Transferring your account from one bank to another may seem like a complicated procedure, but since the introduction of the new regulations on the transfer of payment accounts, changing banks has become much simpler. Here are the steps you need to follow.

Gone are the days when, if you wanted to switch banks, you had to take care of all the paperwork and waste time transferring recurring deposits and direct debit bills from one account to another. With the entry into force of the new regulations on the transfer of payment accounts, switching bank accounts has become a much quicker and simpler process. Moreover, this procedure will be free of charge for both you and the new bank.

How to move my account from one bank to another

First, you have to go to the new bank and request the transfer. If you share the account with another person, any of the account holders can initiate the request, but all the account holders will have to sign the document for the process to go ahead.

You will then be provided with an account transfer application form which, among other things, will inform you of the roles of both your current and your future bank. You will also be asked for authorisation to carry out the necessary procedures to transfer the payments and deposits you have chosen automatically.

It will also detail the maximum time limit for completing the different steps and specify the date from which standing orders and direct debits are transferred to the new bank (receiving payment service provider).

When your old bank receives your account portability form, it will have two working days to send the necessary information to make the transfer. Once it has received all this information, the new bank will have six working days to take the necessary steps to maintain the transfer orders and direct debits that were on the old account and to provide the details of the new account to those who made regular transfers to you, such as your salary or pension.

Although the vast majority of the procedures will be carried out by the new bank to which the account is transferred, there is the possibility that the customer, as the account holder, will have to take care of those that correspond to the transfer of direct debits for payments from gyms, schools, small businesses, etc. In these cases, the customer will have to personally contact the persons or entities that issue these bills to inform them of the change of account and provide them with the new number to which they will have to transfer them.

What happens to my old account?

Keep in mind that the old bank will not be able to block your debit or credit cards before the date you have indicated in the application. Remember that this is an express cancellation process.

Similarly, if you have asked to close your account, it will be closed on the date you have indicated, as long as you have no outstanding payments. On the other hand, many people consider it sufficient to get rid of the bank card and leave the account empty. Even so, remember that this does not mean that it has been closed, the bank could continue to charge fees on this account and if one day it wants to close it, demand all outstanding charges.

Don’t forget that as an account holder you are responsible for the payments and you should be the first to contact your bank to complete the closure process if you are no longer going to use the account. Only after 20 years without the account holder having made any movements can the bank consider the account ‘abandoned’ and transfer the balance to the State.

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