If you have the correct roles/permissions assigned (meaning your organisation has authorised your user login to perform cash withdrawals) in SaxoConnect but still can’t withdraw money for your end clients, there might be several reasons why withdrawals are not possible.
1. You are trying to withdraw money for a corporate account under an advisory house
Withdrawals are not possible for corporate accounts that are placed under an advisory house. This limitation does not affect corporate clients under discretionary or model-managed houses, and it does not affect private or joint accounts.
If you want to withdraw funds for a corporate account that is under an advisory house, please fill out this form, have the end client sign it and create a case in the platform. (Select the “subject” Payment services.)
2. There is no external bank account registered
You can only withdraw money to registered bank accounts. Learn how to register a new bank account.
3. You do not have an updated mobile phone number registered
All withdrawal attempts need to be confirmed via two-factor authentication. An SMS code that you need to verify is sent to the mobile phone number registered to your contact ID (associated with your client ID). Always ensure you have an updated phone number registered with Saxo.