Virgin Transfer 'wet signature' required

badenmorgan

Hi, I tried to transfer my £50k cash ISA from Virgin to Chip cash ISA but it was refused as Virgin do not accept transfers out of more than £30k without a 'wet signature' and Chip can't support that. Can I challenge this? Ot if I try another provider to transfer to how do I know if they support a 'wet signature'?

tacpot12

Can you do a partial transfer of £25K and then request another one when the first has transferred?

badenmorgan

Hi tacpot12, no Chip say they don't permit partial transfers.

masonic

The usual workaround is to transfer to another provider, such as a high street bank, before transferring on to Chip.

badenmorgan

Ok thank you, that might be what I need to do then! 

Rich2808

I am about to request a transfer over £30k from Virgin to a major high street bank now my exclusive one year fixed rate isa has matured - does this mean I should do this in two requests (both below £30k) to avoid this wet signature problem?

I really don't want to have to create an administrative issue with Virgin based on previous experiences.

masonic

Rich2808 said:

I am about to request a transfer over £30k from Virgin to a major high street bank now my exclusive one year fixed rate isa has matured - does this mean I should do this in two requests (both below £30k) to avoid this wet signature problem?

I really don't want to have to create an administrative issue with Virgin based on previous experiences.

I'm not sure you'll actually gain anything from doing that vs signing a paper transfer form. It's just that Chip and some other new providers don't support paper transfer forms. In a way, not using the electronic transfer system is safer, because you shouldn't then have the issue of the "wrong" VM entity being messaged through the BACS ISA transfer service. This seems to be the source of most of the problems people have reported transferring out of VM.

boingy

I was a bit surprised VM needed a wet signature too but fortunately my provider could cope with that. They even accepted a scanned copy of the wet-signed form, which saved some time.