Transfers: FAQ

Transfers: Frequently Asked Questions

How do I transfer funds to my account with Saxo Bank (Switzerland) Ltd.?

Please follow the instructions under Deposit funds. Wire transfers will be deposited into the indicated trading account upon confirmed receipt.

How do I withdraw funds from my account with Saxo Bank (Switzerland) Ltd.?

Please follow the instructions under Withdrawal of Funds. You will find all the instructions and forms required for this request.

How long does it take to receive the funds that I have withdrawn?

Withdrawal requests are executed as soon as possible. Usually same day if received before currency cut-off or latest next day. Your receiving bank may not post funds the same day funds leave Saxo Bank.

For account closures, the process will be within two working days after all necessary checks are completed.Please follow the instructions under Withdrawal of Funds. You will find all the instructions and forms required for this request.

Can I use the trading platform to switch currencies between my sub-accounts (e.g. from USD to CHF with the same account number 10.6xxxxx_0)?

Yes, when logged into the trading platform, please click on the cash management function and there you can select “Inter Account” to move currencies between accounts. If you need further help you may choose the F1 function for more details. Otherwise, you must send an email request to cas@saxobank.ch or instruct your account manager via the trading platform or email.

I have two separate trading accounts with Saxo Bank (Switzerland) Ltd. (e.g. 10.5xxxxx_0 to 10.6xxxxx_0). Can I transfer cash or open positions from one account to the other?

Yes, the process is the same as the Withdrawal Funds request. Additionally you should indicate to which Saxo Bank (Switzerland) Ltd. trading account the funds should be credited.

Transfer Fees and Charges: Frequently Asked Questions

Are there any fees when I transfer securities (bonds or shares) or funds into my account with Saxo Bank (Switzerland) Ltd.?

No. However, if you send a currency for which you have no account at Saxo Bank (Switzerland) Ltd. then we will execute a foreign exchange transaction to convert the funds into your default currency unless otherwise instructed in good time.

Are there any fees when I transfer funds (cash currency) from my account with Saxo Bank (Switzerland) Ltd. to an account with another bank?

Yes. Withdrawal charges are currently: CHF 20 / EUR 20 / USD 20 / GBP 20 (per currency). Third party payments are not handled. All cash transactions must be routed to/from your personal account with other banks. 

Are there any fees when I transfer securities (bonds or shares) from my account with Saxo Bank (Switzerland) Ltd. to an account with another bank?

Yes. Security transfers out charges are currently: CHF 50 / EUR 50 / USD 50 / GBP 50 (per line of equities).

Account Maintenance Fees

There is no account maintenance fee on Saxo Bank (Switzerland) Ltd. trading accounts if the account shows at least one trading activity (e.g. buy / sell securities) within the 6 previous months.

Accounts which do not fulfil the above conditions will be charged an account maintenance fee of CHF 100.00.

Custody Fees

Saxo Bank (Switzerland) Ltd. reserves the right to charge custody fees on cash equity positions as follows;

0.01% per month, minimum CHF 5.00

Fees are calculated based on the end of month cash equity position, and charged the following month. VAT will be added.

Fee Collection

In case the fee(s) are not covered by cash positions this might result in Saxo Bank (Switzerland) Ltd. selling the minimal necessary position in order to cover the fee. Attention is drawn to accounts having small balances and not conducting any trading business which may result in account closure. Please also see the bank’s “General Terms & Conditions”.

Currency conversions

Currency conversions of trading costs as well as profits and losses from trading activities are done using the prevailing close rate as of 17:00 New York time, plus/minus 0.5%.

All other currency conversions for internal or external payment will be made at the prevailing market rate at the time of the execution of the payment, plus/minus 0.5%.

No recommendations

The Saxo Bank Group does not in any of its Publications take into account any particular recipient’s investment objectives, special investment goals, financial situation, and specific needs and demands. Therefore, all Publications of the Saxo Bank Group are, unless otherwise specifically stated, intended for informational and/or marketing purposes only and should not be construed as: 

  • business, financial, investment, hedging, legal, regulatory, tax or accounting advice, 
  • a recommendation or trading idea, or 
  • any other type of encouragement to act, invest or divest in a particular manner 

(collectively “Recommendations”).
The Saxo Bank Group shall not be responsible for any loss arising from any investment based on a perceived Recommendation.

No Representation, No Warranty

The Saxo Bank Group uses reasonable efforts to obtain information from reliable sources, but all Publications are provided on an "as is" basis without representation or warranty of any kind (neither express nor implied) and the Saxo Bank Group disclaims liability for any Publication not being complete, accurate, suitable and relevant for the recipient. Specifically, the Saxo Bank Group disclaims liability towards any subscriber, client, partner, supplier, counterparty and other recipients for: 

  • the accuracy of any market quotations,
  • any delay, inaccuracy, error, interruption or omission in providing market quotations, and
  • any discontinuance of market quotations. 

The Publications of the Saxo Bank Group are not updated after their release and will due to changing circumstances become inaccurate and possibly misleading after a period of time which may be vary from seconds and minutes to days, weeks and months depending on the Information. The Saxo Bank Group gives no guarantee against, and assumes no liability towards any recipient for, a Publication being outdated.

If a Publication becomes outdated the Saxo Bank Group shall be under no obligation to;

  • update the Publication, 
  • inform the recipients of a Publication, or 
  • perform any other action. 

Any Publication may be personal to the author and may not reflect the opinion of the Saxo Bank Group. The Saxo Bank Group reserves the right at its sole discretion to withdraw or amend any Publication or Information provided at any time without notice (prior or subsequent).

Internet Trading Risks

There are risks associated with utilizing an Internet-based deal execution trading system including, but not limited to, the failure of hardware, software, and Internet connection. Since Saxo Bank does not control signal power, its reception or routing via Internet, configuration of your equipment or reliability of its connection, we cannot be responsible for communication failures, distortions or delays when trading via the Internet. Saxo Bank employs back up systems and contingency plans to minimize the possibility of system failure, and trading via telephone is available. 

Use of the website

Any use of the Saxo Bank Group’s websites is subject to Saxo Bank Group’s Terms of Use, as amended from time to time, and the Copyright provisions, as amended from time to time, both of which shall be construed as constituting an integrated part of this disclaimer. 

The Saxo Bank Group shall not be liable for any damage or injury arising out of any person’s or entity’s access to, or inability to access, any website of the Saxo Bank Group. This limitation includes, but is not limited to, any damage to computer equipment and computer systems caused by virus, malware and any other harmful computer coding.

Consulting a website of the Saxo Bank Group does not constitute a customer relationship and the Saxo Bank Group shall not have any duty or incur any liability or responsibility towards any person or entity as a result of such person or entity consulting a website of the Saxo Bank Group. 

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