We have given a request (via Trading 212) to transfer part cash from her Freetrade ISA to her Trading212 Cash ISA (on my wifes acccount.)
This week is the 4th week running, and the response team say they cant provide a date or timeframe for the transfer
They give me a standard cut & paste reply
====QUOTE
I’m afraid we wouldn’t be able to provide a specific timeline on this due to the large volume of transfers we’re currently processing and also due to the fact we’re also dependent on the other provider.
ISA transfers are currently taking around 4-6 weeks to complete.
Whilst our Transfers team does monitor their inbox, most of their time is spent processing the transfers, and so responses can be slower. They will get back to you as soon as possible.
We are quite frustrated & tempted to sell all theholdings , do a insta transfer to my linked account and payinto the new account
the only reason being this is a past years ISA allowance which we would not want to lose
We would have expected Freetrade to be a bit more customer friendly
Sorry if my message was not clear.
It is from my wifes freerade isa to her trading212 isa.
I assist her with the admin on her behlalf, and have her authority for that.
Isa transfers are never instant due to their tax exempt status, who you are transferring from and to have to liaise with each other and either can hold up the transfer although who is losing the money is more likely to delay things.
In the past I´ve transferred cash out of FT and took just a couple of days, but I´ve never tried to transfer out from the FT ISA or SIPP.
In my experience, moving money from tax efficient wrapper accounts (ISA/SIPP) is typically a pain. For example, my work pension provider would take months to process my transfers to my SIPP, ask me for information they already have or even call me to confirm it´s really me trying to transfer and slow down the process.
Cancelled transfer - Lack of response from your other broker
Hello there,
We haven’t received a response from your other broker within the period outlined by HMRC. As a result, we are unable to complete your transfer request within the required timeframes and will need to cancel it.
Please check with your other broker that any necessary actions or authorisations are completed before submitting new transfer. Once you have resolved this, you can submit a new transfer request via our app. We will process it right away upon receipt.
Kind regards,
Trading 212 Transfers Team
