Tag Archives: withdrawal

Cash withdrawal and deposit with two brokers

Just to record my experience in cash withdrawal from optionsXpress (OX) and cash deposit to Saxo Capital Markets (Saxo).

Cash Withdrawal from OX

Prologue

Before I requested for withdrawal, I have noticed my name in OX was spelled in the reverse order, so my name on the cheque issued by OX would be different from my UOB bank account name. I am not sure if the bank will accept such cheque.

I wrote to OX to find out how I can change my account name. The reply was to write them request in a letter to change the account name; and to speed up things, I could scan and email the letter. So I wrote the letter, print, sign, scan and finally email to OX. Within a week, the account name was changed according to my request. I was ready to request for a withdrawal by cheque.

Withdrawal

I login to make the request but forgot the 4-digit PIN required on the withdrawal page. I went to the helpedesk chat room to reset my PIN and finally made the withdrawal. Here is the time line:

  • Sep 3: Submitted withdrawal request.
  • A week after Sep 3: Received the USD cheque.
  • Sep 11: Deposited the cheque into the deposit box at UOB bank. Wrote my name, account number and contact number at the back of the cheuqe.
  • Sep 15: Received a receipt by post for the deposit of the USD cheque. 
  • Oct 10: The money is deposited into my SGD savings account. 
  • Few days after Oct 10: I received a credit advice (below) that gave the details of the commission and conversion rate. 
Credit Advice
Cheque amount  USD 74.12
Less: Correspondent bank agent commission USD 15.00
Less: Correspondent bank charges  USD   0.00
Converted @ 1.4760000 SGD 87.26
Less: Handling commission SGD 10.00
Less: Telex charge SGD   0.00
Less: Postage SGD   5.00
Amount credited SGD 72.26

I am OK with the time taken to withdraw and cash in the cheque, but the commissions are just too high.

Cash Deposit to Saxo Capital Markets

  • Day 1: Issued a SGD personal cheque that bears my name on the front surface. Wrote my Saxo account number and login ID on the back of the cheque. Sent the cheque to Saxo by post; attn to my broker.
  • Day 2: My broker SMS me that the cheque was received and would be deposited in two days.
  • Day 4: The money was deposited into my cash account and ready for trading.
Done!