Vanguard ISA to Virgin Money transfer

tunde10

Hi,

I tried to transfer this morning online my Vanguard ISA to Virgin Money, however Vanguard was not part of the drop down list of options.

They link me to download a form to send it. Is it possible to do this and is this the only method?

I have already sold all investments so i thought it would be a straightforward transfer online.

Any help appreciated.

tunde10

I have seen they allow Stocks & Shares transfer on paper form. Just not electronically online.

If anyone has done a Stocks & Shares transfer can let me know their timescale then that will be helpful.

All my investments already sold so technically it shouldn't take longer than a Cash ISA transfer.

Albermarle

Maybe a good idea to read these threads.
Virgin Money Cash ISA transfer — MoneySavingExpert Forum
Help please re: Virgin Money Fixed Isa's — MoneySavingExpert Forum

Hal17

Hello tunde10, can I ask you a question please? Did you sell your investments in a Vanguard S&S ISA in order to hold cash in your Vanguard ISA. Then arrange the ISA transfer as a straight forward cash ISA transfer to a different provider. I am thinking of doing this and wasn't sure if this is the easiest way to do it. Many thanks.

eskbanker

Hal17 said:

Hello tunde10, can I ask you a question please? Did you sell your investments in a Vanguard S&S ISA in order to hold cash in your Vanguard ISA. Then arrange the ISA transfer as a straight forward cash ISA transfer to a different provider. I am thinking of doing this and wasn't sure if this is the easiest way to do it. Many thanks.

OP did say:

tunde10 said:

I have already sold all investments so i thought it would be a straightforward transfer online

but it's still a transfer from a S&S ISA to a cash ISA, rather than one cash ISA to another.

isasmurf

You can't transfer a stocks and shares ISA to a cash ISA electronically. They use different systems to transfer electronically and although they can be connected to transfer from a cash ISA, the cash transfer system isn't built to pass the different information needed for a transfer from a S&S ISA.

A S&S  to cash transfer should be completed within 30 calendar days. 

Hal17

Thank you both for the reply, that is much appreciated. I think I may still sell the units in my S&S ISA first, so I know the cash value when I come to arrange a transfer to a new cash ISA.

Albermarle

As a general comment, it is not normally recommended to sell investments when they are down, if you do not have to.

Hal17

Albermarle said:

As a general comment, it is not normally recommended to sell investments when they are down, if you do not have to.

Totally understand and agree with your comment, appreciate your input. My apologises for highjacking the original post.

tunde10

Hal17 said:

Hello tunde10, can I ask you a question please? Did you sell your investments in a Vanguard S&S ISA in order to hold cash in your Vanguard ISA. Then arrange the ISA transfer as a straight forward cash ISA transfer to a different provider. I am thinking of doing this and wasn't sure if this is the easiest way to do it. Many thanks.

Hey, yes I sold it but obviously kept the cash balance in the Stocks & Shares ISA. So it means they don't have to sell my investments first when transferring so hopefully quicker. 

Regarding the point about selling when markets is down. I just wanted my Cash savings in USA and have invested similar in regular cash so net effect is minimal.