Please ensure that you have read the below general section on important information relating to funding your account.
Before you fund your trading account with SCM,
please ensure that your existing bank account has been opened under the same name (in the exact order, sequence and form) as the name which has been used to open your SCM trading account. You can only withdraw funds from your trading account to a bank account held under your name. Please instruct your bank to include your Saxo Client ID and Name in your transfer instructions.
Third Party Funding is Not Accepted
SCM does not accept incoming funds from any third party. SCM will only accept funds originating from a bank account held in the same name registered with SCM. This rule applies to both individual accounts as well as corporate accounts.
Funds received from any third party accounts will be returned (less bank charges) to the sender. The funds should typically reach the sender’s account within 5 to 10 working days, however, there may sometimes be a delay depending on the banks involved.
Unaccepted Forms of Payment
SCM does not accept Banker’s Drafts, Cash Deposits and remittances from Exchange Houses/Money Changers. Funds received from any or all of these payment channels will be rejected and returned to the sender (less bank charges, if any).
Currency conversion at SCM (if any) that involves conversions of funds transferred to and from your trading account with SCM will be done using the current spot rate plus/minus 0.5% when the amount is credited or debited from your trading account.
SCM can and will only credit your account with the actual monies received on your behalf.
Remittance charges should be fully covered by the sender.
Rejected funds due to remittance received before the Due Diligence has been completed and you have received your account details or remittance received from Exchange Houses/Money Changers or any third party (including family members) will be returned to the sender less bank charges (if any).
IMPORTANT TO NOTE:
Request for Proof of Remittance
Please note that we are required under the Anti-Money Laundering rules and regulations to request for and verify proof of remittance from our clients. Although such request may not be made immediately upon making the bank transfer or credit/debit card payment, Saxo Capital Markets reserves the right to request for such proof at a later date. If the client is unable to furnish such proof of remittance within a reasonable period of time, we are entitled to limit or restrict the client's access to payment via internet banking transfer or credit/debit card funding.