Sale of funds timescale with iweb

Anybody have experience of the timescale in receiving the sale of funds with iweb?

I placed an order around 7am Monday morning 30/10, to sell some funds from an HSBC Global Strategy investment. At 5pm same day, I received confirmation that the instruction has been executed and that the settlement date will be 3 days later on Thursday 2/11. 

I was also notified that if I request the cash on the settlement date & for it to be paid into my nominated account, it would take a further 2-3 working days. So all in all about 8 days incl the weekend.

Seems a long time, no? Just wondered if this is a standard timescale.

Comments

  • masonic
    masonic Posts: 22,793
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    Settlement is standard, and if you weren't withdrawing, you could reinvest money before this. The only thing that makes things a bit slower is that iWeb use BACS for outward payments, but they aren't alone in that respect.
  • ColdIron
    ColdIron Posts: 8,627
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    Seems a long time, no? Just wondered if this is a standard timescale.
    I haven't done it for a few years but my records show that that's about the timescale for me in 2021
    NB If this is for a Bed&ISA I've always found it quicker to find £20k down the back of the sofa and fund the ISA on the day of the sale. The timescale doesn't really matter then
  • wmb194
    wmb194 Posts: 3,091
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    Anybody have experience of the timescale in receiving the sale of funds with iweb?

    I placed an order around 7am Monday morning 30/10, to sell some funds from an HSBC Global Strategy investment. At 5pm same day, I received confirmation that the instruction has been executed and that the settlement date will be 3 days later on Thursday 2/11. 

    I was also notified that if I request the cash on the settlement date & for it to be paid into my nominated account, it would take a further 2-3 working days. So all in all about 8 days incl the weekend.

    Seems a long time, no? Just wondered if this is a standard timescale.
    If you're able to make the withdrawal request tomorrow by early afternoon (I'm not sure of the exact cut-off time) it should be in your account on Monday (Bacs timescales). It's a bit rubbish for a broker owned by a big bank and a source of constant frustration to me but I put up with it because iWeb's cheap.
  • dunstonh
    dunstonh Posts: 115,604
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    Seems a long time, no?
    No

    Just wondered if this is a standard timescale.
    it is.  Most funds are T+2 for settlement. Some are T+3
    Some platforms will pre fund the settlement period but cheap ones wont (pre-funding costs money)




    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • ColdIron said:
    Seems a long time, no? Just wondered if this is a standard timescale.
    I haven't done it for a few years but my records show that that's about the timescale for me in 2021
    NB If this is for a Bed&ISA I've always found it quicker to find £20k down the back of the sofa and fund the ISA on the day of the sale. The timescale doesn't really matter then
    I want that sofa!!!! 🤣
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