I’m thinking of opening an account, but someone said that a trade of his took two days to complete!
Thank you…
Locally listed ETF always take two days to settle a transaction. There is nowhere you can have it faster. It is just the rule of the exchange. Foreign listed ETF takes longer and you would see the reminder in IE.
If you go elsewhere for other types of funds, such as unit trust, it takes even longer.
But why would you bother the exact day of settlement in the first place? The price is determined on the day of placing order. The settlement is something like the paperwork behind the scene which does not really matter to you. The only difference is that after selling you at least need to wait till settlement before you can cash out. If you need to take cash out immediately from the account sometimes, funds or shares are not your choice, as they always take some days to settle.
Hi Ally,
Very nice to meet you.
I wanted to share some information from our help centre which covers Orders and Trades, please click here
We’d be delighted to have you as a customer and please let me know if I can help with any other questions you might have.
Chat soon,
Mark
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Be prepared to wait up to two weeks for some trades to complete, and that doesn’t seem to be as “rare” as the FAQs would have one believe.
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And be prepared for the occasional transaction to take over a month. Currently sitting with a May 16 purchase which has still not settled (+ 4 from 15 June), although the fact it’s an auto-invest purchase for £0.03 means its not going on anyone’s priority list.
This isn’t much of a problem UNLESS you want to use the rebalance function on your portfolio - any unsettled trades block the rebalance.
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