Your end-customers can hold accounts in the following currencies, at no extra cost: EUR, USD, CHF, CAD, ZAR, GBP, NOK, TRY, DKK, HKD, JPY and SEK. For each foreign currency, you must create a sub-account. If your end-customers already have a Binck account in a foreign currency, it will also be transferred to the Saxo platform. This foreign currency account will receive a new IBAN account number at Saxo Bank.
You can create a new currency account on behalf of your end-customers in SaxoPartnerConnect. A maximum of 6 currency accounts is allowed per customer.
In order to close one or more specific currency accounts, please fill this excel stating the Account IDs of the specific currency accounts (e.g. 69900/4799016EUR) and create a case in SPC with subject “Client service” requesting the closure of the currency account(s) outlined in the excel file.
What happens if you trade an instrument in a currency for which your end-customers do not have the currency account?
If you trade an instrument in a currency for which your end-customer doesn’t have the right currency account, it will get booked into the main account by default (there will be a currency cut applied when converting required cash).
To avoid currency cuts, we advise that you ensure creation of the right currency accounts for your end-customers before placing a trade in an instrument that does not have a matching currency sub-account yet.
You can also create the required currency account and move the position afterwards. Saxo Bank aims to automatically move positions held in different currencies into newly created sub-accounts that match the instrument currency within 24 hours after sub-account creation.
Any dividend payments or shares issued based on Corporate Action events will be booked and paid out on the account, where the position was held on record date of the corporate action event.