How transfers work

So you’re thinking of moving an account to Dodl? That’s great news! To help you along your way, here’s all you need to know about how transfers work. 🔧

It covers off the general transfer process, how Dodl transfers work specifically, and things to check before making your move. Let’s take a look!

What are transfers? 🤔

Transfers are the process by which you move an investment account from one provider to another, consequently changing the service and account features you’re getting.

They’re one of the most important features Dodl and other providers offer because they give you freedom and control over where you hold your cash and investments. They allow you to move your accounts away from an old provider you’re no longer loving, to a new one that’s a better fit for what you need and want. 

Gone are the days when you’d choose a provider and stick with them through thick and thin, just to avoid the hassle or cost of moving somewhere else. Now, with the help of comparison sites and money blogs, you may find a better option out there – and with transfers, you can make your move, minus the hassle! All in all, transfers are pretty great. 💃

How transfers work in general 🔁

You should be able to move your investment accounts between different providers freely (with the exception of some pensions which can’t be moved). It’s a fairly standard process and can be broken down into five steps 👇. (This is how it works for most providers as well as Dodl, so we’ve kept it nice and general.)

Step 1: Choose new provider (e.g. Dodl!)   

Make sure they offer what you need and check the charges to ensure you won’t be worse off by transferring. 

Step 2: Open new account

If you haven’t already, set up an account with your new provider – this is where you’ll be transferring to, so get it all ready.

Step 3: Request your transfer

Give your new provider all the details of your old account and provider – then ask them to transfer it. This is important to get right so your new provider transfers in exactly what you want.

Step 4: Wait for it...

Your new provider will arrange everything else with your old provider, and let you know once your transfer has landed. This step may take a little while (depending on what and where you’re transferring from/to).

Step 5: ...Done ✅

It’s arrived! Get your account settled into its new home.

 

With Dodl, transferring is exactly as it should be: free and easy. These steps have been made as simple as possible, but to help you get to grips with the process a little more, we’ll dive into the Dodl specifics below, and what to think about and check before you transfer. 

Doing it with Dodl 💜

Part 1: Check before you transfer ☝

Before you transfer any account to Dodl:

Check Dodl is the right choice for you. You can do this by comparing the account features of your current provider with the account features offered with Dodl. By account features, we mean things like: 

•  charges
•  investment options
•  support 
•  ease of accessing and managing account
•  can you withdraw money as you’d like to?

A pros and cons list sometimes helps with this! 📝 Obviously we hope Dodl comes in as the best option for you, but if you need any info to help you decide just contact the team in the app. 

If, after you’ve tallied everything up, Dodl doesn’t seem like the right fit – we’re sorry to hear that but it’s a really good thing you checked. If you get the chance, maybe drop the team a quick line to let them know why it didn’t work out this time (it helps Dodl improve). 

❗ Before you transfer a pension specifically:

Though transferring an account is now easier than ever, there’s a little more to think about when deciding whether to transfer a pension to Dodl. That’s because you’ll need to be sure Dodl is a better option for you and your precious retirement savings than your current provider, and that you won’t be losing out on valuable benefits or guarantees by transferring it away from them.

But first, can you transfer your pension to Dodl?

You can easily transfer most types of UK pensions to Dodl, but you can’t transfer a:

• final salary pension (sometimes called a defined benefit pension)
• pension you’ve already taken money from
• pension which is currently subject to a legal order e.g. a divorce pension sharing order

Next, check how Dodl stacks up against your current provider

Is a Dodl pension the right choice for you and will you be better off by transferring out from your current pension?

Do the usual checks: compare your current provider and Dodl on pension key features like the charges, investment options, support and withdrawal options. (Remember here that the Dodl pension is designed to let you easily save and invest for your retirement only - it doesn’t currently offer the option to withdraw your pension savings when you reach retirement age but you can transfer to another provider to do that, when the times comes.) 

Plus a few important extras:

• Contact your current provider and check if transferring means you’ll lose any guaranteed benefits or face penalties/charges for transferring your pension out.
• If you're thinking of transferring your current workplace pension, just be aware that you'll miss out on your employer's pension contributions by transferring to Dodl.
• If it all a feels a bit complicated, think about talking to a financial adviser about whether transferring your pension is right for you. It’s especially important to do this if you’re unwell, because there could be an inheritance tax liability if you don’t survive your pension transfer by two years. 
• And it’s always worth checking out the MoneyHelper guide on pension transfers.

If it all checks out, and a Dodl pension is the right choice for you – get your transfer started in the app. 👇

 

Part 2: Getting it started 📲

📝 Side note: If you don’t have your Dodl account up and running yet, you’ll need to do this first. Just remember all the normal caveats apply, the value of investments can go down as well as up and you could end up with less than you started with.

This part’s the same for all types of Dodl account. And it’s the last part you’ll need to lift a finger for!

Get your transfer started by giving Dodl the details for the account you’re transferring in and the provider it’s with. This is all done through the app when you hit ‘transfer an account’.

Hopefully the types of details you’re giving Dodl all make sense to you. They’re needed so Team Dodl know exactly what you want to transfer in and where it’s coming from – then your transfer can be carried out just so. If you have any questions about the details you’re being asked for or how to get them, message the team in the app and they’ll explain all.

☝ Transferring investments? 

One of the most important pieces of information you need to give is whether you’re transferring investments and, if so, what they are. 

Something to note is that not all investments can be transferred to Dodl – only the ones in the Dodl investment range. You don’t need to go trawling through the app to work out if your investment is there though, you’ll be told this when you pop in its name when completing your transfer details.

If you can’t transfer your investment(s) to Dodl, you have a few options:

• Transfer as cash instead. For this, you’d need to sell your investment(s) with your current provider before starting your transfer. Choosing to transfer as cash would also mean you'd miss out on market changes while your transfer is taking place, and until you reinvest your cash with Dodl. 💸
• Leave your investment(s) where they are but transfer the rest of your account to Dodl – if this makes sense for you and providing you won’t be splitting up your current year’s ISA or lifetime ISA payments. On Dodl, your current year ISA payments have to stick together 🔗
• Choose not to transfer to Dodl – it’d be a shame but sometimes it’s just not meant to be 💔 

 

Once all your details are completed, you can submit your transfer, handing over the reins to Team Dodl. If any extra info is needed from you or your current provider at this stage, the team will email you as soon as possible to let you know what.

All details in. ✅ Your transfer is now in safe and experienced hands, so sit back and relax – and look forward to having your account moved to Dodl!

 

Part 3: It's on its way! 👌

This is the part where Dodl and your current (soon-to-be-old) provider coordinate and arrange for everything to be moved to your Dodl account. 

The main question you’ll probably have at this point is ‘how long will it take?’. Dodl knows how important speed is when transferring investment accounts, which is why secure electronic processes for transfers are used wherever possible. But if your current provider doesn’t do electronic processes then paperwork could slow things down a little.  

To give you a rough idea on timings, check out the table below:

 

Type of transfer 💸📈	Time taken ⌚
Cash only	2-4 weeks* (up to 6 if your existing provider needs a paper form)
Cash and investments	6-8 weeks*

 

*These are just average timeframes, so it may take a little longer if there’s a hiccup or two along the way – the team will keep you updated if anything comes up of course.

 

Part 4: Transfer? Completed it 🎉

You’ll get an email from the team once your transfer’s complete. You can then log in to your Dodl account to check everything’s nicely settled in. 

If you've transferred cash, remember your Dodl account is your investment account where you choose and manage what you invest your cash in. So have a look around and decide which funds, themes and shares work best for your financial goals.

And that’s it! 🥳

That’s how Dodl transfers work. We hope you’ve enjoyed the run-through and it’s been helpful! If you think it all makes sense now and you want to get the real thing started, you know what to do…

 

Get started today

 

🔔 Remember, investing carries risk and nothing in this article should be taken as advice - Dodl doesn't give advice, but we do hope the info is helpful!