Expats Down Under face losing unclaimed money.
Australia and the land down under is the most popular setting for British emigration. Figures taken from the Telegraph reinforce Australia’s prominence, with an estimated 1.2 million British expats currently living in Oz.
Australia’s laid back lifestyle, earning potential, distinctive landscape and cultural diversity has been attracting Brits for decades. The great climate adds to the appeal, but is it all too good to be true?
Millions of UK expats have packed their bags and made a new life by boarding the plane to Australia. But unknowingly to them, they could be sitting on a pot of their own unclaimed money back in Britain.
Another report from the Telegraph noted that expat pensioners are missing out on at least £850 million in unclaimed pensions benefits. The amounts owed in benefits, range from £2,000 to £30,000 a year. With tax-free lump sums worth between £50 and £40,000 also outstanding.
Unless these individuals are given a helping hand, it will be difficult for them to retrace their lost assets.
Why is it such a problem?
An array of financial problems can arise when people emigrate. If you have not duly notified the correct institutions about your decision to move overseas, it can cause complications.
Amongst all the chaos of packing up your lives to move across the world, it can be forgivable to forget to inform your bank, pension provider, or building society about the new address. However, failure to do so will make the financial institutions lives extremely difficult, when they try to contact you about the money you still have in that account.
Your financial providers will attempt to contact you if your account has a period of inactivity. If the letter of correspondence is sent to your previous UK address, you may never receive any notification. If the account is inactive for a set period of time, (usually minimum three years) it will become dormant and any assets held within will become unclaimed.
The costs for institutions to trace their clients overseas are expensive, and unless you make yourself known, your money will become trapped.
Luckily there is a solution.
Monimine are leading experts in tracing unclaimed money. Using a revolutionary tool, Monimine allows the public to search for lost assets, whether they know they have them or not, for FREE. If the data you enter matches with the information we have acquired from financial institutions, we can reunite you with your cash ….. for FREE.
To save you the headache and stress of contacting each of your financial providers individually, Monimine offers a blanket solution which will search an array of institutions. Even if you’re sure that you left no pennies behind, the service is free. And wouldn’t it be worth double checking?
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Josh Cousens – Monimine.