Unable to withdraw from Vanguard
Discussion
It's painful how long it can take to sell funds with Vanguard, (although I guess other companies are similar) it has cost me money in the past because the price has moved between me putting in the sell order, and it actually getting sold, then you have to wait for the cash to actually become available to move or reinvest. I think you've got to reckon on at least 3 or 4 working days really.
dmahon said:
Vanguard UK have had great customer service over the last few years, but they are pretty pants post Corona.
They are often taking an hour to pick up the phone and a week to answer secure messages.
I have had inbound payments go missing, extremely slow transfers in and strange timelines with buys and sells like the OP.
Concerning as I've been in a 3 month process of consolidating with them,, which I am now starting to deeply regret.
Vanguard were taken a bit by surprise on just how much their customer base increased since covid came around. It seems everyone suddenly has a lot more disposable income to invest, savings rates got even worse since 2020, and people had more time at home to research investments. They are often taking an hour to pick up the phone and a week to answer secure messages.
I have had inbound payments go missing, extremely slow transfers in and strange timelines with buys and sells like the OP.
Concerning as I've been in a 3 month process of consolidating with them,, which I am now starting to deeply regret.
They’ve had a massive hiring drive to increase staff numbers, but are still playing catch up so service levels are below where they’d like.
Hopefully everything balances out and it goes back to the service you first encountered.
Update
Bit of rant incoming, but this is just very frustrating. Also, I do fully appreciate these types of investments are not meant for quick withdrawals and you should have another pot of emergency cash, but I was caught completely off guard and the emergency money isn't enough. That said, this still is not an easy or quick process.
Anyway, I could finally see the money as available to withdraw to a bank account on Tuesday morning. I entered bank account details and submitted to withdraw the full amount via faster payments. The withdrawal was still showing as 'pending' yesterday evening, so I followed up with a secure message to ask what was going on. I received a reply to be told I can't withdraw to a bank account because my ISA is 'quite new' and the money will be refunded back to the debit card I initially deposited with, but not the full amount in one go. It will take 2-3 days for the first payment, then the second half of the money will follow!? No timescale given for the second payment.
In contrast, I moved 3x the amount of value of this ISA in Bitcoin from storage, to an exchange and then to my bank account in a couple of hours.
Just find it very frustrating that it takes this long. Rant over
Bit of rant incoming, but this is just very frustrating. Also, I do fully appreciate these types of investments are not meant for quick withdrawals and you should have another pot of emergency cash, but I was caught completely off guard and the emergency money isn't enough. That said, this still is not an easy or quick process.
Anyway, I could finally see the money as available to withdraw to a bank account on Tuesday morning. I entered bank account details and submitted to withdraw the full amount via faster payments. The withdrawal was still showing as 'pending' yesterday evening, so I followed up with a secure message to ask what was going on. I received a reply to be told I can't withdraw to a bank account because my ISA is 'quite new' and the money will be refunded back to the debit card I initially deposited with, but not the full amount in one go. It will take 2-3 days for the first payment, then the second half of the money will follow!? No timescale given for the second payment.
In contrast, I moved 3x the amount of value of this ISA in Bitcoin from storage, to an exchange and then to my bank account in a couple of hours.
Just find it very frustrating that it takes this long. Rant over
I imagine you’re probably on the receiving end of money laundering regulations or controls, where funds have to be paid back to the source they came from, if it’s within a certain number of days since you funded the account.
Sounds frustrating, but probably will get easier with time and you’ll be able to withdraw to your bank account in future.
Sounds frustrating, but probably will get easier with time and you’ll be able to withdraw to your bank account in future.
Vanguard are not the quickest in my experience with both selling funds and then getting to a point where the funds can be paid out to your bank account. But no worse/better than HL though I no longer use HL so not sure how they are now.
The vanguard platform GUI is perfect for me, no frills but easy to use and.does the job IMO
That aside, as a general point investments irrespective of platform are not for the short term. When you hold an investment such as equities then you accept the risk that comes with it...
The vanguard platform GUI is perfect for me, no frills but easy to use and.does the job IMO
That aside, as a general point investments irrespective of platform are not for the short term. When you hold an investment such as equities then you accept the risk that comes with it...
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