In this article you get help with:
How to register a new account to use for withdrawals
How long does it take to process an account withdrawal?
How to withdraw funds
To withdraw funds from your Saxo account, please follow the steps below:
- Go to the menu
> Deposits and Transfers, or, if you are not logged in yet, click: Deposits and Transfers - Click Withdraw funds
- Select the Saxo account you want to withdraw money from
- Enter the Withdraw amount and the currency
- Select your External account - There's no External accounts in the menu? Read: How to register a new account to use for withdrawals
- When done click Transfer
- An SMS with a code will be sent to your registered phone number and a confirmation window will pop-up. If you don't get the code, follow the instructions provided in the confirmation window.
- Insert the code in the confirmation window and click Confirm
At Saxo we take precautions to ensure your account is secure. For this reason we only allow withdrawals to accounts that have been verified to belong to you.
Previously used and verified accounts will appear in the "External account" drop down menu of your withdrawal module.
How to register a new account to use for withdrawals
You have two ways to add a new account:
1. Fund from a bank account in your own name
The fastest way is to do a simple bank transfer to your Saxo account, from a bank account in your name. The transfer can be of any value. (Funding instructions: How do I fund my account?)
Once your bank account passes our verification checks, you can then make withdrawals to this account. Verified account details will always appear in the drop down menu of your withdrawal module.
Please note that a payment via card will not qualify the account to be registered.
2. Create a case through the trading platform
- SaxoTraderGO: Click Account > Other > Contact support > Select option: Add new bank account number for withdrawals
- SaxoTraderPRO: Click Menu > Contact support > Select option: Add new bank account number for withdrawals
1. Fill the form providing:
| Field | Comment |
| Currency | |
| BSB Code | BSB (Bank State Branch number) |
| Beneficiary Account number | Account number you want funds paid into |
| Beneficiary Bank BIC | Also known as SWIFT/BIC or just SWIFT - International Payments |
| Beneficiary IBAN | Mandatory in case of international payments to countries that have adopted IBAN |
2. Attach a bank statement as proof of account ownership. The document should contain your name and account details, and should be clearly legible.
3. Attach a valid proof of identity, this could be your national ID or passport.
You can follow up on the ticket status from the same 'Contact support' module under 'My tickets'.
Once verified, the new account details will appear in the "External account" drop down menu. We aim to process your request for new account validation within 24h. Note, you only need to submit your request once per account.
This short video shows how to submit a request to add a new account for withdrawals:
How long does it take to process an account withdrawal?
Withdrawals done over the platform will be processed the next business day (T+1) if requested before 14:00 CET and T+2 otherwise.
Value dates can vary for a number of reasons, for example:
- incorrect payment details provided (for example, mismatches between the IBAN and account number)
- full withdrawals may require fee calculations as well as closure and settlement of open positions
- unsettled transactions
- the correspondent banks’ handling time