Switching banks used to be a tedious process, with the risk of losing direct debits or suffering payment gaps during the transition. Payment account mobility regulations have considerably simplified this process in recent years.
What the account switching service is
It's a mandatory service that banks must offer, through which, when you open a new account, the destination bank itself takes care of transferring your payroll direct deposit and your recurring direct debits from your previous bank, without you having to contact each billing company yourself.
How the process gets started
When you open the new account, you authorize the new bank (through a specific mandate) to request the necessary information about your active direct debits (recurring bills and your payroll, if it's set up as a direct deposit) from your previous bank, and to handle transferring those direct debits to the new account without any further action on your part.
The deadlines the process must respect
The regulations set specific maximum deadlines for each phase of the process: the previous bank must provide the requested information within a short period after the request, and the entire transfer of direct debits must be completed within a limited overall timeframe from the start of the request, ensuring the switch isn't delayed indefinitely.
What happens to scheduled payments during the transition
During the transition period, it's your responsibility, within reason, to verify that the direct debits have transferred correctly and that you don't end up overdrawn on the old account due to some charge that hasn't been transferred yet, especially during the first billing cycles after the switch.
This service is free
The account switching service must be provided free of charge to the customer, with the bank unable to charge a specific fee for managing this transfer of direct debits, although it's worth reviewing the new account's general terms regarding other fees that may still apply (maintenance, cards) once the transfer is complete.
Why this makes it easier to compare and switch banks without friction
Precisely because the direct debit transfer process no longer depends on you contacting each billing company yourself, comparing terms between banks and switching when you find a better offer has become considerably simpler than it was a few years ago, removing one of the main practical barriers to changing banks.
Estimate your net salary regardless of the bank you choose
Our monthly net salary calculator helps you estimate your net pay from your gross salary, regardless of which bank you eventually decide to deposit it into.