Order date and payment date can differ
Settlement describes when fund units or sale proceeds are delivered. The moment you place the order, the pricing date and the date cash reaches the account need not coincide. This matters when selling units to pay rent, tax or a loan instalment. Submitting a sell instruction does not establish that the proceeds are immediately spendable. Read both pricing and payment terms before dealing: knowing the fund’s return alone is insufficient for planning cash obligations.
T+1 and T+2 are not calendar-day counters
T denotes the dealing day defined by the applicable terms. T+1 and T+2 mean one and two eligible dealing days later, not necessarily calendar days. Assume a hypothetical T+2 sale is processed on Friday and both Monday and Tuesday are open: delivery falls on Tuesday. If Monday is closed, it moves to Wednesday in this simplified example. Foreign market holidays can affect some funds as well. This illustration is not a payment promise for a product; use its prospectus and order screen.
| Stage | Question | Where to check |
|---|---|---|
| Instruction | Processed today or on the next dealing day? | Distributor cutoff |
| Pricing | Which day’s unit price applies? | Fund prospectus |
| Settlement | When are units or proceeds delivered? | Purchase/sale settlement terms |
| Availability | When can the cash actually be spent? | Bank screen and terms |
The cutoff can move the starting date
Two orders placed on the same date may be processed on different days if they fall on opposite sides of the cutoff. There is no universal cutoff for every fund. Distributor channels, fund type and half-day schedules can change the conditions. Missing the cutoff can alter both payment timing and the applicable price. Check the displayed cutoff, order status and any cancellation window. Acceptance by a bank and transmission to the platform should not be assumed to occur simultaneously; the confirmed transaction record is more informative.
The latest displayed price may not be your sale price
Many funds deal at a unit price calculated after the instruction, while other funds use different pricing rules. Selling a portfolio currently displayed as TRY100,000 does not guarantee receipt of exactly TRY100,000. The final unit price, number of units sold, taxes and charges determine proceeds. Pricing and delivery are separate: later payment does not by itself imply a lower price. If a liability requires an exact sum, do not rely on an unconfirmed valuation before the dealing price is established.
Work backwards from the payment deadline
Start with the date when the cash must be spendable. Then work backwards using the fund’s sale settlement terms, cutoff and relevant holidays. Ask the distributor about unexpected order-status changes rather than treating a pending instruction as a completed sale. A different dealing channel can have different conveniences, so previous experience should not automatically be carried over. A short delay may be immaterial for someone with no immediate cash need; for an approaching payment deadline it may create borrowing or late-payment costs.
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Sources and further reading
Numerical examples are illustrative scenarios, not company data, bank offers or current tax rates.
This content is general information and financial education. It is not personalized investment advice or a recommendation to buy or sell.