Any money transfer to your end-customer's Saxo Bank account must only come from an account that we can confirm is in the name of the same person (or entity) as your end-customer's Saxo Bank account. When we receive the funds, we check whether we can confirm that they come from the same person or entity. If this is the case, the amount will be credited to your end-customer's Saxo Bank account.
If the person (or entity) named on the account that sends the payment does not match the person (or entity) named on the Saxo Bank account, the money transfer will be refused and the amount will be transferred back to the original account within a few working days.
Note To trade immediately, ensure the trading account always has sufficient cash to avoid delays due to the processing time of cash transfers. |
Why is this measure necessary?
Tightened laws and regulations require banks to introduce increasing numbers of measures to combat various risks, such as fraud. Only transferring money between accounts that share a name is one of the measures that we as a bank take to prevent the risk of fraud or other illegal activities.
What happens to a money transfer if the person (or entity) on the account that originates the payment does not match the person (or entity) on the Saxo Bank account?
If the person (or entity) on the account from which the payment originates does not match the person (or entity) on the Saxo Bank account, the money transfer will be refused and the amount will be transferred back to the original account within a few working days.
Is it possible to transfer money from a (external) business account to a private Saxo Bank account?
No, it is not possible to transfer money from a (external) business account to a private account at Saxo Bank.
Is it possible to transfer money from a (external) private account to a Saxo Bank business account?
No, it is not possible to transfer money from a (external) private account to a business account at Saxo Bank, even if your end-customer is registered as an Ultimate Beneficial Owner (UBO).
Policy for 3rd party minor payments:
- Father and mother may transfer securities and cash to the account of the minor.
- Grandpa and grandma are not allowed to deposit into the account of the minor.
- Parents and grandparents are not allowed to deposit into the account of the child over 18.
Why do we do this?
- To avoid money laundering and terrorism financing
- We are not a payment bank and no credit bank
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