Motivations for a Bank Change
It is common that, upon discovering more attractive offers in other banks, the idea of making a change arises. Whether you are with BBVA, CaixaBank or Banco Sabadell, this reflection can arise at any time. The best terms can include lower interest or free services, and this can be a big incentive for a switch.
Demystifying the Change Process
One of the main obstacles holding back many customers is the lack of knowledge about how to make the change. According to the Bank of Spain, the process has recently been simplified, which greatly facilitates the transition to a new banking entity.
Step by Step: How to Make the Change
The first step to take is to formalize the change request to the new bank. All account holders must explicitly communicate their intent. This procedure is carried out by asking the new entity to manage the transfer of the account from the current entity.
It is crucial to specify the date on which you want the change to take effect, which must be at least six working days after sending the necessary information.
Collaboration between Banking Entities
Once you have given the switch order, both the home bank and the new bank must work together to ensure an efficient transition process. This involves the exchange of relevant data between both entities, and you, as a customer, have the right to be kept informed of the status of your change.
Keeping Your Finances Unaltered
The usual operations you carry out with your account, such as direct debits or regular transfers, will remain intact during the switching process. The banking institutions will be responsible for managing these transactions to ensure that there are no interruptions.
How to Manage the Balance of Your Old Account
If you have an available balance in the account you wish to close, the originating bank will proceed to transfer it to your new account. However, it is essential to ensure that there are no outstanding debts as this could complicate the process.
Therefore, before making the request, check that there are no charges or defaults that could affect the balance transfer.
Free Account Change
One of the most prominent advantages of this process is that there is no cost involved in switching banks. The new regulations ensure that customers can take this step without having to worry about additional costs.
Thus, you have the freedom to select the bank that best suits your needs, as long as both entities operate within Spanish territory. This also applies if the change is made within the same financial services network.
