Dukascopy funds withdrawal issue

I would like to appeal to Dukascopy via this medium to please honour the withdrawal request I started with them since 2nd of January 2014! I made a mistake in the final account number the funds would be going into and due to this mistake the funds were returned to the intermediary bank, I have since made the corrections to the account number and sent to Dukascopy however I am yet to receive my funds since over a week now (since 9th of January 2014). What I am being told is that they have sent the request through their own intermediary bank and yet to receive a response from them so I wonder whether we are still in the 1970s or 1980s where you need to wait for days to receive communication?! This is a simple issue which it's either they've made the transaction or not but when they keep telling me stories that they are waiting for a response from their bank I begin to wonder whether my funds are still safe with them?

Please is there anyone experiencing this with Dukascopy so I can know what to do next or whether I should still wait but for how long? All I hear is soon this, soon that but no concrete time-frame being giving within which they would resolve the issue.

Your contributions are all welcome.

you mess up so there is a process they go thru, this could take longer then you think

Instead of bothering us with your issues, why not deal directly with Dukascopy about that issue? Would make more sense to me

I agree with you PoundTrader, I have not exonerated myself in any way but to wait for more than a week to make a correction does not sound okay to me. I have been doing everything humanly possible to speed up the process but it seems indefinite from their end...my reason for posting the issue here on FF is to i) find out if there are other traders who have encountered similar issues when making withdrawals and share how they were able to speed up the process and ii) to bring this to the forefront of Dukascopy Mgt. as I am certain they would have a representative lurking around here on FF so they can act on it speedily.

Cheers.

You can't just expect everything to move at your pace. You made a mistake and the issue is being handled. Of course dukascopy have more requests to attend to other than yours. Just be patient, you will receive your funds, after a while

Based on my experience with banks, it can actually take 2-4 weeks for everything to settle. Once, my wife experienced the same issue with a prominent UK bank, which took almost 4 weeks to process. I understand your concern but it is definitely a lengthy process. Also make sure that you open a support ticket (if you haven't done so). Most brokerage services handle tickets faster (faster response) than responding with a definite answer on the phone. Good Luck..

Thanks for sharing Umaf...really appreciate the info!

I believe this thread is fulfilling its purpose 'cos now I obviously have the attention of the Dukascopy legal department which wrote and explained to me in more detail why the wire transfer had to take this long, '...experience shows that when a transfer encounters any issue and requires manual interventions from the back-office of one or several banks, which unfortunately happens from time to time, completion of the process requires a variable and not predictable time. The delay may be long and this is beyond Dukascopy Bank’s control.'

I was also chided for trying to portray Dukascopy in a bad light but really I was just trying to seek help from forum members and get Dukascopy's attention which has worked perfectly. If they had taken the pains to explain the process to me in detail the way they did in the email my fears would surely have been put to rest and there would be no need of raising the topic on FF in the first place.

I will update when I receive the funds and be sure to put in a good word for Dukascopy at the end of this ordeal. Someone else could face this kind of situation in the future and also in my opinion it's better to shout out for help than keep mum till it's too late!

What also helps if you want to get their attention, is not emailing support but using the email-contact that is provided in the complaints policy document, usually [email protected], and raise a formal complaint. They have to document this and keep records, and if they have an audit from the regulator, these things get looked at to see how they handled complaints and if they followed procedures. So they take this a bit more seriously and ususally someone besides level 1 support takes a look at this.

I would like to inform those who might have been involved with this thread at one point or the other that I have finally received my funds requested from Dukascopy. I cannot say for sure what was the cause of this delay (although I made a mistake which was later corrected) but my assumption is back office bureaucracy and conflicting directives.

Also I do apologize for being too emotional and making general assumptions at times during the course of this ordeal.

Dukascopy still remains a first-class broker that every trader who means business can always depend on.