Is Dukascopy safe?

[deraty]

Hello.

I will send 15.300 USD equivalent GBP to a litigation finance firm in UK.

My country is not supported in SEPA list. So I will use Dukascopy for cheaper transfer with SEPA to the litigation finance firm.

But I will park the 15.300 USD for a few weeks because new offerings will come in weeks.

Do you believe Dukascopy is reliable? I do not know what parameters of a bank determines if it is risky or not. If I park 15.000 USD to this bank, do you believe there is something to be fear about? Can I sleep in bed comfortably?

Thank you!...

 

[Clank]

SEPA doesn't support GBP is only for EUR.

 

[deraty]

Please see below. I guess GBP is also in the SEPA countries?... There can be‌ additional costs? I hope we will be able to clarify that.

Lastly - my first‍ question remains the same.... Can I park my funds in Dukascopy for a few weeks?⁠ Can I trust them?

Thank you!...

--------------------------------
Yes, GBP is technically considered part of the⁤ SEPA zone, even though it's not the main currency used. Here's what you need to⁣ know:

Technically:

• SEPA stands for Single Euro Payments Area, a system that allows for easy⁢ and efficient cross-border payments within the European Economic Area (EEA) and some other countries, including︀ the UK.
  
• While SEPA was originally designed for Euro payments, it also allows for payments︁ in other currencies like GBP, although with some limitations.
  

Brexit impact:

• After Brexit, the UK︂ is no longer a member of the European Union but remains a participant in the︃ SEPA scheme. This means that:
  
  • You can still make SEPA payments from the UK to︄ other SEPA countries and vice versa in GBP.
    
  • However, there might be additional fees or︅ processing times compared to pure Euro SEPA payments.
    
  • Some banks may have stopped offering certain︆ SEPA services related to the UK.
    

Key takeaways:

• GBP is technically part of the SEPA︇ zone, but not the main currency.
  
• You can still make SEPA payments in GBP, but︈ there might be some limitations and additional costs compared to Euro payments.
  

OK - so︉ lets say I will send Euro's; My first post: Can I put my 15.300 USD︊ worth of Euro's comfortably to Dukas?

I guess I found a way in a Turkish︋ banks service. Thank you for your help.

 

[Sols]

GBP is a currency, not a country. The UK is indeed a SEPA member and‌ many UK banks support SEPA for EUR transfers. It is impossible to move any other‍ currency than EUR via SEPA.

The E in SEPA stands for Euro.

I can't remember⁠ knowing anyone who actually used Dukascopy for any large amount of money. Most stay under⁤ their standard limit, which I believe is 50,000 EUR. Maybe they changed it. Customer service⁣ is so bad most people I know just don't bother raising the limit.

15,300 USD⁢ is quite high for Dukascopy, but is probably fine so long as you can provide︀ necessary documentation to explain the origin and destination of the money.

Dukascopy has a Swiss︁ banking license, which is hard to get and hard to maintain. They have been around︂ for quite a long time at this point. They have connections to Russia that are︃ a little concerning in the current sanctions-heavy climate, but so far, I'm not aware of︄ any major, urgent risk factors with Dukascopy.

 

[deraty]

Thank you!...

 

[Alexmorgan]

Stay away from Dukascopy if you dont want to lose your money

They will just‌ shutdown your account while your money in it

See anything else thats is reliable and‍ have a decent compliance process

 

[lory]

What is the alternative to Dukascopy ? I remember in the past they were favorized‌ here on OCT - is IBKR the best alternative?

 

[Alexmorgan]

What benefits they give you to see alternative to them?

 

[daniels27]

Swissquote would be worth looking into. You may want to open a Yuh account later on‍ for transactions.

 

[daniels27]

IMO IBKR is more of a broker than Dukascopy. They do not allow third party‍ transfers and also Thier have some limits. But on the other hand they have much⁠ better FX (transactional, not just fit speculation) and have almost global pay in and out.⁤

 

[lory]

I don't use dukascopy but wonder what the alternatives are if any. From the replies‌ I noticed that they are 2 different services dukascopy and IBKR

 

[SCHLOSSFINANZ]

maybe cornertrader.ch