Barclays, upto £2500 cash back for a cash, investments, or ISA transfer

Julezy101

Having set up my Barclays Smart Investor account yesterday and speaking to someone at their call centre at great length they tell me that I can't do an in-specie transfer of my Amundi (CSH2) MMF.

Well I'm not selling and doing a cash transfer when knowing Barclays I'll take weeks and weeks.

I told the call centre bloke you are going to get a lot of angry people who were trying to do the same thing.

granta

https://forums.moneysavingexpert.com/discussion/comment/81883072#Comment_81883072

What reason did they give for not being able to do it in specie?

Julezy101

https://forums.moneysavingexpert.com/discussion/comment/81883080#Comment_81883080

They said it's not a fund available for an in-specie transfer - you would have to sell it to cash first.

soulsaver

Is it on their list of offered ETFs?

eta - Just checked and it is.

granta

It hadn't occured to me that not all assets are available to transfer in specie.

orange-juice

Don't in-specie transfers take longer than cash transfers?

Section62

https://forums.moneysavingexpert.com/discussion/comment/81883347#Comment_81883347

They can do, but if the reason for an in-specie transfer is you want to hold the investment going forward (most common) then it doesn't matter so much how long it takes. You aren't out of the market.

The Barclays offer is based on the date the transfer is requested, not when it completes (within 6 months) so a longer period for an in-specie transfer shouldn't be an issue, other than potentially delaying when the cashback is paid.

roose0

https://forums.moneysavingexpert.com/discussion/comment/81883072#Comment_81883072

Does your current provider support in-specie transfers out? Not all providers do.

Edit: I see that it's from Scottish Widows (iWeb). Was it a full or partial transfer? Years ago, some posters reported that partial transfers out were not allowed.

Julezy101

https://forums.moneysavingexpert.com/discussion/comment/81883572#Comment_81883572

I was trying to do a full transfer not partial. Oh well will have to look for another offer somewhere else.

friolento

https://forums.moneysavingexpert.com/discussion/comment/81883347#Comment_81883347

Not in my - limiteed - experience. My in-specie ones have all been relatively swift, with cash being the last bits to transfer, often only after a nudge to the old platform. I don't know why that is.