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Trying to transfer my ISA shares held elsewhere to IG but book costs are in $ in other account, IG asks for £ value. What to do?


Vinodksing

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Hi,

I have 3 questions.

(1) I am trying to transfer my stocks held in ISA in another UK brokerage account to IG account. In the current ISA they list the book cost for foreign stocks in their native currency - eg., USD or CAD. Whereas the IG transfer request page asks for book costs in GBP. What is the best way to go about it?

Do I just make a rough currency conversion to GBP based on current market value for those currencies?

(2) Once I initiate the transfer and submit the forms, how long does the transfer of shares take? 

(3) Once submitting the share names and book cost, If the stock is subsequently sold in the other account before the transfer process starts, what happens? Similarly if I bought a new stock in that account before the transfer process starts, will that also be moved or do i have to re-initiate a transfer request just for that stock? 

Any help is appreciated. These issues has put me off from transferring the account for months.

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Just now, Vinodksing said:

Hi,

I have 3 questions.

(1) I am trying to transfer my stocks held in ISA in another UK brokerage account to IG account. In the current ISA they list the book cost for foreign stocks in their native currency - eg., USD or CAD. Whereas the IG transfer request page asks for book costs in GBP. What is the best way to go about it?

Do I just make a rough currency conversion to GBP based on current market value for those currencies?

(2) Once I initiate the transfer and submit the forms, how long does the transfer of shares take? 

(3) Once submitting the share names and book cost, If the stock is subsequently sold in the other account before the transfer process starts, what happens? Similarly if I bought a new stock in that account before the transfer process starts, will that also be moved or do i have to re-initiate a transfer request just for that stock? 

Any help is appreciated. These issues has put me off from transferring the account for months.

@CharlotteIG Can you help?

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Hi @Vinodksing

Thank you for the query, 

1. You can do a rough currency conversion at today's market values.

2. We aim to complete a transfer within 14 days but this is largely dependent on the responsiveness of your broker.  

3. Any changes in the share holding mid transfer will cause delays in the transfer process as the your broker valuation will keep changing. You would not need to re-initiate the transfer, it is only the valuation that will change. 

All the best 

Anda

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