Information for consumers on switching payment accounts

Choose the bank you want to transfer your payment relationship to and go to that bank.

The receiving payment service provider acts as your "point of contact" for all information about: 

• whether a transfer of payment relationships is even possible;
• whether there are circumstances that prevent the application of the transfer of payment relationships;
• how long the process of transferring payment relationships will take and other necessary information.

Based on your request, the receiving payment service provider will send a request to the transferring payment service provider and clarify the transferability of the payment relationship as well as any information on your transferring payment service provider's existing multiple ERRA and regular payments.

Note: You can also obtain the information yourself from your transferring payment service provider and submit it to the receiving payment service provider in person.
 

• The receiving payment service provider will inform you of the receipt of the reply and you will agree with the bank on the specific services to be transferred to the receiving payment service provider.
• The receiving payment service provider will also inform you if the transfer of the payment relationship to the receiving payment service provider is not possible due to various exclusionary circumstances. You will need to contact your existing bank - the transferring payment service provider - to prevent them.

If the transfer is possible, you will be able to conclude a current account agreement with the receiving payment service provider (if one has not already been concluded).

The receiving payment service provider will inform you of the new account number and provide other necessary information.

The receiving payment service provider will help you arrange the termination of the payment relationship with your transferring payment service provider that you choose to transfer to the receiving payment service provider, the closure of the account and the transfer of the account balance (with a copy of the request to the transferring payment service provider).

• As a part of the switching process, closing an account with the transferring payment service provider could cost you the fee set out in its price list.
• The transfer of information from the transferring payment service provider to the receiving payment service provider is free of charge. The transferring payment service provider is only entitled to charge a service fee according to its price list if the information requested relates to data older than 13 months. In this case, a service fee might be payable according to the transferring payment service provider's price list.
• All transfers in euro and other currencies, as well as all conversion transactions related to the change of account, will be charged according to the price lists of the two participating banks.

Account closure with a transferring payment service provider is not possible if: 

• your account has been suspended on the basis of an order by a public authority;
• there is a loan agreement linked to the account (e.g. home loan, line of credit, credit card or other loan agreement and there is still an active liability);
• a securities account linked to the account;
• the account is used to accumulate foreign currency and the account balance is not sufficient to cover the service charges related to currency transfers;
• a deposit is linked to the account;
• you have debts with a bank (e.g. fees owed for services used)
• the account cannot be changed for any other reason specified by law;
• the account cannot be changed for another important reason.

If you only transfer the payment relationship, i.e. multiple ERRA and regular payments, to an account opened with the receiving payment service provider, the following circumstances may be considered as interfering:

• you have a home loan agreement or any other loan agreement that requires you to deposit your salary (or other specified amount of money) and/or to ensure the turnover of funds into an account opened with the transferring payment service provider;
• your account has been suspended on the basis of an order by a public authority. 

• if you change your account, your current account number also changes;
• for switching current accounts, the general terms and conditions of the receiving payment service provider (e.g. contractual terms, relevant product specificities, etc.) apply;
• there is no "automatic" transfer of the relationship from one bank to another, as new contracts have to be concluded with the receiving payment service provider.