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Account Switching

What is it?

Account Switching is a free service designed for individual Clients and microenterprises. It allows you to transfer your bank account from one bank to another — for example, from your current bank (Transferring Bank) to BAI Europa, S.A. (Receiving Bank), or vice versa — provided that both banks are headquartered or have a branch in Portugal, and that the accounts are denominated in the same currency.

What does this service allow?

With Account Switching, the Client can:

  • Transfer direct debits (such as payments for water, electricity, telecommunications, insurance, etc.) and standing orders to the new account;
  • Request the necessary information from the previous bank to carry out the switch securely;
  • Transfer the balance from the old account to the new one;
  • Close the old account, if desired.

This process involves the exchange of banking and personal information, the redirection of recurring debits/credits, and, if requested, the closure of the previous account.

How does it work?

  • 1

    Authorisation

    The Client must complete and sign an authorisation form (signed by all account holders) and submit it to the Receiving Bank.

    Upon receiving the request, the Receiving Bank, within 2 (two) business days, will ask the Transferring Bank to:

    • Provide the list of standing orders and direct debit authorisations;
    • Make available information on transactions from the past 13 months;
    • Stop direct debits/credits to the old account (if no automatic redirection is possible);
    • Cancel standing orders;
    • Transfer the positive balance and close the account, in accordance with the date indicated by the Client.
  • 2

    Actions of the Transferring Bank

    Upon receiving the request, the Transferring Bank has up to 5 (five) business days to:

    • Send the requested information to the Receiving Bank and the Client;
    • Cancel standing orders and direct debit authorisations, effective from the indicated date;
    • Transfer the positive balance to the new account;
    • Close the account, provided there are no outstanding liabilities;
    • Stop accepting direct debits/credits from the indicated date.
  • 3

    Duties of the Receiving Bank

    The Receiving Bank, within 5 (five) business days after receiving the information from the Transferring Bank, must:

    • Execute standing orders and credit transfers from the date agreed with the Client;
    • Prepare to accept direct debits authorised by the Client;
    • Inform the Client about their rights under this service;
    • Communicate the new banking details (e.g., the new IBAN) to entities issuing debits or making regular transfers;
    • Request additional information, if necessary;
    • Provide template letters containing the new account details, in case the Client prefers to handle the communication directly.

How to request the service?

The request to activate the Account Switching service must be made in writing by the account holder(s) using a specific form, submitted to the bank where you want your account to be transferred. In the case of accounts with more than one holder, the form must be signed by all holders.

The form can be:

 

You can view and download the form directly here.

Documentation

For more information, see the documents below:
download Information - Account Switching Service
download Form - Account Switching Request

Comissions

Account Switching is free of charge. Banks do not charge fees for providing this service. However, additional services (such as specific transfers or document issuance) may be subject to fees.

Please refer to the BAI Europa, S.A. Price List for more information.

Dispute Resolution

In the event of disputes related to this service, you may resort to out-of-court dispute resolution mechanisms, such as:

  • Catholic University Arbitration Center

  • Lisbon Consumer Conflict Arbitration Center

  • Bar Association Arbitration Center

 

You can obtain more information about the Account Switching service at our branch or on the Bank Customer Portal.

Need more information?

If you can’t find what you’re looking for, please contact us or consult our FAQs.

As a rule, the process takes up to 12 business days, in accordance with the timeframes established by the Bank of Portugal.

During the process, the bank helps ensure that all direct debits are correctly transferred. However, it is important to monitor and confirm with service providers that the updates have been made.

Yes, provided that the process is not yet completed. To do so, contact the bank as soon as possible.

Yes. If requested, the available balance will be transferred to the new account at BAI Europa, S.A., on the date you specify. This operation is free of charge for consumers or micro-enterprises.

You can choose to keep it or close it. If you request closure, the old bank will handle it after completing the transfer of services.

No. In this case, BAI Europa, S.A. notifies the providers of your direct debits. However, it is recommended to confirm with the providers that the information has been updated correctly.

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