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]

Is Dukascopy bank is a broker or bank?

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.

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

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

 

[Sols]

Greetings

Is Dukascopy bank is a broker or bank?

It's both.

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

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]

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

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).

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

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 you have only a brokerage account (honestly, I do not know whether such a possibility even exists), you haven't access to 3rd party transfers.

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

For any even a little bit non-standard transaction the behaviour of Wise is IMO unpredictable. It includes this case.

 

[Alexmorgan]

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).

Regarding taxes its LLC so its disregarded entity

For any even a little bit non-standard transaction the behaviour of Wise is IMO unpredictable. It includes this case.

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]

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?

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]

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.

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]

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.

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

 

[diatessaron]

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

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.