Transfer into ii, etc

20122013

My platform is with ii, and I would like to know the 'correct' order for the following four tasks to ensure that one does not hold up the others. (I am not transferring any investment funds into ii, but I am selling part of my current S&S ISA and buying a different S&S ISA)

TASKS

1.Transfer cash from a UK bank account into ii to purchase a new S&S (unwrapped) (OEIC) (I think ii said that it needs to be a nominated bank account?)

2.Transfer cash from a UK bank account into ii to purchase a new S&S ISA (OEIC) (I think ii said that it needs to be my nominated bank account?)

3.Transfer a matured cash ISA from Vanquis to ii to purchase a new S&S ISA (OEIC)

4.Sell part of an existing S&S ISA (OEIC) and purchase a different S&S ISA (OEIC)

While I was completing the transfer-in request on the ii platform, a message reads:

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'Transfer form

If you have already logged your request online, you can download your transfer form by logging in to your account, clicking the Profile icon to view the Manage profile menu, selecting Document History then Correspondence from the drop-down menu.

Trading while you transfer

If you want to trade while your transfer is in progress, most providers will be able to facilitate this as long as your investments aren’t in the process of being re-registered.

You should contact your current provider to place your trade(s). Don’t forget to keep both them and us updated on the changes to the investments in your account. We can’t be held liable for any missed opportunity if you choose not to trade while your transfer is in flight. Trading while the transfer is in progress may delay the transfer of investments and the transfer completion.

How long will the transfer take?

Cash only transfers can take up to 4 weeks

Transferring UK stocks can take up to 6 weeks

Funds and International stocks can take up to 8 weeks

The above time scales are based on having the necessary information and, where required, documentation to process your request. For further information please visit our website.'

====================================================================

Also, does the £3.99 transactions fee for OEIC fund has a limit on the transaction size, please?

I am experiencing very long hold on the ii phone support and not able to try again during their opening hours this week, appreciate any insights.

masonic

The order isn't important. To avoid a security hold, it may be prudent to do the two bank transfers on different days if large (or are these debit card payments).

The comment about "Trading while you transfer" relates to an old S&S ISA when transferring that to ii.

The order size won't change the fee, although very large orders will attract certain levies.

20122013

https://forums.moneysavingexpert.com/discussion/comment/81953696#Comment_81953696

• What amount would be deemed large?
• So it does not matter if I made the transfer in request from Vanquis (as it will take up to 4 weeks) ?
• The amount will be either bank transfer or direct debit (is there one better than the other?) as when I asked ii they seem a little reluctant to provide their bank detail

masonic

https://forums.moneysavingexpert.com/discussion/comment/81953703#Comment_81953703

If, for example, you were sending the full £20k ISA allowance and then transferred another similar sized sum into your GIA on the same day then that might be seen as a risk by the bank, and they may wish to speak to you to confirm the payments are genuine. A transfer in request will not affect your ability to trade or otherwise use your ii account.

I'm not sure why ii would be reluctant to provide their bank details. They are listed at www.ii.co.uk/help/adding-and-withdrawing-cash/adding-cash/adding-money-to-your-accounts

I prefer debit card funding if available, because the money is available immediately. Direct debit is the slowest way. There's nothing wrong with bank transfer (the only risk is getting the reference wrong), but they also have an Open Banking option which will avoid that.

Investment platform valuations are often slow to update. Although I'd have expected Thursday's price to be showing now.

eskbanker

Sell part of an existing S&S ISA (OEIC) and purchase a different S&S ISA (OEIC)

Just to be clear, the ISA is the wrapper/account and the OEIC is one of the investments held within it, so you don't buy and sell an ISA as such, you buy and sell the underlying investments. Chances are you'll make yourself understood if/when talking to the customer services people but getting the terminology right minimises the prospect of errors.

20122013

All great and useful points espeically the debit card funding.

RacingDriver

https://forums.moneysavingexpert.com/discussion/comment/81953703#Comment_81953703

UK shares or fund trades over £500k have a £40 fee, but you could always split into 2 or more smaller trades

20122013

https://forums.moneysavingexpert.com/discussion/comment/81953743#Comment_81953743

thanks for that as I had I found it very helpful.

Is this the correct way to explain what I want to do: I currently hold this OEIC fund and I would like to sell xxx no. of unit and buy xxx no. of units in this new OEIC fund all within the ISA wrapper ?

eskbanker

https://forums.moneysavingexpert.com/discussion/comment/81954002#Comment_81954002

Pretty much, yes - if you have a holding in investment A within a S&S ISA then you can indeed sell some units of A and buy some of investment B with the proceeds, while still within the same ISA. I'm assuming that your reference to a different S&S ISA didn't literally mean another S&S ISA with a different provider, as you could sell A in one ISA, transfer the proceeds to another ISA and buy B there.

LHW99

Transfer a matured cash ISA from Vanquis to ii to purchase a new S&S ISA (OEIC)

If you already hold an II S&S ISA, you ask them to transfer the Vanquis one into your existing ISA (not a "new one").

Once the cash is in the ISA, you then use it to buy whatever fund (OIEC or other) you want.