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, including the UK.
• While SEPA was originally designed for Euro payments, it also allows for payments in other currencies like GBP, although with some limitations.

Brexit impact:

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

Key takeaways:

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

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

I guess I found a way in a Turkish 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 provide necessary documentation to explain the origin and destination of the money.

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

 

[deraty]

ascopy has a Swiss banking license, which is hard to get and hard to maintain. They have been around for quite a long time at this point. They have connections to Russia that are a

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