There are many offers that are cheaper than the account we use now, and I have reviewed them all on the My Business pages, as you can see by clicking here. If you have found a better one you may want to make a switch … Changing your account, however, can be scary, especially for the alleged bureaucratic delays and paperwork that are associated with this procedure.
In general, I can tell you that the process is very simple. The transfer of the current account takes just a few minutes and opens the doors to very important short, medium and long-term savings.
If you want to move your account, continue reading the guide I have prepared for you, because you will find everything you need to do the operation, explained step by step.
Relationships to be closed before the transfer
Before you can proceed with the move, however, you must be sure that you have closed relationships whose existence prevents you from being able to close your account or transfer it somewhere else.
You must be sure that there are no longer any:
- credit cards with debt to be paid;
- bank domiciliation of utilities.
As for mortgages and loans, these must be paid off before the account can be moved. The same goes for credit cards.
For the domiciliation of utilities, you will need to notify the companies that provide the services about the suspension of the charge, which will then be transferred to your new account.
If you are credited with your salary or pension
In the event that you should have the pension or salary credited directly to your account, you will need to communicate the new IBAN to INPS or to the employer, once this is operational.
The transfer of the current account: the procedure
The account transfer procedure is very simple. In fact, you will simply have to:
- go to the branch where you opened the account and return cards, any checkbooks and possibly the digital key for accessing the account via Home Banking;
- you will have to ask for a list of the last payments made, so as to have a list of those that you will have to transfer to the new current account;
- you will have to communicate your willingness to transfer your credits to another account.
For those who change banks: the timing of the transfer
The transfer, by law, must be completed within 12 working days. From the 13th business day, the new account should be fully operational.
In the event that you choose to close your previous account, this count of days must start from the day on which the last pending obligation was also canceled.
In the event that the bank does not respect these deadlines, you will be entitled to a compensation of 40 euros, with a further increase for each subsequent day of delay.
How much does the account transfer cost?
Account transfer is by law completely free. Neither the sending bank nor the destination bank can ask you for anything.
This is obviously without prejudice to any expenses and penalties for the extinction of debts, cards, etc. Those costs cannot in any way be considered as costs of closing the account.
What can be transferred?
Obviously, you have to think of everything when you think about closing your current account: money transfer, services, domiciliation… What can we transfer?
- payment services, such as automatic payment utilities;
- the remaining balance;
- securities custody, should the destination bank provide for it.
It is also possible to transfer the mortgage. In this case, however, rather than talking about the transfer of the account we must necessarily deal with the Subrogation of the Mortgage.
Which banks offer this service?
Actually, all of them, as they must do so by law under the terms and conditions that I indicated in today’s guide. There is no bank that can escape it, and the only limit in favor of the institutions is in the event that the service we want to transfer should not be present in the destination bank.
To understand this, your bank cannot refuse you the transfer at all and will have to take care of doing it under the conditions I have indicated above. There is absolutely no possibility for anyone to escape it.
Which bank to choose for the move?
On My Business you will find in-depth reviews of all the best current accounts, economic and functional, to save significantly compared to now. Check out my reviews and make your choice, always minding… your business.
Many banks, often among those that offer the most interesting and economic conditions, also offer you the possibility to completely manage the transfer of the current account, the domiciliation of utilities and sometimes even loans and mortgages.