Saxo bank large deposit expierences

[Theoffshoreguy69]

Hi everyone and happy new year,


I wanted to ask what your expierence is with saxo bank as far as receiving large deposits from your personal bank account. At what point will they Hassel you?


Thanks

 

[troubled soul]

It called home.saxo/en-sg/accounts/vip
Minimum funding SGD 1,500,000


Saxo bank VIP

I never deposit that much account but Hope there will be no problem.

Saxo Bank - Wikipedia

en.wikipedia.org

You can see the deatail about bank here

The following key figures and ratios provide an overview of Saxo Bank Group's financial performance.

SAXO BANK GROUP (DKK million)	H1 2020	2019	2018	2017	2016
Operating income	2,302	2,611	2,786	3,027	2,930
EBITDA	967	822	1,408	932	845
Profit before tax	704	109	1,029	554	418
Net profit	529	40	963	401	302
Total equity	7,185	7,082	5,552	4,621	4,238
Total assets	80,654	74,930	34,484	39,956	43,579
Clients' assets	394,903	375,495	112,578	103,622	92,350
- Hereof Assets under Management	8,047	8,480	—	12,524	13,314
Total capital ratio	30.3%	32.9%	35.0%	22.7%	19.5%
Return on equity before tax	21.5%	1.7%	20.2%	12.5%	10.2%
Full-time-equivalent staff (end of year)	2,081	2,170	1,658	1,594	1,639

You can read there annual report I attach the file.

Hope this will help

 

[Theoffshoreguy69]

Thanks for your reply but I was actually implying the Hassel docs etc saxo bank would ask if you have a large deposit say 200k come in from your personal bank account or if their pretty relaxed after all its coming from my own account.

 

[troubled soul]

Ask them. Do you already have account with them? I think there will be no problem . Do share your experience here. I am curious also.

 

[Theoffshoreguy69]

Already have an account with, i just really want to start trading but don't want them to tie my money up for weeks until i give them due diligence paperwork.

 

[rowena]

If you deposit $1M as your first deposit then yes, the compliance team will review in more detail.

I work with other brokers in the USA & Switzerland and my average deposit amount is around $200K. They didn't ask questions so far(4 years).

In case they request paperwork from you, it is not going to take weeks. If you provide accurate and good documentation they will process in 1-2 days.

 

[Silvio]

Your deposits and activity needs to match the story you told them when you opened the account.

Depends on what you told them. If you told them you are an unemployed student but suddenly deposit a big amount, it will trigger more questions.

 

[Theoffshoreguy69]

Thanks for the replies perhaps someone can share their expierence with saxo here

 

[randomname11]

Thanks for the replies perhaps someone can share their expierence with saxo here

I personally use them and if the account is open and the money comes from your account, they don't ask questions as such.
But as mentioned above, if you told them you were an unemployed student when you opened the account, then it will for sure raise a flag and you will be asked for documentation.
Since the money is in your personal account already, I am guessing your personal bank has cleared them so far, so documentation shouldn't be a problem?

 

[Theoffshoreguy69]

Thats correct money has already been cleared from my personal account its just that years ago i sent money to a broker and had to provide docs for weeks missing tons of good trading opportunities

 

[randomname11]

Depending on when you made the account, they might ask for renewed KYC. They just did that start 2021, so they might include you if you haven't used the account in a long time since creating it.