I've positions worth 100K in Saxo. I should have researched better as I realise that I'm loosing money on custody fees and exchange rate. Is it better to switch to IB? Will I have to sell positions? - Seedly
Seedly logo
Seedly logo
 

Anonymous

Asked on 25 Sep 2020

I've positions worth 100K in Saxo. I should have researched better as I realise that I'm loosing money on custody fees and exchange rate. Is it better to switch to IB? Will I have to sell positions?

0 comments

3 answers

Answer Now

Answers (3)

Sort by

    Nicholas Beh

    Nicholas Beh

    Level 7. Grand Master

    Answered on 26 Sep 2020

    Saxo charges 50 EUR per ISIN for outgoing position transfers, capped at 160 EUR per transfer request. This means that if you transfer everything at once, you will be charged a maximum of 160 EUR, which will definitely be cheaper than liquidating your positions. Interactive Brokers does not charge for incoming position transfers.

    If your positions are worth over 100K USD, it will definitely be better to switch to Interactive Brokers, as their commissions and fees are much lower compared to Saxo, especially for foreign currency exchange transactions. The minimum 10 USD monthly minimum commission will be waived as well as long as your account value is over 100K USD.

    I suggest opening an account with Interactive Brokers first. Once your account is opened, you will obtain an account number that you can use to initiate transfers. You may have to submit requests on both sides in order to transfer your positions.

    1

    Question Poster

    26 Sep 2020

    Thank you, will open account and initiate transfer.
    Thank You!
    Can you clarify
    I wonder if
    This is so helpful 👍
    What about
    Post
    SK

    Shabir Khan

    Level 3. Wonderkid

    Answered on 26 Sep 2020

    Hi,

    You don’t need to sell, you can request a transfer on SAXO to IB after you have created a IB account, but note that SAXO may charge transfer fees. As for IB it’s free to transfer in.

    0

    Thank You!
    Can you clarify
    I wonder if
    This is so helpful 👍
    What about
    Post
    S

    slowisfast

    Level 4. Prodigy

    Answered on 26 Sep 2020

    I believe IB allows transfer in of holdings from other brokers. Saw it on their website sometime ago.

    0

    Thank You!
    Can you clarify
    I wonder if
    This is so helpful 👍
    What about
    Post