Transferring stocks ISA from idealing to iWeb

Slinky

I'm considering moving my S&S ISA from idealing to iWeb. Searching back on the forum there appear to have been several people experiencing long delays on transfers into iWeb from several different isa providers back in 2021. Has anybody done a more recent transfer and did it take a reasonable length of time? Their website says 5 weeks on average.

masonic

More recent experiences have been much better. If you are just transferring shares then it will probably be done more quickly than 5 weeks (perhaps 3), if cash then quicker again. Funds tend to take the longest.

sausage_time

I moved from Fidelity and Vanguard to iWeb - all happened really quickly, < 1 week if I recall.

jimjames

Transferred a few months ago and it was very quick, few weeks tops.

Reckless_Saving

@Slinky

• Did you manage to transfer your ISA out of idealing and if so was it as easy as giving instructions to your new ISA provider to action a transfer and waiting. 
• Were you transferring stocks or cash or combination of them.
• Were there any charges from idealing, I read £60 for a nominee transfer out, were they taken from the GIA or the ISA account.

I'm thinking opening an ISA with a different provider in new tax year for new contributions and will then decide whether to maintain existing ISA or look at transferring if logistically possible.

Slinky

@Reckless_Saving

Yes I did manage to transfer it, I had to fill in a paper form for iWeb which I ended up doing more than once as the first one went missing in the post. I then had to complete a second form from iDealing confirming that I did want to go ahead with the transfer.

It was a mixture of stock and cash. What I hadn't appreciated, was that I was charged £20 per stock transferred. If I hadn't missed this detail, I would probably not have bothered to make the transfer, given I was trying to avoid the 20p per stock monthly charge.

I'm still waiting on some money from dividends to be transferred across which should hopefully be this week, then the account with iDealing will be completely closed.

Reckless_Saving

@Slinky thanks, good to know it's worked out, I don't have many positions so moving to a monthly per stock charge worked out roughly the same cost.

In the coming years I'll be starting to drawdown so thinking now about the costs/logistics.  I'm not keen taking proceeds in cheque form and a bank transfer limit of £5k maybe too restrictive for me if an emergency situation presents it's self.  Plus idealing haven't moved forward technology wise which is always at the back of my mind when looking at the newer free/very low fee platforms, although with these newer platforms you have to sacrified a few features like them not being as fast to pay dividends compared to the traditional brokers.