Saxo Bank Deposit and Withdrawal In Detail | Free Withdrawal

 

Pros

Cons

  • Various account base currencies
  • Deposit using credit/ debit cards
  • No withdrawal fees
  • No electronic wallet transfer
  • Deposit fees

Introduction

Saxo Bank is one of the most popular investment banks all vr the world. It’s originally founded in 1992 in Denmark. It’s also regulated by top-tier financial authorities like the FCA, the Financial Conduct Authority in the UK. Saxo Bank has over 40,000 trading products in several categories like forex, CFDs, commodities, ETFs, and more. It also has low trading fees, with a good trading experience through its customized trading platforms. Saxo Bank also has several third party research tools that help you trade smart with the least effort and create your own trading strategies.

Account Currencies

The Saxo Bank account has 24 account currency options:

AED

AUD

CAD

CHF

CNH

CZK

DKK

EUR

GBP

HKD

HUF

ILS

JPY

MXN

NOK

NZD

PLN

RON

RUB

SEK

SGD

TRY

USD

ZAR

 

Notes:

  • You will not be charged with conversion fees if your account has the same currency with your bank account or when you trade assets with the same currency of your account.
  • If you want to avoid being charged with conversion fees, you can open a multi-currency bank account at a digital bank.

Deposit

Saxo Bank supports depositing using 2 different methods:

  • Credit/ Debit cards
  • Bank transfers

Saxo Bank deposit methods

Method

Fees

Time

Maximum Deposit Amount

per transaction

Bank Transfers

$0

several business days

No limit

Credit/ Debit cards

from .51% to 2.86%

instant

$100,000 for UK resides

$5,000 for others

Fees

There’s no deposit fee using the bank transfer method. On the other hand there are deposit fees for credit and debit cards as the following.

  • Credit Cards

There are fees on deposits using credit cards from 0.93% to 2.88% of the deposited amount.

Credit Cards Fees

Currency

Fees

AUD

2.35%

CAD

2.35%

CHF

1.42%

DKK

0.99%

EUR

1.40%

GBP

1.20%

HKD

2.88%

JPY

2.35%

NOK

0.94%

NZD

2.34%

SEK

0.93%

SGD

2.36%

USD

2.63%

  • Debit Cards

There are fees on deposits using debit cards from 0.53% to 2.26% of the deposited amount.

Debit Cards Fees

Currency

Fees

AUD

2.26%

CAD

2.25%

CHF

0.60%

DKK

0.55%

EUR

1.23%

GBP

1.25%

HKD

2.21%

JPY

2.23%

NOK

0.55%

NZD

2.21%

SEK

0.53%

SGD

2.26%

USD

2.26%

How to deposit in your account?

In order to deposit into your Saxo Bank account you have to go to the ‘Menu’ then click ‘Deposits and Transfers’

Withdrawal

Saxo Bank supports withdrawal using only bank transfers. There’s no credit card option nor an electronic wallet option.

Saxo Bank withdrawal methods and fees

 

Saxo Bank

Bank Transfers

Yes

Credit cards

No

Electronic wallet

No

Fee

$0

Fees

Saxo Bank provides free withdrawals using bank transfers. On the other hand, there might be some transactional fees from your bank.

Time

Saxo Bank withdrawals happen within 1 business day

How to withdraw your money from Saxo Bank?

  1. Go to the menu > Deposits and Transfers
  2. Click ‘Withdraw funds’
  3. Select the Saxo account you want to withdraw money from
  4. Enter the Withdrawal amount and the currency
  5. Select your External account – If there’s no External accounts in the menu, read the following: How to register a new account to use for withdrawals
  6. When done ‘click Transfer’

Note:

For security reasons, you may have to verify your identity with the payment department for the first time through the registered email or the phone number.

FAQs

  1. What is the minimum and maximum amount for credit/debit card funding?
  • Following transaction limits apply to card payments (for non-UK residents):
  1. Minimum 1 USD and maximum 5,000 USD per transaction
  2. Max. 50,000 USD per 30 days.
  3. Does Saxo Bank give a bonus?
  • Yes, Saxo Bank does offer a loyalty program in which you earn points each time you make a trade on Saxo Bank platform. Also, these points help you upgrade your account level as well as have better pricing. The points required to join each program are:
  1. Classic: 0 points
  2. Platinum: 120,000 points
  3. VIP: 500,000 points

As said above, the points you earn depend on the trade volume you have. The following table will help you know more information about how much you should trade in order to get points.

Saxo Bank – Reward Points

Product

Volume

Points

FX spot trade

EUR 10,000

30

FX option trade

EUR 10,000

40

CFD index trade

EUR 10,000

20

CFD equity trade

EUR 10,000

180

CFD all trade

EUR 10,000

30

CFD exp. trade

EUR 10,000

20

Stock trade

EUR 10,000

160

Stock option trade

1

50

Non-stock option trade

1

110

Contract future trade

1

110

Contract options trade

1

110

Bonds investment

EUR 10,000

320

  1. When trading forex, will you lose more than your initial deposit?
  • The Saxo Bank trading platforms are set to automatically close your positions when your margin requirement reaches 100% (stop out level).
  • Please note that this process is automated and is not a guarantee that your account will not enter into a negative equity situation and you should keep a balance amount in your account above your required margin.
  1. Does Saxo Bank accept payments from third parties?
  • Saxo does not accept payments from accounts that are not in your name (3rd party payments).
  1. How are my funds protected with Saxo?
  • While Saxo is a member of the Danish Guarantee Fund, the client deposits are guaranteed by the fund with up to EUR 100,000 for cash deposits. Cash deposits are calculated as the net free deposit after deduction of any debt to the bank.
  1. How do I transfer money between sub-accounts?
  • Go to Menu > Deposits and Transfers > Sub-account transfer.
  • Then select:
  1. The account you wish to transfer funds from
  2. The receiving account
  3. The amount
  4. Click Transfer

Please note that Saxo Bank does not charge any fees on transferring money between sub-accounts, but there is a conversion fee that’s deducted from the deposited amount for currency conversion.

  1. Can I fund my account in a different currency other than the account base currency?
  • Yes, you can. But there will be a conversion fee deducted from the deposited amount.
  1. Do I need a crypto wallet to trade cryptocurrencies with Saxo?
  • A crypto wallet is not required because you do not own the underlying coins when trading ETPs or Crypto FX pairs.


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