Switching Banks

To ask your new bank to handle the transfer, all you need to do is complete an account change authorization form. Your new bank will give you this document.

This authorization defines:

• The transactions you want to transfer from your old bank to your new bank
• The tasks to be performed by the new and the old bank
• The deadlines for accomplishing these tasks

If you whish to manage yourself the transfer of your account, here's the procedure to follow:

1. Make sure the products and services you want are available in the new bank.
2. Request an account opening at your new bank and order your payment cards.
3. Inform your creditors and debtors of your new account number.
4. If you have standing orders or direct debits, ask your current bank to block them.
5. Ask your new bank to set up your standing orders on your new payment account.
6. Send an account closing request letter to transfer your remaining balance to your new bank.

Before closing your old account, make sure that there are no future payment transactions scheduled on your old account. Examples of recurring incoming transfers to a payment account: salary, rent received, CNS reimbursement, complementary health insurance, family allowances, dividends / coupons received, interest received, reimbursement from the Tax Administration.

To help you, we have prepared a guide for changing bank with detailed explanations of the procedure, wether initiated and managed by the new bank or by the customer himself.

The guide also includes model letters:

• A letter to payers making recurring transfers: salary, allowances, pensions...
• A letter to creditors using payment by direct debit: electricity, telephone, taxes...
• An account closing request letter

You will also find five letter templates to give authorisation to change accounts to your current and your new bank, as well as to inform the creditors and payers concerned.