Account closure steps:
- Transfer out, close or write off all open positions
- Withdraw all cash
- Download all reports (e.g., for tax purposes)
- Request account closure
If you only want to close one currency sub-account (and not the full Saxo account), follow our foreign currency accounts article instead.
Detailed account closure steps
1. Transfer out, close or write off all open positions
Positions can be closed directly in the platform. If your end-client holds positions that cannot be closed (e.g., delisted instruments) and does not want to transfer them to an external account, you can instead write them off at zero value using the Write off shares form.
Positions can also be transferred out rather than closing them. As with any stock transfer request, please get in touch with the receiving broker/bank to initiate the transfer. A formal request from the receiving broker/bank is required.
2. Withdraw all cash
Once the account no longer holds any positions, any cash can be withdrawn. View our deposits and transfers video to see how to withdraw cash using SaxoPartnerConnect (SPC).
If there is no external bank account registered where the withdrawal can be sent, please have the end-client fund the Saxo account with a small amount (e.g., EUR 10) to link an external bank account. More information can be found in our help article for registering an external bank account.
If it is not possible to add a new bank account by the standard process of funding the Saxo account with any small amount, you can instead register a new account by creating a case in SPC and attaching a bank statement or account summary from the end-client showing the client’s name, IBAN, BIC code and the bank’s logo. The case should be created with Payment services as the subject.
3. Download all reports (e.g., for tax purposes)
Please download all historical reports that might be relevant for tax purposes or the client’s personal records in the future. Alternatively, your end-clients can download the reports they want via SaxoPortfolio.
4. Request account closure
Create a case in SPC with Client service as the subject. Be sure to note the correct client ID in the title (short description field) or right in the beginning of your case description (request details field), and let our team know you’re requesting that the full account be closed.