A Junior ISA is a popular way for grandparents to save for their grandchild’s future. But what happens to these savings when grandparents (or indeed, parents) move abroad or when the whole family relocates to another country? Let’s break down what you need to know to keep contributing to a Junior ISA, no matter where in the world you are. 

For Grandparents Living Overseas

Firstly, it’s important to note, that even if you’ve moved to another country, you can still put money into your grandchild’s Junior ISA. The process is simple: you send money from your current location to the UK. Keep in mind, though, that when you send money across borders, banks often charge a fee and there might be a difference in the exchange rate. To get the most out of your contribution, it’s worth checking out different ways to send money. Some banks specialise in international transfers and might save you some on fees.

For Parents Considering a Move

If you’re a parent with a Junior ISA for your child, and you’re thinking about moving abroad, here’s what you should know: your child can keep their Junior ISA if they remain a UK resident. If your child will no longer be a UK resident because you’re moving permanently, you won’t be able to keep adding money to their Junior ISA after that tax year. But don’t worry, the money that’s already in there will stay put and keep growing tax-free until they turn 18.

Other Relatives Who Want to Contribute

It’s not just grandparents who can contribute to a Junior ISA; uncles, aunts, and family friends can chip in too. They can do this from anywhere in the world, as long as the total contributions stay within the annual limit (£9,000 for the tax year 23/24). When sending money from abroad, to a UK Junior ISA, you’ll want to look into the best ways to transfer money to make sure as much of it as possible goes into the savings, not on transfer fees.

Keeping It Simple

Managing a Junior ISA from abroad is pretty straightforward. The key things to remember are to check the fees for sending money to the UK and to keep an eye on the exchange rate. For families moving away from the UK, just keep in mind that the account can stay open, but you can only contribute to it while your child is still a UK resident.

Saving for your grandchild’s future doesn’t have to stop just because you’re miles apart. With a little planning, you can continue to contribute to their Junior ISA and help them build a nest egg for when they turn 18.