Exceptions to third-party transfers for Saxo Capital Markets UK Limited

As a general rule, Saxo does not allow third-party transfers as described in the article Understanding the restrictions on third-party transfers. It means that deposits into Saxo accounts are only accepted if the remitter is the owner of the Saxo account. Withdrawals from Saxo accounts are only accepted if the beneficiary is the owner of the Saxo account.

Nevertheless, some exceptions apply:

• An employer’s payment of pension contribution to an account in the name of its employees. 
• Deposits to an account in the name of a life insurance company made of the relevant life insurance policy holder. 
• Withdrawals from an account in the name of a life insurance company to the relevant life insurance policy holder or beneficial under the life insurance policy.

Furthermore, Saxo Capital Markets UK Limited allows third-party transfers in connection with Individual Savings Accounts (hereinafter as ISA). For ISA holders who are looking to transfer funds onto a Saxo Bank ISA, the transfer can take place directly from provider to provider, which means Saxo receives the funds of the clients directly from their ISA provider.