# Saxo Bank Switzerland **URL:** \ **Category:** Investing / Brokers\ **Created:** [January 16, 2024, 7:20pm UTC](https://forum.mustachianpost.com/t/saxo-bank-switzerland/11701 "2024-01-16T19:20:41Z")\ **Posts on this page:** 20\ **Page:** 17
**Author:** ![magni](https://forum.mustachianpost.com/letter_avatar_proxy/v4/letter/m/eada6e/32.png) [@magni](https://forum.mustachianpost.com/u/magni)\ **Post date:** [April 15, 2026, 5:54am UTC](https://forum.mustachianpost.com/t/saxo-bank-switzerland/11701/355 "2026-04-15T05:54:27Z")
I don’t see a repeating pattern for various customers as unlucky. SAXO must have the most understaffed yet overzealous compliance department of any Swiss bank. ---
**Author:** ![markus654](https://forum.mustachianpost.com/user_avatar/forum.mustachianpost.com/markus654/32/14844_2.png) [@markus654](https://forum.mustachianpost.com/u/markus654)\ **Post date:** [April 15, 2026, 6:20am UTC](https://forum.mustachianpost.com/t/saxo-bank-switzerland/11701/356 "2026-04-15T06:20:56Z")
They completed the acquisition in March and appointed a new CEO. > **[J. Safra Sarasin Group completes the acquisition of majority stake in Saxo Bank](https://jsafrasarasin.com/en/company/annual-reports-and-media-releases/J-Safra-Sarasin-Group-completes-the-acquisition-of-majority-stake-in-Saxo-Bank.html)** Let’s see how this turns out 👀 ---
**Author:** ![gaijin](https://forum.mustachianpost.com/user_avatar/forum.mustachianpost.com/gaijin/32/13983_2.png) [@gaijin](https://forum.mustachianpost.com/u/gaijin)\ **Post date:** [April 15, 2026, 6:20am UTC](https://forum.mustachianpost.com/t/saxo-bank-switzerland/11701/357 "2026-04-15T06:20:57Z")
> [@magni](#): > > SAXO must have the most understaffed yet overzealous compliance department of any Swiss bank. Do you have numbers? ---
**Author:** ![markus654](https://forum.mustachianpost.com/user_avatar/forum.mustachianpost.com/markus654/32/14844_2.png) [@markus654](https://forum.mustachianpost.com/u/markus654)\ **Post date:** [April 15, 2026, 6:22am UTC](https://forum.mustachianpost.com/t/saxo-bank-switzerland/11701/358 "2026-04-15T06:22:27Z")
It is well known that they are understaffed: > [@Saxo Bank Switzerland](https://forum.mustachianpost.com/t/saxo-bank-switzerland/11701/333): > > In [this](https://forum.mustachianpost.com/t/saxo-bank-switzerland/11701/329) podcast, Saxo said that they support department are completely overloaded. And since this was already said [a year ago,](https://forum.mustachianpost.com/t/saxo-bank-switzerland/11701/268) one wonders how/when they intend to change this… ---
**Author:** ![magni](https://forum.mustachianpost.com/letter_avatar_proxy/v4/letter/m/eada6e/32.png) [@magni](https://forum.mustachianpost.com/u/magni)\ **Post date:** [April 15, 2026, 7:27am UTC](https://forum.mustachianpost.com/t/saxo-bank-switzerland/11701/359 "2026-04-15T07:27:30Z")
SAXO stans in full force. 😂 ---
**Author:** ![justbob](https://forum.mustachianpost.com/letter_avatar_proxy/v4/letter/j/a587f6/32.png) [@justbob](https://forum.mustachianpost.com/u/justbob)\ **Post date:** [April 15, 2026, 10:48am UTC](https://forum.mustachianpost.com/t/saxo-bank-switzerland/11701/360 "2026-04-15T10:48:11Z")
Honestly, I just haven’t had any issues with opening my account nor had any need to contact customer support after. Having not looked beyond the couple of anecdotes in this thread it’s hard to see how big the issue is. I feel for you, but also if you look at e.g. Reddit pretty much every broker has stories of them failing customers with customer support, so numbers would help pull it out of our individual lived experiences. ---
**Author:** ![ach](https://forum.mustachianpost.com/letter_avatar_proxy/v4/letter/a/858c86/32.png) [@ach](https://forum.mustachianpost.com/u/ach)\ **Post date:** [April 15, 2026, 10:52am UTC](https://forum.mustachianpost.com/t/saxo-bank-switzerland/11701/361 "2026-04-15T10:52:13Z")
I had no issue at all opening my account, started on 25.03 early afternoon, account open and available on 26.03 before noon ---
**Author:** ![afstand](https://forum.mustachianpost.com/user_avatar/forum.mustachianpost.com/afstand/32/15439_2.png) [@afstand](https://forum.mustachianpost.com/u/afstand)\ **Post date:** [April 15, 2026, 5:25pm UTC](https://forum.mustachianpost.com/t/saxo-bank-switzerland/11701/362 "2026-04-15T17:25:10Z")
My experience with opening a Saxo account in the Netherlands is different. It was last summer, on Sunday. It got approved on Sunday within an hour! My thought was with Indian staff having no weekends. But then they messed up with the referral I used to open it. Had to contact them and wait for something like two weeks before they gave me transaction costs credit. ---
**Author:** ![magni](https://forum.mustachianpost.com/letter_avatar_proxy/v4/letter/m/eada6e/32.png) [@magni](https://forum.mustachianpost.com/u/magni)\ **Post date:** [May 12, 2026, 8:07am UTC](https://forum.mustachianpost.com/t/saxo-bank-switzerland/11701/363 "2026-05-12T08:07:58Z")
Happy to report that the account is finally open! ---
**Author:** ![markus654](https://forum.mustachianpost.com/user_avatar/forum.mustachianpost.com/markus654/32/14844_2.png) [@markus654](https://forum.mustachianpost.com/u/markus654)\ **Post date:** [May 12, 2026, 8:16am UTC](https://forum.mustachianpost.com/t/saxo-bank-switzerland/11701/364 "2026-05-12T08:16:13Z")
> [@magni](#): > > After four months, SAXO would like additional documentation > [@magni](#): > > Happy to report that the account is finally open! That’s been a long journey. Just out of curiosity: - what additional documents did Saxo ask for? - and did they explain why it took so long? ---
**Author:** ![magni](https://forum.mustachianpost.com/letter_avatar_proxy/v4/letter/m/eada6e/32.png) [@magni](https://forum.mustachianpost.com/u/magni)\ **Post date:** [May 12, 2026, 8:24am UTC](https://forum.mustachianpost.com/t/saxo-bank-switzerland/11701/365 "2026-05-12T08:24:56Z")
More documents on the source of the funds because the first documents were from the sending account and not the receiving account and that somehow wasn’t enough. No explanation why it took so long, overloaded I guess. ---
**Author:** ![markus654](https://forum.mustachianpost.com/user_avatar/forum.mustachianpost.com/markus654/32/14844_2.png) [@markus654](https://forum.mustachianpost.com/u/markus654)\ **Post date:** [May 12, 2026, 9:17am UTC](https://forum.mustachianpost.com/t/saxo-bank-switzerland/11701/366 "2026-05-12T09:17:30Z")
> [@magni](#): > > the first documents were from the sending account and not the receiving account I don’t understand this part. The money wasn’t from you, but from someone else? But transferred to Saxo via your account? But the explanation of where the money came from was provided by the other person? ```auto someone -> you -> Saxo ↑ first explaination ``` * * * Or are the sending and receiving accounts in your name? ```auto you -> you -> Saxo ↑ first explaination ``` I find it interesting to see what banks take issue with. ---
**Author:** ![magni](https://forum.mustachianpost.com/letter_avatar_proxy/v4/letter/m/eada6e/32.png) [@magni](https://forum.mustachianpost.com/u/magni)\ **Post date:** [May 29, 2026, 5:54am UTC](https://forum.mustachianpost.com/t/saxo-bank-switzerland/11701/367 "2026-05-29T05:54:54Z")
Sorry for the late reply, the first case. They somehow needed confirmation it landed in my account. ---
**Author:** ![stojano](https://forum.mustachianpost.com/user_avatar/forum.mustachianpost.com/stojano/32/4182_2.png) [@stojano](https://forum.mustachianpost.com/u/stojano)\ **Post date:** [June 2, 2026, 2:56pm UTC](https://forum.mustachianpost.com/t/saxo-bank-switzerland/11701/368 "2026-06-02T14:56:52Z")
Saxo charged me “Client Interest” on my Autoinvest account. How can this be possible? 8.08% for in total 4 days in May. Their AI chat: > It looks like the “Client Interest” charge on your Autoinvest account could be related to interest applied to your cash balance, often when there is a negative balance on your account. Interest can be charged or credited depending on whether your account value (including cash and any unrealized profits/losses) is positive or negative. If the balance was negative during the period, it might result in an interest charge on your account. I cannot remember I have ever paid any “interest” on my stocks or ETF I fully owned and paid (no margin). ---
**Author:** ![0xLambda](https://forum.mustachianpost.com/user_avatar/forum.mustachianpost.com/0xlambda/32/9735_2.png) [@0xLambda](https://forum.mustachianpost.com/u/0xLambda)\ **Post date:** [June 2, 2026, 3:21pm UTC](https://forum.mustachianpost.com/t/saxo-bank-switzerland/11701/369 "2026-06-02T15:21:22Z")
Same happened to me, in my case it was because I sold stocks and directly transferred the funds. Because the funds were not settled yet, they lent me money in theory, but I was not aware of that. I complained and got the money back. In my opinion very bad UX and not documented anywhere as far as I know. Swissquote actually shows you a warning when you try to do this and tells you when the funds will be settled. ---
**Author:** ![Swiss](https://forum.mustachianpost.com/user_avatar/forum.mustachianpost.com/swiss/32/10230_2.png) [@Swiss](https://forum.mustachianpost.com/u/Swiss)\ **Post date:** [June 6, 2026, 2:55pm UTC](https://forum.mustachianpost.com/t/saxo-bank-switzerland/11701/370 "2026-06-06T14:55:57Z")
Just a quick experience report after moving my portfolio to Saxo. I tried opening the account on a Saturday, but the application needed manual review first, so it wasn’t approved immediately. By Monday everything was cleared, and I initiated a transfer of my stocks and ETFs from IBKR to Saxo. The process was straightforward with both brokers, and Saxo provided a clear status update every step of the way. By Thursday, the transfer was already complete and my account was automatically upgraded to Platinum. So far, I’m pretty impressed. The only really annoying part has been getting the W-8BEN form. I requested it on Monday and still haven’t received it. No response from support either, and the AI chatbot is refusing to help when you ask for the f\*\*\* formular. Why not just make the form available for download like pretty much every other broker? They guard that thing like as if it was the lauch codes for a nuclear strike… I honestly didn’t expect getting a simple tax form to take longer than transferring an entire investment portfolio 😵‍💫 ---
**Author:** ![Abs\_max](https://forum.mustachianpost.com/user_avatar/forum.mustachianpost.com/abs_max/32/12379_2.png) [@Abs\_max](https://forum.mustachianpost.com/u/Abs_max)\ **Post date:** [June 6, 2026, 2:58pm UTC](https://forum.mustachianpost.com/t/saxo-bank-switzerland/11701/371 "2026-06-06T14:58:55Z")
Maybe you can just download via link here and send it to their customer care or the person who helped open the account when I did this last year, I got the form from them but it is the same form > **[Other Forms and Documents](https://www.home.saxo/legal/other-forms-and-documents/saxo-other-forms-and-documents)** > > Other important forms and documents related to trading with Saxo Bank, including the W-8BEN for US information purposes. ---
**Author:** ![Swiss](https://forum.mustachianpost.com/user_avatar/forum.mustachianpost.com/swiss/32/10230_2.png) [@Swiss](https://forum.mustachianpost.com/u/Swiss)\ **Post date:** [June 6, 2026, 3:11pm UTC](https://forum.mustachianpost.com/t/saxo-bank-switzerland/11701/372 "2026-06-06T15:11:53Z")
Thanks a lot! I somehow completely missed that page myself. Saxo should just hire you for customer support! 😂 ---
**Author:** ![Abs\_max](https://forum.mustachianpost.com/user_avatar/forum.mustachianpost.com/abs_max/32/12379_2.png) [@Abs\_max](https://forum.mustachianpost.com/u/Abs_max)\ **Post date:** [June 6, 2026, 3:24pm UTC](https://forum.mustachianpost.com/t/saxo-bank-switzerland/11701/373 "2026-06-06T15:24:44Z")
I will send them my CV 😉 In general with the age of AI, customer service is becoming very frustrating. Companies are trying to hide customer service away to push automation but sometimes AI doesn’t do the job and you need human. I feel in age of AI, winner will still be whoever figures out how not to frustrate customers even IB is making it difficult to reach someone but I still manage to send them messages ---
**Author:** ![Swiss](https://forum.mustachianpost.com/user_avatar/forum.mustachianpost.com/swiss/32/10230_2.png) [@Swiss](https://forum.mustachianpost.com/u/Swiss)\ **Post date:** [June 6, 2026, 6:36pm UTC](https://forum.mustachianpost.com/t/saxo-bank-switzerland/11701/375 "2026-06-06T18:36:16Z")
According to Saxo, this depends on nationality. They explicitly state that Swiss resident clients with Swiss nationality are automatically eligible and do not need to submit a W-8BEN form. However, Swiss resident clients who are **not** Swiss nationals must submit the form. No idea why they make that distinction, but I assume they have their reasons (or at least I hope they do 😄). [Previous page](https://forum.mustachianpost.com/t/saxo-bank-switzerland/11701.md?page=16) [Next page](https://forum.mustachianpost.com/t/saxo-bank-switzerland/11701.md?page=18)