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General => General Discussion / Chit Chat => Topic started by: Larry on 04/08/2015, 02:04:20 PM

Title: Saxo money
Post by: Larry on 04/08/2015, 02:04:20 PM
Howdy
Anyone know how to get money out of their Saxo trading account without having to pay an intermediary bank fee?
No big issue, but I get a bit sick of paying fees to banks.
Smart trading to all.
Larry
Title: Re: Saxo money
Post by: ivan on 04/08/2015, 07:34:35 PM
HI Larry,

SAXO operates under an Australian entity so deposits are made to their local BSB - Account and withdrawals are directly to your  local Aussie bank account so there shouldn't be any fees involved.

regards
Ivan
 
Title: Re: Saxo money
Post by: Larry on 04/08/2015, 07:49:47 PM
Hello Ivan
See the correspondence below from Saxo. I pulled my unused ETF money out and put it into a Credit Union account with higher interest, and got slugged a fee. The credit union said they didn't charge any fees. The old invisible middleman.
Thanks for your reply.
Larry

Hi Larry,

Please see below note, issued from our Cash Management team.

“Please note that from 17th April 2014, Saxo Capital Markets bears only the bank transfer charges for outgoing instructions disbursed from our end only. As the beneficiary, you will receive your payment minus the correspondent (intermediary) bank charges, if any such fees are charged by the receiving bank. These fees differ from bank to bank, for details of such charges, please contact with your bank representative directly.”

 
Title: Re: Saxo money
Post by: ivan on 04/08/2015, 07:54:51 PM
HI Larry,

hmmm, yes it's been awhile since I made a withdrawal from SAXO, maybe it was even before that announcement . Certainly I don't recall paying a fee , but maybe something has changed. Yet another rort perhaps....

I also have an IB account and have never had to pay fees as once again they have an Aussie presence.


regards
Ivan
Title: Re: Saxo money
Post by: ivan on 04/08/2015, 08:08:47 PM
And having just said that, I just went looking for  the "withdraw cash" button in SAXO Trader which used to be in the Cash Management module but it seems to have gone !   Same with the webstrader .  Anyone else notice it missing ?  Or has SAXO reverted back to sign a form , scan it, email it , like in the old days ?

regards
Ivan
Title: Re: Saxo money
Post by: Larry on 04/08/2015, 10:54:56 PM
Howdy
I'm using Saxo Trader 2 platform. To withdraw money is simply to do it electronically on the website under Account - Cash Management - Withdraw Cash.
Cheers
Larry
Title: Re: Saxo money
Post by: ivan on 04/08/2015, 11:01:00 PM
yep, that seems to be missing for me ( see attached)
Title: Re: Saxo money
Post by: Larry on 04/08/2015, 11:15:08 PM
Yes, that is the correct screen shot, but no Withdraw Cash link.
Title: Re: Saxo money
Post by: Ralph on 05/08/2015, 07:17:22 AM
May I suggest giving your account manager a call for me they have always been most helpfull
Title: Re: Saxo money
Post by: Shirley on 05/08/2015, 10:13:20 AM
Hi, we have two Saxo accounts - one in personal names and the other in SMSF.  The 'withdraw cash' button in Cash Management module automatically appeared in the personal account but was not in SMSF.  Saxo advised that they do not add it to SMSF accounts unless requested so clients did not accidentally breach the SMSF rules.  Once we requested the module they added it.

In mid 2013 they started to charge withdrawal fees, but this was not meant to apply to Australian withdrawals in the same currency.

We were charged a fee 3-4 times but after complaining it was reversed.  Saxo tried to blame the receiving bank but a trace on the transaction revealed that it was actually Saxo that was charging $10 per withdrawal.  Took a few months but they finally refunded the fee.

Check Saxo website for their withdrawal rules if you have been charged and they may refund you (eventually).  Otherwise just phone them and ask them to add the withdraw cash module to your platform
Title: Re: Saxo money
Post by: Gary Stone on 05/08/2015, 11:32:23 AM
I concur with Shirley. Have seamlessly moved money from my SAXO Super Fund A/C using the platform with no involvement from SCM staff multiple times with no fees.

Must be into an account with the same name.

Regards
Gary
Title: Re: Saxo money
Post by: Phil P on 17/08/2015, 04:23:18 PM
Hi All,

Does anyone know the best way to transfer AUD in a Saxo account to a USD sub account within Saxo? It can be done via the Saxo platform at the AUDUSD spot rate but a commission of 0.5% is charged.

Is there a way of doing the exchange Ex Saxo and then transferring it directly to the USD sub account avoiding the 0.5%?

If transferring large sums the 0.5% amounts to quite a bit.

Thanks

Phil
Title: Re: Saxo money
Post by: Gary Stone on 17/08/2015, 04:29:52 PM
Phil,

You can do it via OzForex.

Regards
Gary
Title: Re: Saxo money
Post by: Phil P on 17/08/2015, 06:26:44 PM
Thanks for that Gary,

I did a few beer coaster figures and it looks like Ozforex also charge around 0.5% margin on the spot rate for the amount I am looking at. I spoke to them and they did say that the margin was negotiable. I don't know just how negotiable they are at this stage.

Thanks and regards

Phil
Title: Re: Saxo money
Post by: Don McKinnon on 17/08/2015, 07:52:18 PM
Hi Phil

Yes, I thought the OZForex spread was a bit wide also.  It's way better than the major banks but not nearly as good as the spread that Interactive Brokers used to give before ASIC stopped, for the time being, their FOREX trading for Australians.

I would also be interested in any more attractive FOREX options that people have found.

Please note that Saxo has a restriction that funds can't be transferred into your account with it, from a third party account.  So you will need to have a way around this, presumably with a separate $US account in your/SMSF's name, in order to receive the $USs from the account in OZForex's name and then transfer them on to Saxo.  That's getting convoluted.  Interactive Brokers, for one, doesn't have that rule - I suspect that there are other brokers that are the same.

Regards
Don
Title: Re: Saxo money
Post by: Steve Nelson on 17/08/2015, 08:45:24 PM
Hi Phil

They give a slightly preferential rate to people who are on the wholesaleinvestors.com.au membership/mailing list. So you could sign up with them as there is no cost to do so.

I haven't made an exchange yet but plan to in the next month or so. I was quoted a margin pretty close to 0.3% at the time although it will depend to some extent on the amount sent.

Cheers

Steve
Title: Re: Saxo money
Post by: Phil P on 18/08/2015, 10:08:19 AM
Thanks Don and Steve,

I will do some more homework on this and let you know if I come up with anything.

The 0.3% margin you mention Steve would be a worthwhile saving over the 0.5% although I may run into the problem that Don has mentioned about the to/from account having to be in the same name. I am talking about a SMSF account.

Regards

Phil
Title: Re: Saxo money
Post by: Larry on 28/08/2015, 12:31:30 PM
Howdy
After trying to work out who was responsible for charging the fee on my money moving from Saxo to my Aussie credit union. I've decided to throw my hands up in the air: they both say it wasn't them. The credit union says Saxo would be using  a telegraphic transfer which incurs a fee  by the bank CUSCAL, instead of using electronic transfer that doesn't. Anyway, latest correspondence from Saxo below.

The statement still stands that was given from our cash management team as this has been in place for over a year.

Saxo bears the sending fee, whilst your beneficiary bank bears the fee on your end. This fee deduction resulted in an intermediary bank – this is also stated in our PDS.

However I have been in talks with our compliance department and we deciding to rebate the deducted funds, but please note going forward that a fee will be applied if there is an intermediary bank.

So has anyone from SWS withdrawn cash from their Saxo account this year and not paid a fee?
If so I may have to change my receiving bank.
Thanks for your time.
Larry

 
Title: Re: Saxo money
Post by: Larry on 28/08/2015, 12:40:28 PM
Howdy
I just received another email from Saxo as to why the transfers are set up as they are. Watch your money just in case.

Hi Larry,
In regards to the way the payment is made, the reason is that the online withdrawal module is not built to serve Australia only. It is a global solution and thence using RTGS. Hence no “normal” electronic transfer is possible unless we do this manually (which incurs a processing fee).

You'd think in this electronic age it would be easy to set up an Australian only module.
The middleman strikes again.
Cheers
Larry

Title: Re: Saxo money
Post by: Shirley on 28/08/2015, 02:50:29 PM
My husband makes monthly withdrawals from his Saxo SMSF account to his CBA bank account with no fee.   We were advised the fee did not apply if withdrawing in Australia in AUD to Australian bank - fee only applied to overseas accounts or foreign currency
Title: Re: Saxo money
Post by: Gary Stone on 28/08/2015, 04:53:36 PM
Larry,

Have moved money to Macquarie CMA & ANZ and the exact amount withdrawn from Saxo has been deposited at both. IN the past and recently.

Regards
Gary
Title: Re: Saxo money
Post by: Larry on 28/08/2015, 05:09:25 PM
Cheers Shirley and Gary.
I'll try my other bank.
Larry
Title: Re: Saxo money
Post by: Phil P on 25/09/2015, 06:03:55 PM
I finally got around to transferring some USD to Saxo

Trying to do better than the 0.5% Saxo charge I ended up using Ozforex. To do that I set up a Foreign Transaction Account with CBA in the name of my SMSF. I then setup an account with Ozforex in the same name.

I was able to get a better deal over the phone with Ozforex than the quote that was displayed online. In the end it worked out to be around a 0.3% margin on the interbank rate.

I then transferred it to Ozforex and they exchanged it and sent it to the CBA FCA. This incurred a $10 AUD fee and an "intermediary bank fee" of around $10 USD. From there I transferred it to Saxo. This incurred another CBA fee of $30 AUD and no Saxo fees at all.

There was a delay crediting the funds to my Saxo account as some of the details didn't match the account name that Saxo had for the SMSF and they don't accept 3rd party transfers.

Overall Im not sure it was worth the time and effort for the saving I made. It could be if it was a very large sum that was being exchanged.

In the time it took to do all of this the AUD/USD rate dropped way more than any saving I made!

Regards

Phil
Title: Re: Saxo money
Post by: Adrian Pethick on 24/08/2017, 10:39:57 PM
Hi all,

Any latest updates on this one? I have just done a test withdrawal with small amounts to a credit union and was slugged approx 30%. Also withdrew $100 to local HSBC account and was charged $10!
Cant believe you are charged for withdrawing money!
cheers
Adrian
Title: Re: Saxo money
Post by: Sharkie on 25/08/2017, 10:02:10 AM
I transferred a reasonably large sum earlier this year using the same method as Phil.  Note that Ozforex are now ofx.com.  The fees and charges were similar to Phil's.  They offered me a much better rate over the phone than their advertised rate, which is probably geared to people wanting money for their holiday.

The local suburban Commonwealth Bank staff took an hour or so to sort out what to do, and made many phone calls, but they eventually worked it out.