Navigating a bank switch: what to expect and how it works

Some individuals mitigate this stress by initially using multiple banks to familiarize themselves with a new institution before consolidating their finances.

The process involves several steps. The account holder provides a mandate to the new bank to initiate the transfer. The new bank then notifies relevant third parties, including tax authorities, insurance companies, utility providers, and subscription services, to update payment details. The old bank is obligated to cooperate and provide necessary documentation. Third-party organizations must then implement the changes, including incorporating the new IBAN.

Delays are common. It takes two business days for the new bank to submit the request, five days for the old bank to respond, five days for the new bank to inform creditors, and ten days for third parties to integrate changes. The total process can take up to 22 business days.

Certain financial products, such as life insurance policies, Livret A savings accounts, youth accounts, and LDDS accounts, are not included in the automated transfer process and require manual adjustments.

Clients often appreciate the automated transfer of accounts and operations, as well as the ability to track the progress of their transfer in real-time.

BoursoBank offers a service called EasyMove, which allows customers to initiate the process online in just five minutes, with no paperwork required. They also offer a welcome bonus for new clients.

Changing banks is generally not a stressful process and is legally mandated (article L312-1-7 of the Monetary and Financial Code). Banks can only refuse a request if a loan agreement stipulates income domiciliation. The assistance provided by banks to facilitate this process is entirely free of charge.

Clients who delegate the mobility process benefit from automated and comprehensive transfer of recurring operations. Closing an old account is optional; if desired, the new bank will handle the necessary steps. However, a zero balance does not automatically constitute an official account closure.