Switching banks is easier than you think: Learn how to transfer your account.

How to transfer my bank account to another bank?  

Switching banks in Portugal has become a more accessible process due to the account switching service that all financial institutions are required to provide. This service facilitates the transfer of services associated with your current account to a new account at another bank.

How to start changing accounts

The first step is to go to the bank to which you want to switch (destination bank) and request the account transfer service. You will need to fill out a form, authorizing the new bank to handle the transfer of services. If the account has more than one account holder, all must sign the request.  

What can be transferred

You can choose to transfer:  

• Direct debits (such as payments for public services or subscriptions)  

• Permanent orders (regular transfers to other accounts)  

• Recurring credit transfers (such as salaries or pensions)  

• Remaining balance from old account  

• Closing the old account.

The new bank will coordinate with the original bank to make these changes.  

Timelines to consider

The process of changing an account is not immediate. After the request, banks have specific deadlines to complete the tasks:  

• The destination bank must request the necessary information from the originating bank within two business days.  

• The originating bank has five business days to provide the requested information.  

• The effective transfer of services should occur at least 13 business days after the request, unless indicated otherwise by the customer.  

Associated costs

Banks cannot charge fees for providing information related to the account switch service. However, they can apply reasonable fees for other associated tasks as long as they inform the client in advance of these costs.  

Closing of the old account

If you wish to close the old account, you must indicate this intention in the form. The originating bank will proceed with the closure on the agreed date, provided there are no pending obligations.  

For more information about the account switching service, please refer to the Client Banking Portal of the Bank of Portugal.

Read also: Did you know you can save with your bank account?

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