Why are UK expats losing track of their unclaimed funds?

Why are UK expats losing track of their unclaimed funds?

Emigrating to a foreign country brings plenty of potential banana skins. There is so much to organise, and you can be forgiven for forgetting about minor details. With so much preoccupation of settling into your new home in an unknown place, it can be easy to forget about your financial accounts from the UK. But this can be the catalyst for unclaimed funds.

expats unclaimed funds

As with all records, if you move house, it’s vital to notify the relevant company of your new address. Every time you move, the likelihood of one of your financial providers losing your current details increases. When you move to the other side of the world, that likelihood increases further.

Any companies holding your records can also merge or be bought out. This can be another factor for vital information going walkabouts.

Expats can lose unclaimed funds through an array of financial accounts. However, pension pots, bank accounts and premium bonds are amongst the worst offenders;

Pension Pots

“It is estimated by some that there is over £3bn in unclaimed personal and workplace pensions held in the UK in over 1 million pension accounts.”

If your retirement date is creeping closer, and you haven’t received any pension documentation, there may be a problem. If you’ve worked in a bunch of jobs throughout your career and now live in a different country, there’s a likely chance that one of your pension companies may have lost track of you.

It’s equally likely that you could forget about your pension company, which means the chances of your pension funds becoming unclaimed are doubled!

Experts For Expats said; “if you haven’t received your pension statement for over a year, it is possible that your pension has joined the increasing number of lost pensions.”

Bank Accounts

Forgetting to pass on your new address to product providers can also create unclaimed fund issues with your bank accounts. You may have had a number of bank or building society accounts in the UK. If one has slipped your mind, it will be difficult to reconnect with any assets inside the account.

It is not uncommon for this to happen. Cashy quoted that; “the overall total value currently lying in dormant accounts in the UK (those that have been inactive for 15 years or more) stands at more than £400 million.”

 Premium Bonds

Individual unclaimed funds, owed to expats from premium bonds are huge. Money International revealed how; “One of the unclaimed prizes belongs to a woman living in Australia. Her £6 investment in premium bonds in 1967 won a £100,000 prize in 2007 that is sitting in the vaults at National Savings & Investments in London waiting for here to come forward.”

“Another £50,000 belongs to a winner whose last known address was in Japan. The winning bond was bought in 1993 and the prize remains unclaimed since 2011.”

There are hundreds of other prizes waiting to be collected by expats. NS&I have expressed that there is up to £47 million waiting for winners from Britain and overseas to pick up.

The Unclaimed Funds Solution

Are you are living out your days on foreign soil? If you think you may have left some money in a UK financial account, or would like to check if you did, we have a solution!

To prevent wasted time, effort and headaches, Monimine offers a one stop shop. By entering your information into the cost-free Monimine registration, we can verify whether you are owed any outstanding assets from UK financial institutions.

We will check all forms of accounts and policies. Including pension pots, bank accounts, premium bonds and many more.

Would you would like to discover if you are owed unclaimed funds from a UK account? Search for FREE at monimine.com.

Josh Cousens – Monimine. 

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Expats Down Under face losing unclaimed money.

Expats Down Under face losing unclaimed money.

expats down under 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?

No costs, big rewards ….. what’s to lose?

Search today at monimine.com 

Josh Cousens – Monimine. 

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How are British expats affected by Brexit?

How are British expats affected by Brexit?

How UK Expats are affected by Brexit

According to the United Nations, 1.3 million Britons live in Europe and the Brexit ultimatum is causing unrest. The referendum has worried large flocks of British expats, because of the uncertainty and lack of clarity which surrounds the departure from Europe.

So what are the possible implications for expats living on the continent? 

Former attorney general, Dominic Grieve QC, expressed that Brexit would result in British citizens “becoming illegal immigrants overnight. If Britain doesn’t maintain some form of free movement after Brexit.”

Additional anxiety circles the idea that EU states will be angered by the Brexit decision. Therefore they could put pressure on British expats in revenge. UK retirees living in Spain, could be forced into paying for their own healthcare, or be cut from access to healthcare altogether.

A shared hope is that expats will be able to secure their continued right to work, reside and own property in EU states. In addition to access to public services, such as medical treatment. Unfortunately for Britons in Europe, these rights can not be guaranteed yet.

Is it all doom and gloom for UK citizens who live in Europe? 

Britain will remain in the EU for at least another year, while the terms of the UK’s exit are negotiated under article 50. This means that any British expats will still be entitled to the same rights as any other EU citizen, while the discussions are ongoing.

The BBC reported that UK expats will be able to maintain the ownership of their properties in Europe. The problems are most likely to be associated with alterations in inheritance and tax laws.

Who will be affected?

Pensioners account for the greatest numbers of British expats living within EU countries. Many of the demographic rely on their pension incomes to enjoy life in the Mediterranean sunshine. Any fluctuations in currency could jeopardise the pension totals.

Another fear is that state pensions will lose the current protection they receive from being within the European Economic Area. The decision could potentially be made to freeze pensions, like expats currently residing in Canada.

What do we know for sure?

The future of how British expats will be impacted by Brexit is still largely unknown. But we believe that an increasing number of indicators will start to develop as the negotiations continue.

In the meantime, if you are an expat pensioner, there is a strong chance that you could be entitled to a pot full of unclaimed money. According to findmylostpension.com, a quarter of unclaimed UK pensions belong to expats. The valuations range from £2,000 to £30,000 per year, and there are tax-free lump sums of up to £40,000.

If you would like to search for any lost assets. Monimine.com allows you to search for unclaimed money for free. If the details you enter, match with the records we have acquired from financial institutions, we can reunite you with your money.

Josh Cousens – Monimine. 

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Why British Expats Should Look For Unclaimed Money

Why British Expats Should Look For Unclaimed Money

Why British expats should look for unclaimed money

Are you one of the 5.5 million Brits who has decided to live out your days abroad? British expats account for almost one in 10 of the UK population. Although Australia, Spain and the United States are amongst the most popular, Brits can be found residing throughout the whole world. The far-spread reach of UK citizens means it can be extremely difficult for institutions to contact individuals regarding unclaimed money.

When a person or family decides to leave the UK, a breakdown in communication can be a reoccurring theme. With the excitement and anticipation of setting sail for the warmer tropics, it can be easy to forget to notify your bank, pension provider or building society about your change in situation.

Once you’ve begun to establish your new life in your new home, financial providers will find it extremely difficult to contact you. It’s also very expensive for them to trace individuals, which means your accounts will become inactive and dormant. Subsequently, this will lead to your unclaimed money becoming trapped within these accounts.

Why a Money Claim Shouldn't Sleep

Expatriate pensioners are thought to be missing out on as much as £850 million in lost pension benefits. This is simply because UK pension scheme trustees have been unable to trace them since they moved abroad. Amounts owed in benefits range from £2,000 to £30,000 a year.

Fortunately, Monimine can offer you a fantastic solution. If you think that you left money behind when you packed up and moved from the UK, we can help. By subscribing to Monimine, we can cross-check your details with our data and if a match occurs, we can help you claim your cash! To save you the headache of calling all of your financial providers, our digital service will trace all of your assets from one location.

Start your search today >>> www.monimine.com

Josh Cousens – Monimine.