In 2021, the bank switching service Bankswitching received more than 107,000 requests
13 January 2022 - 3 min Reading time
In 2021, no fewer than 107,462 applications were made to switch banks via the free bank switching service Bankswitching. That is 35,000 more applications compared to 2020. The bank switching service therefore offers customers who want to switch their current and savings accounts to another bank, a quick, easy switch without interrupting current payment orders.
The growth in the number of applications is mainly due to the fact that the bank switching service was further expanded to savings accounts at the end of 2020. That was put to good use. Of all bank switches, no less than 21% was a switch between savings accounts.
Bankswitching for current accounts
With a bank switch, the customer only needs to contact his/her new bank, fill in the application form and return it. After this, the old and new bank join forces to arrange the switch. 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.
The payment counterparties are requested to update the account number in their payments in a timely manner: they are required by law to use the new account number from the switching date. For example, they can choose to receive notifications of a bank switch via a digital channel instead of standard mail. A digital report has numerous advantages: it is easy, automated and fast. Moreover, the counterparty receives the notification on average two days earlier than by post.
Bankswitching for savings accounts
Since the end of last year, the bank switch for savings accounts is also possible. With the bank switching service for savings accounts, the customer also asks the new bank to settle his/her savings account with the old bank via the bank switching service Bankswitching. The new bank will arrange this settlement directly with the previous bank. The expansion of the service to savings accounts is clearly being used by customers: after barely a year, this accounts for a fifth of all bank transfers.
The participating banks that currently offer the bank switching service for savings accounts are AXA Bank Belgium, Bank Van Breda & C°, Banque CPH, Beobank, BNP Paribas Fortis, bpost bank, CBC Banque, Crelan, Europabank, Fintro, ING Belgium, KBC Bank, NewB, and vdk bank.
