What is a digital bank?
In this article, the terms digital bank, payment provider, and neobank may be used interchangeably. These refer to digital-first financial institutions and payment providers that primarily operate through mobile apps or online platforms rather than traditional branch networks. Examples include Revolut, Wise, N26 and Bunq.
Some digital banks (also referred to as neobanks) and payment providers process payments through intermediary banks or international payment routes, which can make it more difficult to verify the origin of funds.
Requirements for your first deposit
Your first deposit into your Saxo account must come from a bank account in your country of residence (COR).
It is recommended to make this first deposit by using a traditional bank account, as payments from neobanks may make it more difficult to verify the origin of funds.
Any transaction that does not meet these requirements will be rejected and returned to the originating account.
Using a neobank after your first deposit
Once your account has been successfully funded from your country of residence, you may use a neobank account for future deposits. This includes transfers originating from countries other than your country of residence or approved countries.
Examples of digital banks and payment providers from which we may be able to accept deposits include Revolut Bank, N26 Bank, Wise, bunq, Swissquote Bank and Interactive Brokers. These examples are provided for illustrative purposes only and do not represent an exhaustive list of accepted providers.
Why are these requirements in place?
Neobanks often process payments through intermediary banks or international payment routes. This can make it more difficult to verify the true origin of funds.
To meet regulatory requirements and ensure secure processing, your first deposit must clearly establish your funding source in your country of residence.
Important information about neobank payments
- There is no official way to confirm in advance whether a payment from a neobank will be accepted
- Payments must be considered as originating from:
- Your country of residence, or
- A country you have had approved in advance
- Payments from neobanks may be subject to manual review before being credited to your account
- If the payment details do not clearly identify you as the sender, you may be asked to confirm the transaction
- Payments routed through intermediary banks may:
- Appear to originate from a different country
- Be delayed or rejected if the origin cannot be verified
As a general guideline, payments are more likely to be accepted if:
- Your neobank account is registered in your country of residence
- You use a local IBAN linked to that country
- You send funds in the local currency
However, this cannot be guaranteed.
- If you are unsure, we recommend funding your account from a traditional bank account in your country of residence or requesting approval for an additional country before sending funds