Author Topic: Saxo money  (Read 9803 times)

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Offline Larry

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Saxo money
« 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

Offline ivan

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Re: Saxo money
« Reply #1 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
 

Offline Larry

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Re: Saxo money
« Reply #2 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.”

 

Offline ivan

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Re: Saxo money
« Reply #3 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

Offline ivan

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Re: Saxo money
« Reply #4 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

Offline Larry

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Re: Saxo money
« Reply #5 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

Offline ivan

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Re: Saxo money
« Reply #6 on: 04/08/2015, 11:01:00 PM »
yep, that seems to be missing for me ( see attached)

Offline Larry

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Re: Saxo money
« Reply #7 on: 04/08/2015, 11:15:08 PM »
Yes, that is the correct screen shot, but no Withdraw Cash link.

Offline Ralph

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Re: Saxo money
« Reply #8 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
It's not your aptitude but your attitude that determines your altitude!!!!!!

Offline Shirley

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Re: Saxo money
« Reply #9 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

Offline Gary Stone

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Re: Saxo money
« Reply #10 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
On the journey

Offline Phil P

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Re: Saxo money
« Reply #11 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

Offline Gary Stone

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Re: Saxo money
« Reply #12 on: 17/08/2015, 04:29:52 PM »
Phil,

You can do it via OzForex.

Regards
Gary
On the journey

Offline Phil P

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Re: Saxo money
« Reply #13 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

Offline Don McKinnon

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Re: Saxo money
« Reply #14 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