Cash ISA Transfer Out from Trading 212 to VM

masonic

It's very important to follow the correct process when transferring an ISA. This involves filling out a transfer form provided by the new ISA manager and letting them carry out the transfer.

If you do not do this, and instead instruct your existing ISA manager to carry out an electronic funds transfer direct to your ISA account, then it may be treated as a withdrawal and deposit by you. This would come out of your £20k annual allowance and if the transferred sum is obviously going to exceed this, it is likely the new ISA manager will reject and return it.

It is starting to sound like you unwittingly made a withdrawal after kicking off the transfer process and now that money will need to be returned under flexible withdrawal rules before the transfer can proceed.

VM need to receive the money, together with the transfer history form, either via electronic message and transfer the BACS ISA Transfer Service to their central holding account registered on that system, or via cheque a paper document in the post. They will then check the paperwork, accept and apply the funds to your account if everything is in order.

financehelp23

masonic said:

It's very important to follow the correct process when transferring an ISA. This involves filling out a transfer form provided by the new ISA manager and letting them carry out the transfer.

If you do not do this, and instead instruct your existing ISA manager to carry out an electronic funds transfer direct to your ISA account, then it may be treated as a withdrawal and deposit by you. This will come out of your £20k annual allowance and if the transferred sum is obviously going to exceed this, it is likely the new ISA manager will reject and return it.

It is starting to sound like you unwittingly made a withdrawal after kicking off the transfer process and now that money will need to be returned under flexible withdrawal rules before the transfer can proceed.

VM need to receive the money, together with the transfer history form, either via electronic message and transfer the BACS ISA Transfer Service to their central holding account, or via cheque a paper document in the post. They will then check the paperwork, accept and apply the funds to your account if everything is in order.

Hi, I filled Virgin paper transfer form (it asked for my T212 details and my Virgin account details) and posted to them over a month ago as they do not accept online transfer forms with T212. Then Virgin sent me a letter that they were contacting T212 to process the transfer. I am transferring part of one previous year's subscription, not this year. Since then nothing progressed until 2 weeks after I chased both sides, then T212 sent me the final online transfer form to sign. I think this is their process. Then money was deducted, T212 quote was completed. But nothing cleared on the Virgin side. Where Virgin will get the transfer history form? Does it mean T212 should provide all these to Virgin? I guess they may miscommunicate there. Do I wait for Virgin to contact T212 now? I think they will chase T212 funds again after another 15 days which is in 2 days. 

masonic

financehelp23 said:

masonic said:

It's very important to follow the correct process when transferring an ISA. This involves filling out a transfer form provided by the new ISA manager and letting them carry out the transfer.

If you do not do this, and instead instruct your existing ISA manager to carry out an electronic funds transfer direct to your ISA account, then it may be treated as a withdrawal and deposit by you. This will come out of your £20k annual allowance and if the transferred sum is obviously going to exceed this, it is likely the new ISA manager will reject and return it.

It is starting to sound like you unwittingly made a withdrawal after kicking off the transfer process and now that money will need to be returned under flexible withdrawal rules before the transfer can proceed.

VM need to receive the money, together with the transfer history form, either via electronic message and transfer the BACS ISA Transfer Service to their central holding account, or via cheque a paper document in the post. They will then check the paperwork, accept and apply the funds to your account if everything is in order.

Hi, I filled Virgin paper transfer form (it asked for my T212 details and my Virgin account details) and posted to them over a month ago as they do not accept online transfer forms with T212. Then Virgin sent me a letter that they were contacting T212 to process the transfer. I am transferring part of one previous year's subscription, not this year. Since then nothing progressed until 2 weeks after I chased both sides, then T212 sent me the final online transfer form to sign. I think this is their process. Then money was deducted, T212 quote was completed. But nothing cleared on the Virgin side. Where Virgin will get the transfer history form? Does it mean T212 should provide all these to Virgin? I guess they may miscommunicate there. Do I wait for Virgin to contact T212 now? I think they will chase T212 funds again after another 15 days which is in 2 days. 

If Virgin does not accept electronic transfers from T212 and T212 does not support transfers using a paper form and cheque, then you will be unable to transfer your ISA from T212 to Virgin. You could find another ISA provider that accepts electronic transfers from T212 and use that provider for an initial transfer, then have it sent on to Virgin. A high street bank is usually a good option, as they will be able to use both systems.

T212 should have followed the instructions from Virgin. If they did not, then it is not a surprise that things have gone wrong. It is not normal practice for a ceding ISA provider to send any paperwork to the customer, this should be done through the gaining provider. At this point there is nothing you can do to sort it out, the two providers must sort it out between themselves.

This all does sound rather similar to the problems people have when transferring out of Virgin (where the gaining ISA provider tries to message Virgin through the electronic system and Virgin claims not to have received anything).

financehelp23

Hi, Finally I got ISA in VM today. I wonder who will pay 7 days' interest VM is a fixed rate, I will not know until maturity next year. My partner's ISA only took 2 days for the same process. I may just be unlucky! It is not easy to deposit in this 5.05% VM account. We have transferred twice from a non-partial provider to T211 to VM. Finally got there! 

Northern_Wanderer

I think that the issues are with T212, not VM....but glad it is sorted for you. It seems that whist it is easy to transfer in to T212, trying to transfer out is not.

There is a phone number for VM ISA Team on welcome letter for new ISA account.