have access to your different currency accounts.
Cards are only available in︂ the mayor currencies (I think it was EUR, GBP, USD and CHF).

Now the big︃ question: Is the money save?
I really do not know, but since they have a︄ valid banking licence, the deposit protection should work, I guess.

 

[Spinat]

a bank with implemented dating - what the f**k that's a new⁤ era of banking rof/%

 

[lavel]

You mean we can date the bankers at Dukascopy Bank?

How can I get a bank account there?⁤

 

[houta97]

do they accept money from crypto exchanges like bitstamp or cex.io?

 

[Tax Cow]

Just checked Dukascopy but did not bother to register... A sad piece of s*** bank.‌

A Swiss bank with account balance, and quarterly incoming payment limits as low as theirs‍ deserves to go out of business.

Bulgarian student accounts can be topped up higher than⁠ a fully verified Dukascopy account.

 

[Flatworld]

no....

 

[houta97]

https://www.bitstamp.net/article/partnership-dukascopy-bank/ seems that yes for bitstamp.

my experience with them so far: i installed thier‌ app, they have chat in it lol, and you can win some prizes like 5€‍ per day and 100 € per week, there is video identification and you need passport/ID⁠ for that. there is some intrusive questions about your job but you don't need proof⁤ of address. now i am waiting for my account to be confirmed.
On their website⁣ they say the plastic and virtual VISA cards will be available the 1st of December,⁢ dunno what to think of that.
they want to create a network of people that︀ can send/receive money easily, ambitious or not serious? dunno for now.
for the incoming limits︁ their site says it depends of your job/country of residence, i will keep you posted︂
some other limits:
The maximum credit balance on the cards should not exceed CHF/EUR/USD 10'000︃ at any time.
limit on account balance: The size of the limit by default is︄ set to USD 50'000 can be raised to 100.000 USD, for that you need to︅ make a request and prove source of income.

Seems a good bank for small/mid size︆ portfolios that want to trade/cash out crypto to fiat and don't have crypto friendly bank︇ in their country, they offer swiss IBANs too so another good point for them.
It is a well established bank since 1998 in 3 continents so this looks good but︈ i don't know much about their history.
i don't like that their cards aren't available︉ yet, will they really be available the 1st december?
And that innovative way of banking︊ with chat and stuff could be a success or a total failure so we can︋ say that it is kinda risky to put your money in that bank.

 

[Spinat]

Are there any other reviews, the one from @houta97 is good and something but more‌ reviews would be nice.

 

[AND2]

I opened with them a few months ago: Postfinance termination

I am most worried about‌ what @Martin Everson posted of it being just some random Russian guy that will go‍ down when any bumps on the road come up. But I _guess_ that it's a⁠ good option for having <<<100K, a swiss IBAN and a convenient trading place if you⁤ do that seldom. But no, I wouldn't put the funds I had in PostFinance in⁣ Dukascopy. In fact all cantonal and 'serious' banks started to turn foreign people down and⁢ to close accounts. Why?. So it's fishy Dukascopy continued accepting new ones... Why?

 

[edimmax]

They have real banking license or they are just fintech, emi ?

 

[houta97]

More info:
If you open an account on their app and don't have a solid‌ job they will give you ridiculously low quarterly limit of incoming money (i1500$ / quarter)‍ and if you want increase that limit they with ask you to prove source of⁠ funds,
they asked me why i have credit card in another country other than my⁤ country of residence and told me to send them a copy of it and other⁣ details, all this for 50 euros!
For the fees (all tested):
1% for deposit from⁢ credit card (half a day: it have been delayed for verification purposes)
0 euro for︀ euro deposit (took less than 2 hours)
2.3 euro for euro withdrawal (almost a day:︁ could have been delayed because of verification purposes)
for the cards: (didn't order one yet)︂
you can order plastic and virtual visa, or virtual mastercard, they are available and deliver︃ worldwide.
16 euo for visa plastic (will be 13 1st december)
5 euro virtual visa︄ and mastercard (will be 6 1st december)