Account switching service

Bankingab 5 J.

Switching banks made easy: since 2016 every bank in Germany must offer a free switching service. The new bank takes over standing orders and direct debits and informs payment partners.

How to switch banks in Germany in 3 steps:

Step 1: open a new account (online in 10 minutes). Identity verification via VideoIdent.

Step 2: commission the account switching service (in the new bank's online banking). The new bank:

• Analyses your old account (standing orders, direct debits, regular incoming payments)
• Sets up all standing orders automatically on the new account
• Informs direct debit recipients (electricity, insurance etc.) of your new IBAN
• Informs payers (employer etc.) of your new IBAN

Step 3: close the old account (only after 2–3 months, once everything is running).

Duration: the entire switch takes approx. 10 business days. Since the Payment Accounts Act (2016), the service has been free of charge and every bank must offer it.

Did you know? Since 2016 banks have been legally required to offer a free account switching service. The new bank automatically takes over all standing orders.

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