IFISAcava
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Post by IFISAcava on Nov 7, 2018 12:06:04 GMT
As the IFISA has been around for a while now, I thought I'd share experiences where I've had problems with ISA transfers, to see if others have similar experiences. Things may be improving with more experience. Other than those highlighted below, most have been fine, with FS and PropLend particularly efficient.
Slow or error in transfer out
AC
Kuflink
Slow or error in transfer in
Archover
Relendex
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ceejay
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Post by ceejay on Nov 7, 2018 13:42:32 GMT
My only experience of IFISA transfer is from RS to AC, which took nearly four weeks. I'm pretty sure the delay was on the sending (RS) side, though its hard to be certain.
From my experience of other ISA transfers, though, I think that expectations across the wider industry are pretty low. This may be a combination of manual process steps, and a distinct lack of motivation on the sender's part.
Especially if you moved your investment on the sending side into a holding account so it isn't earning any return!
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aju
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Post by aju on Nov 7, 2018 14:52:31 GMT
Not sure if this is of any use but recently (last 6/7 months) myself and Mrs Aju moved external ISA's into IFISA's in Zopa.
My experience was that whilst it was fairly fast when the projected day I had requested (to ensure didn't fail closure rules and lose interest), I was transferring in from Newcastle BS and it took 7 days for a cheque to be received by zopa then another 2/3 days or more to actually appear (Zopa does state 10 days, I think). As Zopa has no facilities to just load into holding it technically arrives straight into the relevant assigned new money account and can start lending to new queues.
Mrs Aju was slightly slower but hers was dealing with Principality BS, again with a specified sell date. It took PBS some 3/4 days to even react but then it sent a cheque so that was banked and then a delay to actually be credited. We were able to move her funds out of lending to holding in time to be able to limit loans to £10 rather than the standard 1% diversification in Zopa.
Thing is in a normal bank its usual to start gaining interest when the date from transfer is set but for obvious reasons in IFISA lending can take some time to start regenerating interest. But it is usually more beneficial than an outside ISA in my experience.
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IFISAcava
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Post by IFISAcava on Nov 14, 2018 22:50:13 GMT
Kuflink has won the race for the slowest transfer out. It's almost like they want to keep the money earning themselves interest and not paying it to me. Not responding to my chasing emails either. Really can't recommend a Kuflink ISA I'm afraid: there's no way out. Kuflink by name, kuflink by nature.
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IFISAcava
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Post by IFISAcava on Nov 28, 2018 10:13:56 GMT
6 weeks and no sign of Kuflink transferring my ISA.
HMRC guidelines state: ISA transfers should take no longer than: 30 working days for a stocks and shares ISA, investments held in an innovative finance ISA and stocks and shares in a Lifetime ISA.
They seem to be deliberately holding on to the money, with no response to earlier chasing emails, so a formal complaint is now on the way.
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Post by Ace on Nov 28, 2018 16:02:13 GMT
I sympathise, but could be worse. I'm currently over 11 weeks in to a transfer from Virgin to Welendus. I'm not a happy bunny!
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IFISAcava
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Post by IFISAcava on Nov 28, 2018 17:21:48 GMT
I sympathise, but could be worse. I'm currently over 11 weeks in to a transfer from Virgin to Welendus. I'm not a happy bunny! Wow, very poor indeed. I'd have been less upset if they'd have at least replied to my emails chasing the matter informally, and explained what was going on. They replied immediately to me making it formal (FCA rules I guess).
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IFISAcava
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Post by IFISAcava on Jan 16, 2019 18:57:56 GMT
Current Property Crowd to LW ISA transfer is at 9 weeks. Kuflink to LW took months as well.
And yet I have also just had FS to RS, C2F to PL and LC to RS all complete in a couple of days this month.
Some platforms are just better with ISAs than others - am learning which to avoid.
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ton27
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Post by ton27 on Jan 17, 2019 22:34:13 GMT
I have done transfers from Hargreaves Lansdown S&S ISAs to both RS and AC and HL took the full six weeks to effect the transfer and then sent a cheque which took another 5/6 days - and they charge £25 for doing so. Appalling service and in my opinion quite deliberate. I have some largish investments through HL and am generally happy with their (quite expensive) service but this was truly cynical.
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IFISAcava
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Post by IFISAcava on Jan 19, 2019 11:02:12 GMT
I think one factor I have learnt is that Goji aren't particularly efficient - platforms that keep their ISA admin in house are a lot faster than those outsourcing it to Goji. Just adds an extra layer of bureaucracy.
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djg
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Post by djg on Jan 25, 2019 16:31:56 GMT
Just had an IFISA transfer from AC to PL: Posted the form to PL on the Friday, funds safely with PL on the following Friday. Happy with that.
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hantsowl
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Post by hantsowl on Jan 25, 2019 17:09:12 GMT
Just done a partial ISA transfer from HL to PL. The whole process took about 10 days which I am happy with.
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iann
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Post by iann on Apr 24, 2019 12:24:40 GMT
I've done a few partial transfers: Nationwide BS Cash ISA to AC - 5 working days from AC receiving form to AC receiving cheque from NW, 5 working days for cheque to clear and funds be available Interactive Investor Stocks & Shares ISA (as cash) to AC - 5 working days from AC receiving form to AC receiving funds electronically and to be available
The slow down seems to be if one of the providers doesn't do electronic transfers for ISAs.
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ozboy
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Mine's a Large One! (Snigger, snigger .......)
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Post by ozboy on Apr 24, 2019 13:27:09 GMT
Authorised Unbolted to Transfer from my Santander Cash ISA into their IFISA, and it happened in ............ days.   The only slowdown was Royal Mail, who took four working days for my First Class letter to reach Unbolted.  |
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