Changing the bank for your account
Ahorro e Inversión I May 21, 2021
Changing the bank where you have your account has become a much simpler and faster process since new regulations were introduced on the transfer of payment accounts.
Although to date customers had to bear the costs of all the arrangements when they wanted to change their account from one bank to another, the new law forces financial institutions to undertake this service, and they must ensure that transfer of a bank account is effective and agile.
If you want to change your bank account to Santander, and still don't know how to carry out the transfer process, read on for all the details.
In 2017 the government approved Royal Decree-Law 19/2017 of 24 November on basic payment accounts, transfer of payment accounts and comparability of commissions, in order to transpose the contents of an EU Directive (Directive 2014/92/EU of the European Parliament and of the Council of 23 July 2014) introducing new regulations in these three areas into Spanish law.
For the introduction of the section pertaining to the transfer of accounts between banks, it was necessary to wait for an Order by the Ministry of Economy and Business to be approved, and this finally occurred in 2019 (Order ECE/228/2019 of 28 February). This implements the procedure for transfer of accounts, the main element of which states that this, in any case, will be free for the customer.
The first thing you have to do if you wish to change your current account to another bank is to contact your current bank and request a transfer. If you share an account with another person, any of the accountholders can send the request, but all the accountholders will have to sign the document to make the request.
Your bank must then provide you with a form to request the transfer of your account, and this will inform you as follows:
The request form you will have to fill in will specify:
Remember that this process will be free for both you and your new bank.
If you are going to change your account to Banco Santander, it will undertake the role of reception payment service provider. When we receive your account portability form at Santander, there will be a period of two business days to request the following information from your old bank:
When Banco Santander receives all this information from your old bank, it will have five business days to:
And what will your old bank do meanwhile? Within five business days, after receiving the request from Banco Santander:
You should know that your old bank cannot block your means of payment (such as credit or debit cards) before the date you have stated in your request. Remember that this requires express cancellation.
It may happen that you wish to change to another bank, but you still have a mortgage ongoing with your current bank. In these circumstances, you can change the mortgage as long as your new bank makes you an offer to subrogate the mortgage.
With this binding offer you will notify your current bank, and request a certificate of the amount pending on the mortgage loan, which must be delivered within 7 days. You will then have to wait 15 days to formalise the subrogation. You may then continue with arrangements for the mortgage, and when these have been completed you will start to pay the monthly instalments at your new bank.
As with a mortgage, you can
also change your account to Banco Santander even if you have a loan at another
bank. You will have to ask Santander for a loan refinancing service.
Through this process, our team of advisers will draw up a study of your financial profile, and if financing is approved, the bank will provide the money required to cancel your loan with your old bank. You will then start to repay the new loan to the bank, through your new account at the bank.
Another possibility which may interest you is changing your salary or pension payments to Banco Santander. The only thing you have to do is notify your company of the number of the new account where you want the salary to be deposited. If it is a pension, you must inform social security of the new bank account either in person or telematically.
If you only wish to change the bills you had been paying from another bank to Santander, the procedure is even simpler. You have two options to change the payment of bills:
Changing your account to another bank is a simpler
process now. The new legislation is on the consumer's side to make this process as agile as possible. You can access the account change form and start the process immediately. Find out at your nearest Banco Santander branch about the conditions and characteristics of the services we offer. Consult your options and Santander's offer of bank accounts.
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