To move money from your Saxo account back to your original bank account, you'll need to initiate a withdrawal. After selling shares on the Saxo platform, and after the settlement period, the funds will appear in your Saxo account only and won't automatically transfer to your external bank account. To transfer them to an external bank account, just initiate a withdrawal request.
In this article you get help with:
- How to withdraw funds
- How to register a new account to use for withdrawals
- How long does it take to process an account withdrawal?
- Withdraw from a joint account
- Corporate clients
How to withdraw funds
To withdraw funds from your Saxo account:
- SaxoTrader: click Withdraw funds
- SaxoInvestor: click Withdraw funds
- SaxoTrader Desktop: click menu > Deposits and transfers >Withdraw funds
Once you click on above, please follow the below steps:
- Select the Saxo account you want to withdraw money from
- Enter the Withdrawal amount and the currency
- Select your External account - If there are no External accounts in the menu, read the following: 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.
- Type in the code in the confirmation window and click Confirm
Note:
- 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.
You can request to add one additional country for deposits and withdrawals, subject to approval. This can be done after your initial funding from your country of residence has been received and booked. For more information, read how to add another country for funding outside of your country of residence.
How to register a new account to use for withdrawals
Please read How to register a new account to use 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
Withdrawing your entire account balance
If you choose to withdraw the full account balance, or close to it, please be aware that there may be delays of up to three business days. The requested amount can be temporarily reserved for the calculation of costs and interest, which can result in a delay in receiving your funds.
Withdraw from a joint account
You can withdraw funds from a joint account at Saxo to an external bank account registered in one of the account holders' names.
Corporate clients
The online withdrawal module is not available for Corporate Clients by default. To request it, please fill in the form SaxoGroup_Cash_Module_Form, return it to us through a case.
Otherwise, please find following a link to the Funds Transfer Request Form required for withdrawing funds: Transfer Request Form.
How to Submit a Transfer Request
Once you have completed your transfer request form, please follow the steps below to submit it:
- SaxoTrader: click Contact us
- SaxoInvestor*: click Contact us
-
SaxoTrader Desktop: click
the support icon
> Contact us
Next, click on Write to us. Navigate to Cash Deposits and Withdrawals, then select Withdrawals. Fill in the required details accordingly, upload your document, and submit the request.
If you have not received a response or the funds within 5 working days, please contact the Customer Service team for assistance.