In-specie transfers typically take up to 6 weeks to complete, and are made up of a few stages:
We’ll first receive the transfer request from your new provider and review your account to understand which investments are eligible to be transferred in specie.
If you’re unsure which assets your new provider can accept, you can check this with them directly. You can also see the investments you currently hold with us by going to Accounts > Select your account > Breakdown.
We’ll then check your investments. If you hold US-listed stocks, we’ll contact you for your instructions, as these can’t currently be transferred in specie. Your account will be temporarily frozen while we process the transfer, so there are no pending deposits or other changes to your account and the information we transfer remains accurate.
Then, once we’ve completed our checks, we’ll send the valuation of your holdings to your new provider. This may take longer if you have any pending transactions or account activity that needs to be completed first.
Your new provider will review the valuation and confirm they can accept the transfer.
Once we receive their confirmation, we’ll begin processing your transfer. Your investment units will be transferred to your new provider. Any investments that can’t be transferred in-specie can either be sold and transferred as cash or left out of the transfer, based on your instructions and your new provider’s confirmation.
Your transfer will be complete once your investment units and cash have settled with your new provider. You’ll receive an email confirmation once both parts of the transfer have been processed.