For various reasons, we may want to change banks. The reasons can be the most disparate. So, in turn, attributable to the lack of trust in our contact person, to the poor management of our position and services, or to the best conditions offered by other banks. Meanwhile, by law, every credit institution must comply with the rules on the possibility of transferring a current account from one institution to another.
This means that everyone can do it freely, without obstacles or costs of any kind. Having established this, it is interesting to know how to transfer the current account from one bank to another. First of all, we need to identify the credit institution with which we want to open the new current account. In this regard, it is important to evaluate the exchange in depth, making use of the free advice offered by the various banks, including those online.
Then, it is good to inquire independently to get an idea of the offers on the market, for example by consulting the “Online Account Guide” or the “Account Comparator”. So, after having inquired and having asked for various advice, it is necessary to examine the negative and positive aspects of the old bank and of the “new” ones. All these preliminary assessments allow you to learn more about the offers, understand the specifics of the banks and decide whether the transfer is worthwhile or not. Of course, one of the main elements that will affect our decision will also be the reliability of the credit institution in the present and in the past.
How to change your current account
Once you have chosen the bank to move to, you will need to go there, consult again with the operator and get the documents necessary to open an account. Then, before signing, it is important to read all the documents. After that, it will take some time (which varies from bank to bank) before the new account is operational. Also, to complete the money transfer procedure, you will need to ask the new bank for the transfer of direct debits in a locked state.
At this point, the operator will ask us to provide all the data to make a survey of the transfer and we will have to sign the forms of the operation. Once this is done, the new bank will receive a report containing the RID transferred and those who, on the other hand, for whatever reason were not. So, how important it is, in this second phase, is to check that all the money and any securities or other credits held are transferred.
The only securities that cannot be transferred are those that can only be traded within the old bank. Once these operations have been completed, you can ask for a new credit card, which is generally free. Well, ultimately, by answering the question on “how to transfer the current account from one bank to another”, it emerged that the material operation in and of itself is very simple. The only real problem lies in choosing a bank that offers better conditions than the previous one.