Transfers

  • FAQ

     

    Transfers, Transfer Fees and Charges

Transfers: Frequently Asked Questions

How do I transfer funds to my account with Saxo Bank (Switzerland) Ltd.​?

Please follow the instructions under Deposit funds. Wire transfers will be deposited into the indicated trading account upon confirmed receipt.

How do I withdraw funds from my account with Saxo Bank (Switzerland) Ltd.​?

Please follow the instructions under Withdrawal of Funds. You will find all the instructions and forms required for this request.

How long does it take to receive the funds that I have withdrawn?

Withdrawal requests are executed as soon as possible. Usually same day if received before currency cut-off or latest next day. Your receiving bank may not post funds the same day funds leave Saxo Bank.
For account closures, the process will be within two working days after all necessary checks are completed.

Can I use the trading platform to switch currencies between my sub-accounts (e.g. from USD to CHF with the same account number 10.6xxxxx_0)?

Yes, when logged into the trading platform, please click on the cash management function and there you can select “Inter Account” to move currencies between accounts. If  you need further help you may choose the F1 function for more details. Otherwise, you must send an email request to cas​@saxobank.ch or instruct your account manager via the trading platform or email.

I have two separate trading accounts with Saxo Bank (Switzerland) Ltd.​ (e.g. 10.5xxxxx_0 to 10.6xxxxx_0). Can I transfer cash or open positions from one account to
the other?

Yes, the process is the same as the Withdrawal Funds request. Additionally you should indicate to which Saxo Bank (Switzerland) Ltd. trading account the funds should be credited.

Transfer Fees and Charges

Are there any fees when I transfer securities (bonds or shares) or funds into my account with Saxo Bank (Switzerland) Ltd.?

No. However, if you send a currency for which you have no account at Saxo Bank (Switzerland) Ltd.​ then we will execute a foreign exchange transaction to convert the funds into your default currency unless otherwise instructed in good time.

Are there any fees when I transfer funds (cash currency) from my account with Saxo Bank (Switzerland) Ltd.​ to an account with another bank?

Yes. Withdrawal charges are currently: CHF 20 / EUR 20 / USD 20 / GBP 20 (per currency). Any third party payments requests incur an additional fee of CHF 50 / EUR 50 / USD 50 / GBP 50.

Are there any fees when I transfer securities (bonds or shares) from my account with Saxo Bank (Switzerland) Ltd.​ to an account with another bank?

Yes. Security transfers out charges are currently: CHF 50 / EUR 50 / USD 50 / GBP 50 (per line of equities).

Account Maintenance Fees

There is no account maintenance fee on Saxo Bank (Switzerland) Ltd.​ trading accounts if the account shows at least one trading activity (e.g. buy / sell securities) within the 6 previous months.

Accounts which do not fulfil the above conditions will be charged an account maintenance fee of CHF 100.00.​

Custody Fees

Saxo Bank (Switzerland) Ltd.​ reserves the right to charge custody fees on cash equity positions as follows;

0.01% per month, minimum CHF 5.00

Fees are calculated based on the end of month cash equity position, and charged the following month. VAT will be added.​

Fee Collection

In case the fee(s) are not covered by cash positions this might result in Saxo Bank (Switzerland) Ltd. selling the minimal necessary position in order to cover the fee. Attention is drawn to accounts having small balances and not conducting any trading business which may result in account closure. Please also see the bank’s “General Terms & Conditions”.​

CURRENCY CONVERSIONS
Currency conversions of trading costs as well as profits and losses from trading activities are done using the prevailing close rate as of 17:00 New York time, plus/minus 0.5%.

All other currency conversions for internal or external payment will be made at the prevailing market rate at the time of the execution of the payment, plus/minus 0.5%.
 
Updated 30 June 2014