Sold a fund - settlement T+4 - when will I get the cash?

pinkteapot

I sold units in a UCITS fund for which the dealing day was on Monday this week. The fund settlement period is T+4 so I'm expecting the money today.

Does anyone know how early/late it should come in? Does that mean that the fund company will do a same-day transfer today so it's not likely to be until this afternoon?

Just nervous as it was a big chunk of our savings.

dunstonh

Does your platform update in real time or overnight?

pinkteapot

Errr.... Pass. I placed the order direct with the Fund Administrator (Northern Trust). No platform/intermediary.

If it's not in my bank account by late afternoon I'll call them. Just trying to be cheap and avoid the international phone call cost from my mobile to Ireland.

dunstonh

ahh, so its not going into a fund cash account but being paid to you. How are they transmitting the money? (bacs, faster payment, chaps, cheque.....)

Jegersmart

How do they transfer funds to your bank account?

pinkteapot

Well they charge a $37.50 telegraphic transfer fee - is telegraphic transfer a method?

It's a payment in USD coming from Ireland (so outside the UK banking system).

I'll give them a call later.

dunstonh

That sounds like an electronic international money transfer. Its been many years since I did my duties on the foreign desk at a bank (so things have probably sped up) but back then it would be between 2 and 21 days depending on whether the sender selected and paid for express or not and how many banks it had to route through to get to your UK bank.

pinkteapot

Phoned the Administrator and they said it would have gone by Swift or CHAPS (they use either for their international payments).

Phoned HSBC and they said they'd expect it today but as it's a foreign currency transfer it might be Monday as they have to convert it.

Eep! Hate bank transfers - they make me nervous. We're in the process of moving and this transfer represents about a third of the savings we'll have left in the bank post-move!

JuicyJesus

pinkteapot wrote: »

Phoned the Administrator and they said it would have gone by Swift or CHAPS (they use either for their international payments).

CHAPS does not exist for international payments. It would be SWIFT.

"Telegraphic transfer" is an old name which can mean either (like "electronic funds transfer" or "priority payment").

pinkteapot

Money showed up in our account this morning.

About £400 less than I was expecting because I hadn't accounted for HSBC giving us an awful USD -> GBP exchange rate.