Jump to content
  • 0

moved abroad - only few days left to withdraw funds



I received inconsistent messages from IG before and after moving abroad. When I asked the question in October last year what the consequences are of moving abroad I was first told that I'd be required to close my account. After asking for further clarification, a second person told me that I'd still be able to trade from my account, but that I wouldn't be able to fund it with new cash. I could live with that.

Now that I've moved to the Netherlands and notified IG, I first received a message that my ISA eligibility has changed (no surprise there). The message also confirmed the previous reply from support that I can still trade from my account. The Q&A 'What do I need to do next' only says something about US tax forms, nothing about liquidating my account.

Dear Mr xx

As you have recently changed your country of residence, you’re no longer eligible for an ISA. You can still trade from the account, but you won’t be able to add more funds.

What do I need to do next?

If you currently hold US stocks with us, you’ll need to complete and submit a new US tax form (normally a W8-BEN) within 28 days in order to maintain your holdings (...)


But then last Friday (26/3), just before the market closing time, I got this shocking email with the subject 'Important: 5 days left to withdraw your share dealing funds'


Dear Mr xx

Your share dealing account is set to be closed from 31 March 2021 since we can no longer service European Economic Area (EEA) clients through the UK.

As you have funds on your account, you’ll need to withdraw them via My IG before Wednesday 31 March. After this, you may not be able to log in to your account – meaning you’ll have to contact us to withdraw your funds.


We will close your account once it is cleared of funds, and terminate our relationship, from 31 March. Termination is given pursuant to Term 26 of the latest Customer Agreement that governs your account with us.

You will be sent a closing statement within five working days of your account closing.

Please note that the above also applies if your shares are held in an ISA.


So I have exactly 2 working days to sell all my positions and withdraw my funds.

When I contacted support about this I received this rather abusive reply:

This is not a mistake as you would have noticed and been informed that your Share dealing account was set to closings only. Please refer to the correspondence previously sent out for more information on this.

Yes I was informed that my share dealing account was set to closings only. However, I was never informed that I had to sell everything by March 31.

So I have some questions:

1. Is it possible to get an extension to clear my account? 2 working days is not reasonable.

2. What if I don't do anything? Will IG sell my positions and transfer the funds to my bank account?

3. Why on earth do you send such conflicting messages to your customers? Can't you be transparent from the start and avoid such short-notice nasty-surprise emails??

4. Could you please teach your support some manners and politeness, and ask them to try to understand the customer's situation, especially when a failure of communication on the part of IG is the cause for the customer's frustration.


Thank you 






  • Like 1
Link to comment

1 answer to this question

Recommended Posts

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
  • Posts

    • Sainsburys full year earnings and Unilever’s first quarter trading update both say the same thing, UK consumers are in for higher prices. The war in Ukraine, supply chain issues and the effects of ongoing Covid all to blame.      
    • US Dollar (DXY) Daily Price and Analysis US Q1 GDP may stall the greenback’s advance. A 20-year high nears for the US dollar. The multi-month US dollar rally continues with the greenback printing a fresh high today ahead of the first look at US Q1 GDP at 12.30 GMT. The US dollar basket (DXY) has been boosted by renewed weakness in the Euro and the Japanese Yen, as investors move from lower-yielding to higher-yielding currencies, while safe-haven flows continue to benefit the greenback. The US growth release later in the session is expected to show a sharp slowdown from the robust Q4 figure of 6.9%. The markets are currently pricing in growth of just 1% for the first three months of this year, with the slowdown mainly due to a reduction in inventory accrual over the quarter. This release is unlikely to move the greenback, unless there is a large miss or beat, as the Fed believe that 2022 US growth will be robust enough to let them tighten monetary policy sharply without damaging the economy. The latest US Core PCE data – the Fed’s preferred inflation reading – is released on Friday and this may have more effect on the US dollar than today’s GDP data. For all market moving economic data and events, see the DailyFX Calendar. The ongoing US dollar rally has been aided by weakness across a range of G7 currencies including the Euro, the Japanese Yen, and the British Pound. The Euro continues to battle with lowly growth expectations, exacerbated by energy concerns, the British Pound is mired by weak economic data, while the Japanese Yen is in freefall as the BoJ continues with its ultra-loose monetary policy.   The US dollar continues to press higher and looks set to break above 103.96, the March 2020 high. Above here the US dollar would be back at levels last seen nearly two decades ago. The March resistance will likely hold in the short-term, especially with month-end portfolio rebalancing at the end of the week, but US dollar strength is set to continue in the months ahead. USDOLLAR (DXY) WEEKLY PRICE CHART – APRIL 28, 2022 {{THE_FUNDAMENTALS_OF_BREAKOUT_TRADING}} What is your view on the US Dollar – bullish or bearish?   Apr 28, 2022 | DailyFX Nick Cawley, Strategist
    • While Tesla has nothing directly to do with Elon Musk buying Twitter - TSLA stock closed down 12% on news that Musk may have to sell stock and use other holdings to stand against the loan to finalise the purchase of the social media giant.        
  • Create New...