Sale of funds timescale with iweb

threlkeld53

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.

masonic

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

threlkeld53 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

wmb194

threlkeld53 said:

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

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)

wiseonesomeofthetime

ColdIron said:

threlkeld53 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!!!! 🤣