I want to transfer my account to another institution: what should I do?
You have found an institution that offers you more advantageous conditions for the same services that your bank gives you, so you decide to change your account to this new institution, but how do you do it?
With the new regulations, it is now simpler: to change the account from one institution to another, all account holders must expressly request it from the current institution. It will be necessary to indicate the date of execution of the transfer of the account, which may not be less than six working days after the new institution receives from the original institution all the information necessary for the transfer.
Once our order has been issued, both institutions must facilitate the transfer of the account swiftly and efficiently, exchanging all the necessary information between each other and with us, i.e. with the customer. The institutions will be responsible for transferring the financial transactions you perform most regularly on the account you wish to transfer, such as, for example, direct debits, standing orders for transfers or regular transfers received.
If the account you wish to transfer has a balance in your favour, the original institution will make a payment order for this balance to the new institution, as long as you do not have any debts due and payable from that account.
Changing the account to another institution will not entail any cost for you if the transfer is made between payment service providers operating in Spain, or if it takes place within the same provider.
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