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, the funds will only appear in your Saxo account and won't automatically transfer to your external bank account.
You can easily transfer funds to an external bank account by making a withdrawal request.
In this article, you will get help with:
- How to withdraw funds from your Saxo account
- How do I 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 from your Saxo account
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SaxoTrader: Click on the Main Menu
> Deposits and transfers > Withdraw funds
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SaxoInvestor*: Click on the Main Menu
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SaxoTrader desktop: Click on the Main Menu
Then:
- 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 additional countries 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 do I 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 are processed on the same day for most cases. However, please note that the processing time can vary for a number of reasons, for example:
- Providing incorrect payment details (for example, mismatches between the IBAN and account number)
- Having unsettled transactions.
- The corresponding banks’ handling time.
- Withdrawing your entire account balance, as that may require fee calculations as well as closure and settlement of open positions.
For full timing details across all transfer types, including what to do if funds haven’t arrived, read here: How long does a money transfer take?
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. Just follow the same steps as above.
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 Help > Help center > Contact us > Write to us.
Alternatively, please find the Funds Transfer Request Form needed for withdrawing funds at the following link: Transfer Request Form.
The completed, signed form can be returned to us by Help > Help center > Contact us > Write to us.