SAXO BANK Clients – Important Information
Due to the rapidly evolving business and regulatory landscape on a global scale, we have made the strategic decision to focus on specific regions. As a result, we will no longer be able to service clients residing outside our targeted markets.
At this time, our primary focus is to assist all affected Saxo Bank clients through this transition. Below, you will find essential information to facilitate a seamless offboarding process.
Timeline and important dates:
A closure Notification has been sent to your email if you are affected. You could refer to the mail for the dates important for you.
11th November 2024 or 12th/19thFebruary 2025(restriction date)
Reduce-only restrictions will be applied to your accounts. With the restriction, you will still be able to execute trades to close your existing positions, but opening new positions will not be permitted. We recommend that all clients make the necessary arrangements promptly to avoid any disruption to your trading activities and ensure the timely return of assets to you.
11th December or 12th/19th March 2025(Termination date)
Your open positions will be liquidated without additional notification, we will credit the proceeds of the liquidation to your account. And any residual cash balance or non-tradeable positions will remain on your account for you to withdraw.
1th April 2025
A monthly custody fee will take effect on April 1, 2025. The fee amount is EUR 50 (or equivalent in your account currency) and will be charged only if your account has a positive balance. It is capped at the available balance in your account to ensure it does not result in a negative balance. No fee will be charged if your account has a zero or negative balance. To avoid this fee, please withdraw any remaining cash from your account before April 1, 2025. If you do not withdraw all remaining cash, the recurring administrative custody fee of EUR 50 (or equivalent) will be applied monthly until your account is emptied.
Here's what you can do:
- Close-off positions
Manage and close your existing positions. Thereafter, you can withdraw the funds to your bank account.- Transfer your assets
Continue to keep your securities by transferring them to another financial institution.
Request a securities transfer - Withdraw funds
Have your funds returned to and transferred back to your bank account.
Withdraw my funds
- Transfer your assets
- Historical Reports
Download and save your transaction records. You will not have access to these transactions once your Saxo account is closed.
Frequently asked questions
Transfer of securities
Withdrawal of funds
- Deposit a small amount of funds into your Saxo account from your bank account.
- This will register your bank account with Saxo.
- Once registered, you can withdraw funds to this same bank account.
- Fill out and submit the fund transfer request form.
- Provide bank statement of your receiving account: showing your name, bank name, and account number.
- Provide identification document (ID card or passport).
- Provide signature sample: If you have not previously provided a signature sample, please provide an official document with your signature, such as a signed passport, at the time of withdrawal.
• You can transfer your portfolio to another broker.
Saxo in APAC
No, Saxo Bank is not ceasing all operations in the APAC region. Saxo has announced the closure of its offices in Hong Kong and the cessation of services to clients in Mainland China and Taiwan, but will continue to operate in the APAC region. Saxo Bank's APAC regional hub in Singapore will maintain its operations in the region, primarily through this hub and one of its global offices in Singapore.