How to Change Your Bank Account in 5 Simple Steps

Changing your bank account might seem complicated, but by following the right steps, it's a simple and quick process. Whether you're looking for better conditions, more efficient service, or an offer that better suits your needs, this guide will walk you through the process step by step.

If you want to switch to a more affordable account, compare current account offers in Switzerland now.

Step 1: Compare the offers

The first and most important phase is research. Before closing your old account, you need to find an alternative that better aligns with your needs. Analyze management fees (Full Guide to Current Account Costs in Switzerland), interest rates (if applicable, as with savings accounts), app quality, and branch availability. Use our comparison tool to get a full overview of the options available on the market.

Step 2: Open the new account

Once you have identified the right account for you, proceed with opening it. Most online and traditional banks offer a simple and fast opening process. Generally, you'll just need to fill out an online form with your personal details, provide the necessary documents (like a valid ID and, in some cases, proof of income), and complete the identity verification. In many cases, the entire process can be finalized in a few minutes.

Step 3: Transfer the money

Once the new account is active, it's time to move your funds. You can do this via a bank transfer from your old account to the new one. Make sure you don't leave a negative balance on the account you're about to leave, but transfer all the money you want.

Step 4: Update your bank details

This is one of the most important steps to avoid problems. Make sure to update your new bank details (IBAN) with all entities and people who regularly send or receive money from you. This includes salaries, bills, subscriptions, automatic payments, and any other recurring transactions. Make a list of all these payments so you don't forget any.

Step 5: Close the old account

Once all funds have been transferred and recurring transactions have been updated, you can proceed with closing the old account. Contact your old bank and ask for the exact procedure. The request can be made online, via email, or at a branch, depending on the institution. Don't forget to request a closure confirmation to be sure the process has been completed. Before doing so, ensure there are no pending payments or debits yet to be recorded.

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