Author Topic: Saxo money  (Read 9804 times)

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Offline Steve Nelson

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Re: Saxo money
« Reply #15 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

Offline Phil P

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Re: Saxo money
« Reply #16 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

Offline Larry

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Re: Saxo money
« Reply #17 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So has anyone from SWS withdrawn cash from their Saxo account this year and not paid a fee?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

 

Offline Larry

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Re: Saxo money
« Reply #18 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


Offline Shirley

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Re: Saxo money
« Reply #19 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

Offline Gary Stone

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Re: Saxo money
« Reply #20 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
« Last Edit: 28/08/2015, 05:15:06 PM by Gary Stone »
On the journey

Offline Larry

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Re: Saxo money
« Reply #21 on: 28/08/2015, 05:09:25 PM »
Cheers Shirley and Gary.
I'll try my other bank.
Larry

Offline Phil P

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Re: Saxo money
« Reply #22 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

Offline Adrian Pethick

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Re: Saxo money
« Reply #23 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

Offline Sharkie

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Re: Saxo money
« Reply #24 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.