Amid restrictions on access to foreign currency, as well as the lack of tax-free options for investing in currencies other than the peso, more and more Argentines are turning to alternatives. One of the fastest-growing options is Dukascopy, a Swiss fintech company that allows users to open an account from Argentina.
Dukascopy offers users worldwide the ability to open:
- An account to hold virtual currencies
- A savings account savings accounts in dollars, euros, yen and other fiat currencies
- Prepaid card Visa or Mastercard
- Ability to invest in funds and stocks
Opening the account has no setup fee, but it charges fees on all transactions . For example, loading the prepaid card using methods such as Skrill or Neteller (PayPal competitors) incurs a 2.5% fee. The financial institution also offers an international debit card (via Mastercard) that can be shipped to our country. Shipping costs about $30 for express delivery and $10 for "standard".
Dukascopy is also an online broker-or rather, an online bank offering brokerage services-with a wide range of investment opportunities. This is taken advantage of by many Argentines in the cryptocurrency space, since the platform allows trading in cryptocurrencies. In addition, it offers online brokerage features for investing in CFDs and binary options. Due to its popularity, the platform focuses particularly on the forex market, but also offers stocks, indices, and other underlying assets.
The company was founded on November 2, 2004, in Geneva and is regulated by the Swiss Financial Market Supervisory Authority (FINMA). It has offices around the world, specifically in Zurich, Riga, Kiev, Moscow, Kuala Lumpur, and Hong Kong. As a point of interest, it is worth noting that it has its own registered television channel.
As a licensed Swiss company, its clients' deposits are guaranteed by the Swiss government up to a maximum of 100,000 Swiss francs. For those who want more detail, the Swiss protection system clearly and unequivocally states that the funds of non-resident foreigners are also covered. Coverage includes deposits made in any currency, but the government will pay the corresponding equivalent in Swiss francs.
Another interesting option is the ability to access foreign currencies. You can send funds to PayPal without going through the foreign exchange market and avoid the 65% surcharge, transfer from any bank account or fintech and payment networks (Rapipago, Pago Facil) to an account in Europe.