The short version: Dukascopy Bank lets most non-Americans open a real Swiss bank account from home, with IBANs in 24 currencies, by video call. It's useful as a second, multi-currency account for receiving money from abroad, holding foreign currency and paying on the road. It's not a cheap everyday current account, and its cards are prepaid, not debit or credit.
What Dukascopy Bank is
Dukascopy Bank SA is a Swiss bank based in Geneva, regulated by FINMA (Switzerland's financial regulator) and a member of the Swiss Bankers Association. It's best known as a forex and trading platform. The product reviewed here is its Multi-Currency Account (MCA): an ordinary bank account, not a trading account.
Who can open one
- Age: 14 and over, with full account features for adults aged 18 and over.
- Where you live: Dukascopy says the account can be opened worldwide except by residents of a listed set of countries and regions. The list includes the United States, Japan, the Russian Federation, Belarus, Iran, Cuba, North Korea, Syria, Venezuela, Myanmar, Afghanistan, Sudan, South Sudan, Yemen and several disputed regions.
- ID: a document with a machine-readable zone (MRZ) and visible security features. In practice, that means a passport.
How opening works
- Apply online or in the Dukascopy Bank app (iOS and Android).
- Complete a video identification call with a bank employee. Swiss law accepts this in place of a branch visit.
- You may be asked for an initial deposit of EUR 40 by card or wire. It isn't a fee: the money is available in your account once it's open.
What it costs
| Item | Fee |
|---|---|
| Account opening | Free (possible EUR 40 initial deposit, which stays in your account) |
| Account maintenance | Free with 5+ DUK+ tokens (given free to new clients); otherwise EUR 1 a month |
| Transfers between Dukascopy clients | Free |
| Outgoing SEPA transfer | EUR 2.30 (up to EUR 7.50 to certain institutions) |
| Currency exchange in the account | 1% up to USD 10,000; 0.5% above USD 10,000; 0% above USD 50,000 |
| Card FX mark-up | 1.5% to 2%, depending on the card |
| Example card (Dukascopy card by Cornèrcard) | CHF 15 to issue (Swiss Post), CHF 2 a month, CHF 2 per ATM withdrawal |
| Dormant account (bank loses contact with you) | Costs to re-establish contact, minimum CHF 500, plus CHF 50 a month |
Source: Dukascopy Bank fee schedule. Fees change, so confirm the current schedule before you open an account.
Cards
Dukascopy offers prepaid Visa and Mastercard cards, both physical and virtual. You top them up from your Multi-Currency Account. Available cards include the Dukascopy card by Cornèrcard, the Swiss Bankers card, and cards from Walletto, CBH and Moorwand. Which ones you can get depends on where you live.
Card spending in a foreign currency carries a 1.5% to 2% FX mark-up. That's fine for occasional use, but more than the best no-foreign-fee cards charge. For how that compares, read how foreign exchange fees work.
Deposit protection
Dukascopy states that deposits are insured up to CHF 100,000 per client under Swiss legislation.
Dukascopy Multi-Currency Account
The good
- Swiss bank account opened fully online by video call
- Swiss IBANs in 24 currencies: hold and receive money in the currency it arrives in
- Available to residents of most countries, including many African countries
- Free to open and, with DUK+ tokens, free to maintain
- FINMA-regulated, with deposits insured up to CHF 100,000
The catch
- Cards are prepaid, not debit or credit
- Card FX mark-up of 1.5% to 2% is higher than the best travel cards
- In-account currency exchange costs 1% on amounts up to USD 10,000
- Outgoing transfers aren't free
- Heavy dormancy charge if the bank loses contact with you
- Not suitable as your only, everyday account
Who it suits
- Frequent travellers and remote workers who get paid, or pay, in several currencies and want one place to hold them.
- Travellers from countries where local cards are hard to use abroad. A Swiss account with a prepaid card is a useful backup on a different rail. See the three-layer payment setup.
- People who want a foreign-currency account in a well-regulated jurisdiction, alongside their main bank.
It's less suited to people looking for the cheapest possible card for everyday spending abroad, and to anyone who needs a credit card.
Open a Dukascopy Multi-Currency AccountUncle's verdict
Dukascopy is a genuinely useful second account: a real Swiss IBAN in 24 currencies, opened from your sofa. Use it to receive and hold foreign currency and as a backup card on the road. Keep a no-foreign-fee card as your main way to spend, and keep your contact details current so the dormancy fee never comes into play.
Related: Can tourists open a bank account in Canada? · Visa vs Mastercard abroad