Banks extend bank switching service to savings accounts
7 December 2020 - 3 min Reading time
From now on, a number of Belgian banks also offer the bank switching service “Bankswitching” for savings accounts. Thanks to the bank switching service, you could switch from one bank to another quickly, easily and free of charge with your current account and payments. This was not yet possible for savings accounts, but that will change from now on: the service is expanding to savings accounts.
What is the Bankswitching service?
Banks have been working with the bank switching service Bankswitching for some time now. This means that if private individuals want to switch their current accounts and payments to another bank, this can be done smoothly through this service. Bankswitching is a free, fast and easy service that also ensures that payment orders are not interrupted.
The customer only has to contact his/her new bank, fill in the application form and send it to the new bank. After this, the old and new bank arrange the transfer. The customer also chooses the transfer date on the form (at least after 10 banking days and at the latest within one month). The big advantage is that the customer does not have to pass on the new account number to the creditors who work with direct debit and to his/her recurring payers: the banks will arrange this among themselves. The creditors and recurring payers receive a notification about the switch via the interbank service Bankswitching.
These banks then join forces to transfer standing and transfer orders, cancel payment cards at the previous bank, close current accounts at the previous bank, transfer the balance, inform creditors and recurring payers about the new account number, and to inform the customer about blocks and/or restrictions active at the previous bank. After a few days, the customer receives a summary of those creditors and recurring payers who have been notified.
Bankswitching for savings accounts
From now on, a number of banks also offer this service for savings accounts. From now on, the customer can ask the new bank to settle his/her previous savings account with the old bank via Bankswitching. The new bank will arrange this settlement directly with the previous bank. Please note: both banks must offer Bankswitching in order to use this service.
The participating banks that currently offer the bank switching service for savings accounts are AXA Bank Belgium, bpost bank, Crelan, KBC Bank, BNP Paribas Fortis, CBC Banque, Europabank, ING Belgium and vdk bank.
