Moving funds to cash
-
No, it’s not a “Panic! Sell!” question
A few life events recently have made me think about spending a bit more while I can. Given the thoughts that we might see a bit of a win in the near future, I might want to chuck a bit out to cash while things are up, then I can decide whether/when/how to call it off at my leisure. Would just like to know, if I request a move of a sum to cash, how quickly would that be done?
(Ideally before DJT gets home and finds his cheeseburger is cold and has another tariff paddy!)
@Cappo said in Moving funds to cash:
Would just like to know, if I request a move of a sum to cash, how quickly would that be done?
Would be good to know this for future reference @Adam-Kay
Thanks
-
Not sure if you mean actually getting cash in your bank, but you can select to move funds to money markets in you [ISA/GSA/Pension] & I thought that was actioned within the next trading day?
@mikeiow said in Moving funds to cash:
Not sure if you mean actually getting cash in your bank, but you can select to move funds to money markets in you [ISA/GSA/Pension] & I thought that was actioned within the next trading day?
Yes, that’s what I meant, just moving some across to cash but within the overall portfolio, so I can then decide what to do with it at leisure. If that’s same day-ish then that’s good. Thanks Mike.
-
I keep records of the dates requests are made and when they are completed. Recently, I did what @Cappo is planning. Firstly, I moved the funds to Cash. The timings...
PHE - Submit 14/08 In Progress 15/08 Comp 21/08
IM80 - Submit 14/08 InProgress 15/08 Comp 26/08
IM60 - Submit 14/08 InProgress 15/08 Comp 26/08
IM100 - Submit 14/08 InProgress 15/08 Comp 22/08
Income - Submit 14/08 InProgress 15/08 Comp 26/08
GG+I - Submit 14/08 InProgress 15/08 Comp 26/08
GG - Submit 14/08 InProgress 15/08 Comp 26/08
Money Markets - Submit 14/08 InProgress 15/08 Comp 21/08
PHT - Submit 14/08 InProgress 15/08 Comp 21/08So, all the money was in Cash on 26/08.
I made the request to withdraw from Cash on 26/08 and the money was in my bank account on 27/08.
-
I keep records of the dates requests are made and when they are completed. Recently, I did what @Cappo is planning. Firstly, I moved the funds to Cash. The timings...
PHE - Submit 14/08 In Progress 15/08 Comp 21/08
IM80 - Submit 14/08 InProgress 15/08 Comp 26/08
IM60 - Submit 14/08 InProgress 15/08 Comp 26/08
IM100 - Submit 14/08 InProgress 15/08 Comp 22/08
Income - Submit 14/08 InProgress 15/08 Comp 26/08
GG+I - Submit 14/08 InProgress 15/08 Comp 26/08
GG - Submit 14/08 InProgress 15/08 Comp 26/08
Money Markets - Submit 14/08 InProgress 15/08 Comp 21/08
PHT - Submit 14/08 InProgress 15/08 Comp 21/08So, all the money was in Cash on 26/08.
I made the request to withdraw from Cash on 26/08 and the money was in my bank account on 27/08.
@SiriAlexaAl interesting, thanks! so overall about 10 days-ish. Do you have any indication whether you received the price at the "in progress" date or the completed date?
-
When a holding is sold, you would only last see the value(opening) from the previous close. If it's £10,325, you can't expect to realise that number because a sale is conducted during the next available auction(market) and FX changes. You might get more or less but you won't receive the same number.
The ££ are realised at trade time and this can be any time from 2.30 something to 3pm or later (it's up to winterflood, the biggest broker in europe give or take), it takes 3 working days with equity, 5 for any tracker as it's global(so if a portfolio holds any trackers it's 5 days). Money then moves out of the portfolio to your account with us then to your external bank. And that is a day for each step. These are all working days so add in a weekend and or miss 9am cuts-off and you should allow at least a week. Plan ahead for your needs
Your holdings with us are in your name, unlike unit trusts(Vanguard etc) where it is pooled so naturally they can process this a day or two sooner.
-
Hi Adam, Am I correct in my thinking?
I wish to use my new ISA allowance in April and will fund this with my GIA Fund, therefore I need to cash in £20,000 (GIA) and transfer the money to ISA be invested. Rather than requesting the invested amount to be moved across. -
Hi Holeshot,
Correct. You need to disinvest to Cash however you won't need to physically take the money off platform and create a new contribution(wire it back). You can use the following which is located at the footer of the Overview tab. This will move the cash across to your ISA (in your example).
The reason you can not simply move the assets across is because realising the PNL will update realised and unrealised PNL within the GIA-needed for tax management and general reporting of same.
If you need assistance just let me know.
Regards,
Adam