All you need to know about withdrawal on Saxo Bank
Reading time: 4 minutes
Being able to access your money is one of the top priorities when it comes to choosing a broker. Here, we will show you the withdrawal options, possible fees, how fast you can access your funds, and why Saxo Bank is a reliable broker, where you can withdraw your money without safety concerns.
Withdrawal at Saxo Bank is simple and straightforward, according to our analysis. However, there are some issues, such as currency and closing positions, you have to pay attention to.
To give you a brief summary: Saxo Bank is a Danish investment bank. It is regulated by several top-tier financial authorities globally, including the UK regulator called FCA (Financial Conduct Authority).
THE ESSENCE:
- Saxo Bank charges $0 for withdrawal
- The withdrawal process is usually executed within 1 day
- Saxo Bank is a reliable broker, regulated by at least one top-tier regulator
- You can only withdraw funds to accounts in your name
First, let's see if Saxo Bank is available in your country?
How to withdraw money from Saxo Bank
Is Saxo Bank safe?
To trust your money with a broker, you need to be sure that the broker is considered trustworthy. We, at BrokerChooser, only recommend regulated brokers, meaning the broker's operations are overseen by a trusted body.
Saxo Bank can be considered a legit broker as it is overseen by at least one top-tier regulator, which is a great sign for reliability.
For you, this means that your money is in good hands and you will be able to withdraw your funds.
How to withdraw money from Saxo Bank
What withdrawal methods are available at Saxo Bank?
At Saxo Bank, the only available option to withdraw money to your account is via Bank transfer.
Remember, you can only withdraw funds to accounts that are in your name.
| Withdrawal options | Saxo Bank |
|---|---|
| Bank transfer | Yes |
| Credit/Debit card | No |
| Electronic wallet | No |
How to withdraw money from Saxo Bank
How long does it take to withdraw from Saxo Bank?
Withdrawing your funds from a brokerage account is a bit different than withdrawing money from, let's say, a bank account. Unlike some deposit options, withdrawal is rarely instant.
Keep in mind that if you have all your funds invested, you have to close some of your positions first to get access to cash, which you can withdraw later on. After closing some of your positions, the broker might need some time to make the funds available for you for withdrawal.
At Saxo Bank, the withdrawal process is usually executed within 1 day.
How to withdraw money from Saxo Bank
What are the withdrawal fees at Saxo Bank?
The good news is that Saxo Bank charges no fees for withdrawal.
| Withdrawal option | Withdrawal fees |
|---|---|
| Credit/Debit card | - |
| Domestic bank withdrawal | $0.0 |
| International bank withdrawal | $0.0 |
| Electronic wallet | Not available |
Conversion fees
Pay attention that if your Saxo Bank account's base currency and bank account's currency differ, you might be charged a conversion fee depending on your personal bank.
At Saxo Bank, the following base currencies are available: AED, AUD, CAD, CHF, CNH, CZK, DKK, EUR, GBP, HKD, HUF, ILS, JPY, LTL, MXN, MYR, NOK, NZD, PLN, RON, RUB, SEK, SGD, USD, TRY, ZAR.
To avoid high conversion fees, consider opening a multi-currency account at a digital bank.
How to withdraw money from Saxo Bank
What to keep in mind when withdrawing from Saxo Bank?
Withdrawing your funds from a brokerage account is a bit different than withdrawing money from, let's say, a bank account. Unlike some deposit options, withdrawal is rarely instant.
Keep in mind that if you have all your funds invested, you have to close some of your positions first to get access to cash, which you can withdraw later on. After closing some of your positions, the broker might need some time to make the funds available for you for withdrawal.
How to withdraw money from Saxo Bank
Wrap-up
You are awesome for having read through this article! Making sure you can access your funds might seem overwhelming at first, but the best time to start dealing with your finances is always right now.
You're doing great! Navigating through the world of brokerages is hard, and we want to help you along the way. If you are stuck somewhere, have a question, or a suggestion, please drop us an email.
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