S&S ISA Transfer Timescales

Organgrinder

Hi, just looking for information.

On Aug 6th I opened a new ISA and requested a transfer of my Wealthify S&S ISA. After a couple of weeks I contacted new provider who confirmed they had sent the transfer request to Wealthify on Aug 6th. I contacted again last week and was subsequently told they had been in touch with Wealthify again and the transfer was progressing.

Yesterday (Sept 1st) Wealthify messaged me to tell me they were initiating the transfer which may take approx 30 days, taking us possibly to Oct 1st.

Today I logged into Wealthify to see they have sold my investment with a transfer figure.

A couple of questions.

Is this figure the value that will be transferred?

Is it normal that a company only informs you of a transfer a day or two before it's actually done?

dunstonh

Is this figure the value that will be transferred?

The value should be the amount on the contract notes, plus any cash held minus any charges.

Is it normal that a company only informs you of a transfer a day or two before it's actually done?

Most tell you afterwards, or don't tell you at all (until the next statement).  Transfers out do not equal account closure with most.

Yesterday (Sept 1st) Wealthify messaged me to tell me they were initiating the transfer which may take approx 30 days, taking us possibly to Oct 1st.

With mainstream providers, S&S ISA transfers typically take 3-10 working days.

Albermarle

Even with large pension transfers, they often do not inform you that it has happened.
That includes the sender and the receiver.
I always thought that was pretty odd, with significant sums involved, that the first you know it has happened is when you log on to check your account(s).

Organgrinder

Thanks, exactly this. 

You'd think they'd confirm you made the transfer request and not tell you the day of the transfer that it will take up to 30 days.

Oh well. Seems to be going through ok and as a bonus looks like it was a 30 day high prior to falling today.