Transferring one current account from one bank to another is now a very simple and, in most cases, extremely practical transaction. The banking sector still offers new customers very advantageous products (especially for those who prefer online accounts) that guarantee many services to the account holder at a cost often zero or at least very low.
The entire procedure for transferring the current bank account can be completed within a few working days, thus minimizing the obligations of the bank account holder. Compared to the situation a few years ago, the transfer of a bank account is a simple and advantageous procedure that must not scare. The decision to open a new bank account to change the old one can lead to considerable savings.
Time limits for transferring a current account
The whole process of transferring one bank account from one bank to another, including opening the account in the new bank and closing the old one with the full transfer of the balance and transactions, takes very little time. The process can be completed within a few days. In general, it is necessary to consider:
Time to open new bank account
It is advisable to check this detail before opening an account. By choosing an online bank, it will be possible to minimize this time, which is in any case linked to the technical time required for each institution to process these procedures. With this option, you will only need to complete the online registration form and then add the supporting documents. This will take you about fifteen minutes and then you have to wait no more than 48 hours for the bank to respond.
Time to transfer transactions and close the old bank account
The European directive states that the « account mobility » may take several working days. To benefit from this bank change and account transfer benefit, you must request it by indicating the necessary information on the online subscription form. You will then have to send your new BIR to the various institutions that are used to making transfers and levies from the bank account to ensure the transfer of transactions.
The mobility of a bank account is regulated by specific legislation which sets out specific guidelines to be followed by the institutions in managing transfer procedures. Therefore, after opening the new account and sending the request for bank mobility, it will be up to the bank to do the rest of the job. The time limits for transferring an account or changing a bank are of course laid down by legislation. Indeed:
- Once the bank mobility document is signed, the new bank will only have two working days to retrieve the important bank information from the old bank.
- The departure banking service has five working days to provide this information.
- Once the information is received, the new bank will be given five working days to transmit the new RIB to all interested institutions.
- Finally, all debtors or creditors have 10 working days to take into account the new BIR.
In total, for any transfer of account from one bank to another due to the banking mobility introduced by the Macron Act, the change period is approximately 22 working days.
When is it worth changing banks?
First, when your bank no longer satisfies you or when you no longer feel safe to keep your savings in a bank account at that bank, you can consider a bank change. The banking market is expanding and there are more and more product offers, built directly on the customer's needs.
A very important aspect is the work and transactions you make of your bank account during your activities, such as transfers, levies or other offers related to special interests and needs. If the services offered by your bank in these respects no longer meet your bank account needs, you may consider starting the process of transferring your bank account.
The credibility of a bank also depends on its staff, professionalism and confidence in the customer or bank account holder. As a result, the distance from the bank to the customer's home, mistreatment of the customer, a change of service manager are possible reasons for making a change of bank.
What to watch for during a bank change?
To complete a bank change transaction, you must ensure that:
- Transactions to be transferred from the old account to the new account: (automatic debits, pay or pension credit, periodic debits and transfers, etc.);
- Return of bank payment cards and cheques and any other documents required by the previous banker;
- Closing of bank accounts with the previous bank;
- The presence of a loan and/or a mortgage in progress with the previous bank.
The transfer of transactions from an old bank account to a new one and the return of bank cards and checkbooks are fairly simple aspects of the process of transferring account to a bank. However, it is very important to follow these details carefully to ensure that everything is going well.
The presence of a securities bank account and/or a deposit bank account requires further analysis. The holder of a bank account wishing to close his accounts and transfer to a new bank must notify his intention to his bank. Bank account holders who have such a bank account linked to a deposit account will therefore have to assess the timing and procedures for closing these accounts in advance.
Drafting opinion
Although the procedure for changing banks or transferring one account from one bank to another has been simplified over time, it is very important to pay great attention to each stage of the banking mobility process in order to avoid errors that could lead to a further loss of time. During a bank change, there are several bureaucratic aspects to consider. Thus, even a small error can result in a temporary shutdown of the bank account transfer and, consequently, a considerable prolongation of the time needed to get your new RIB after bank mobility.
For a long time, changing banks was a nightmare for many people because of the time it took. In recent years, legislation has changed, and thanks to the Macron law, it is possible to change banks within 22 working days.