Incoming portfolio transfers

The transfer process consists of the following recurring steps:

1. Send a transfer form
2. Send the Standard Settlement Instructions (SSIs) per exchange along with the securities to be transferred
3. Receive preliminary advice from the supplying bank
4. Record the progress
5. Receive the securities

When a new end-customer wants to transfer securities to Saxo Bank, we request the transfer form along with an overview of the portfolio to be transferred. This portfolio overview must contain historical prices.

Saxo Bank then sends an automatically generated email to the investment firm containing the SSIs per exchange with the securities to be transferred. 

Saxo Bank checks the portfolio and determines which securities cannot be transferred. This may be the case when a fund cannot be traded, has too long of a lead time (several months) or cannot be quoted. If there are securities in the portfolio that cannot be transferred, the investment firm will be notified. Saxo Bank will then send the preliminary advice to the supplying bank within two working days.

For the transfer of securities, it is customary for the supplying bank to send a preliminary advice to the receiving bank, in this case Saxo Bank. This confirms which securities are offered for which end-customers. The settlement details are also confirmed in the preliminary advice. Saxo Bank responds to the preliminary advice and confirms its own settlement details, insofar as these are not yet known to the supplying bank.

Once Saxo Bank has received the securities, they are transferred to the end-customer's account. After a review by Saxo Bank, the securities become visible to the end-customer and the investment firm. If it is later discovered that a deposit is incorrect, for example, as a result of incorrect preliminary advice, Saxo Bank will reverse the deposit after informing the investment firm.

If desired, the securities can be booked at the historical purchase price. In order to do so, the investment firm must have provided this purchase price to Saxo Bank on the initial transfer form.

After delivery of the securities, one of the following protective measures applies:

1. The securities are kept under the regime of the Securities Giro Transactions Act (Wge)
2. The securities are held by the Saxo Bank Custodian Company

The processing time for transferring securities differs by category. The starting point is the moment of agreement on settlement details between the supplying bank and Saxo Bank. Below is an overview of the average lead times for the different categories.

• Shares/bonds Euronext Amsterdam: 1 week
• Shares/bonds abroad: 2 weeks
• Unlisted mutual funds: 4 weeks

Despite Saxo Bank's best efforts, there are frequent delays with transfers due to various reasons. If possible, the status report will indicate the cause of any delay. The most common reason for a delayed transfer is that the providing bank does not want to actively cooperate with the transfer. Proactive participation in all steps of the process is also expected from the investment firm and the client.

Saxo Bank charges a deposit or clearance fee for transferring or withdrawing securities, which can be found in the Rates and Conditions Overview.

Options transfers are not generally facilitated by Saxo Bank. Saxo Bank can only transfer options for very high numbers of one particular strike price and expiration date. This will in any case take longer than the average lead time of one week.