Switching bank means transferring your bank account from your old bank to your new bank. There are two ways to do this: either ask your new bank to make the transfer, or you take care of it yourself.
Your new bank transfers your bank account
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
You take care of the change of account
If you whish to manage yourself the transfer of your account, here's the procedure to follow:
- Make sure the products and services you want are available in the new bank.
- Request an account opening at your new bank and order your payment cards.
- Inform your creditors and debtors of your new account number.
- If you have standing orders or direct debits, ask your current bank to block them.
- Ask your new bank to set up your standing orders on your new payment account.
- 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.
The guide to changing banks
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.
I want to change banks and close my account. Are there any costs involved?
Closing a payment account is in principle free. However, fees may apply in the case of an account opened less than 12 months ago, in accordance with article 74 of the amended law of 10 November 2009 on payment services.
I have a joint bank account with my spouse, and we want to change banks. What happens to a payment account with several holders?
When a payment account has several holders, each of them must submit the account change authorisation form.