How to Switch Banks Easily: A Step-by-Step Guide

Have you decided to switch banks? Whether it’s to reduce your banking fees, because you’re moving, or because you took out a mortgage with another institution, you’re about to switch from one establishment to another, perhaps from a traditional bank to an online bank.

Bank switching processes, even though they have been simplified in recent years with the mobility mandate, still require knowing how to proceed. Discover in this article and in the infographic how to operate and succeed in your bank change.

How to change banks? Café de la Bourse answers you in 30 seconds

To change banks, simply open an account at the new establishment, then request the mobility assistance service. The new bank can then handle the transfer of recurring operations from the current account free of charge. The maximum timeframe is 22 business days. By contrast, savings accounts, loans, the PEA, the stock account, and life insurance follow different transfer rules.

3 reasons to change banks

Many reasons can (and should) push you to switch banks. We’ll highlight three main ones.

Prohibitive fees

A fee schedule that is too high can push an individual to switch banks. One might think of maintenance fees, but also the cost of the debit card, or the price of withdrawals and payments made abroad, for example—fees that can vary significantly between banks. Note that most online banks will offer very attractive prices for all these products or operations, and sometimes even free of charge.

An unsatisfactory product offering

The range of products offered by banks can still vary, even though today the online banks’ offerings are nearly identical to those of traditional banks, with a few exceptions. Traditional banks remain the reference for the breadth of savings and credit products, but more and more online banks now offer the same extended range of products. We will note the comprehensive offering of traditional banks in investment supports (PEA, CTO, PEA-PME), often matched by online banks, which also offer a much more developed suite of brokerage services, including access to a trading platform that allows technical and fundamental analysis, easy placement of stock orders, monitoring of investments, and also provides access to numerous educational and informational contents—tools and contents that are often missing on the traditional bank side, which can push some investors to want to change banks.

Service quality not up to par

Service quality is an important component of customer attachment to their bank. Simply having a dedicated advisor is not enough to be satisfied with one’s bank, as traditional banks tend to think. The client will also pay attention to the quality of the advice provided, the range of hours during which customer service is reachable, the online availability of educational and informative content such as simulators and explanatory sheets on investments, etc. And here, online banks stand out, as they aim to allow their clientele to find online all the content they may need, while remaining available by phone if needed, with extended hours.

How to change banks? Our infographic

Changing banks: is it difficult and what are the steps?

Since the Macron Law, switching banks is easy thanks to free and simplified procedures. Individuals can rely on the mobility assistance service established by the Macron Law (the Law for Growth, Activity and Equality of Economic Opportunities) in 2017 to facilitate their bank-switching process.

This scheme provides that all account transfer steps be carried out by the receiving bank. Thus, the new bank will handle informing your old bank and all organizations making automatic withdrawals from your account (taxes, electricity, phone, and Internet, etc.) as well as organizations making transfers to your current account (employer, social benefits, etc.). The steps to subscribe to this service are relatively simple. The client must provide the RIB of their old account to the new bank and sign a transfer mandate, and that’s all.

How to benefit from the mobility mandate to change banks?

The mobility assistance service, which greatly simplifies the steps involved in changing banks, is open to all individuals who request it in writing from their new bank. In this letter, you must request the cancellation of all standing transfers on your original account, specifying the end date of the standing transfers by the departing institution. Then, you should indicate whether you wish to close your original account, and if so, specify the date from which the positive balance of that account should be transferred to the new account.

Attention: the mobility mandate covers only deposit accounts and current accounts held by individuals for personal use. Business accounts are not covered. Note also that savings accounts such as passbooks, term accounts, etc. are not covered. None of these placements benefit from the mobility service, and the holder who wants to transfer them from one bank to another will have to carry out all the steps themselves.

How long does it take to change banks?

The implementation of the mobility mandate under the Macron Law has sped up bank-switching processes.

From the moment your mobility request is received by the receiving bank, both banks have 22 business days to complete all steps necessary for your bank change. Specifically, the new bank has 2 days to request from your old bank the information related to account usage over the last 13 months, information the old bank must provide to the new bank within 5 business days. The new bank then has 5 business days to inform the debit and credit issuers and other payers of the change. Finally, debtors and creditors have 10 business days to take note of these changes.

Changing banks: how much does it cost? What are the fees for a bank change?

Since 2005, closing a savings book or a current account is free. And with the Macron Law, using the mobility mandate is free. Transferring your current account to another bank will cost you nothing. Most often, changing banks is free. However, be aware that transferring certain investments may incur fees, as we will see later in this article.

Changing banks: which steps before opening a new account?

*Your capital is subject to risk. See conditions on the site.

Whichever type of bank you choose, in order to open an account, you will need to provide your new bank with a number of pieces of information:

• civil status;
• contact details;
• tax situation (composition of the tax household in particular but you will also need to indicate if you are a foreign resident, for example, or if you are an American taxpayer);
• possibly, the bank may request the estimated value of your individual wealth. Indeed, banks have the right to ask you for it under Article R561-12 of the Monetary and Financial Code which raises the vigilance obligation of banking establishments.

If you opt for an online bank, the latter will likely also require you to provide your income and your socio-professional category if it offers free cards with minimum income conditions.

You will also need to be able to justify the information you have communicated to your bank, which will require a proof of identity, a proof of address and a proof of income if the free use of your means of payment depends on it.

All that remains is to sign your contract!

Attention: before signing, be sure to verify that the bank indeed offers the banking products you want (PEA if you want to invest in the Stock Market, for example), that the services offered suit you (most online banks do not allow cash deposits into your account; if you do this regularly, this type of provider is not recommended). Above all, check that the prices are attractive. Take the time beforehand to consult the tariff brochure in force.

Note: in the case of an online bank, switching banks is 100% online and contract signing is electronic.

The bank, after processing this information, will send you your new RIB and your new means of payment: a checkbook and a debit card. If your new bank is an online bank, this RIB will be used to make the first transfer that will activate your account. You will indeed need to fund your new current account with an initial deposit of a few hundred euros.

Then, regardless of the type of bank chosen, your means of payment will be provided to you, either sent to your home, or available for pick-up at the bank branch.

Online bank comparison: which is the best online bank?

Discover our online bank comparison with the main fees to know and the current promotional offers for each of the online banks existing in France.

Top online bank	Annual fees and current offers	View offers
	Up to €280 offered and first month of subscription free* €60 / year (first month of subscription offered) Free cash withdrawals in the euro zone Includes insurance
	Up to €280 offered* 3 plans at €36/year, €72/year and €144/year Fees on withdrawals and purchases abroad vary by plan Insurance and guarantees vary by plan
	Up to €280 offered (until 12/10/26)* 0€/year (Hello One card) subject to card usage otherwise €72 €6/month (Hello Prime card) Free cash withdrawals at Cash Services ATMs, BNP Paribas and subsidiaries with Hello One and free purchases and withdrawals abroad with Hello Prime Insurance included with Hello Prime
	Up to €250 offered + free card (until 31/12/26)* €0 / year Make 1 card operation per month otherwise €3/month, €9/month or €50/quarter depending on the card, Card with no income requirements for the Fosfo Mastercard* Gold and World Elite subject to income conditions (€2,200 for Gold and €4,000 for World Elite) Withdrawal abroad: no fees on all card payments and withdrawals worldwide Insurance and guarantees vary depending on the card chosen
	Up to €160 offered + free card* €0 / year or €118.80 for Metal card Make 1 card operation per month otherwise €5 / month for Welcome card, Make 1 card operation per month otherwise €9 / month for Ultim card / €2,400 net monthly income or €6,000 in balance for Ultim Debit €6,250 net monthly income or €10,000 balance for Metal Debit Withdrawal abroad: 1 free per month for Welcome and 1.69% beyond / 3 free per month for Ultim and 1.69% beyond Unlimited free withdrawals for Ultim Spending abroad without fees for all cards

*See site for conditions.

Neo-bank comparison: which is the best neobank?

Discover our neobank comparison with the main fees to know and the current promotional offers for neobanks targeting individuals selected by Café de la Bourse.

Top neobank	Annual fees and current offers	View offers
	One account for everyone in 5 minutes*
	Spend or transfer money abroad without fees*
	Free card + no opening or maintenance fees*
	Discover the free and paid offer of Sumeria (formerly Lydia)*

*See site for conditions.

Traditional bank comparison: which is the best network bank?

Discover our comparison of traditional banks with the main fees to know and the current promotional offers for network banks selected by Café de la Bourse.

*See site for conditions.

Bank account transfer: how to move from one bank to another and succeed in banking mobility?

It’s not enough to have a new bank account to change banks. If you want to switch banks and not just open an additional account, you must proceed with the account transfer, which must occur before closing your old account.

Concretely, this means informing all organizations that make automatic withdrawals or automatic transfers from or to your account and communicating your new banking details to them. Once cumbersome and complicated, these steps are now facilitated by the mobility service mentioned above. The receiving bank handles notifying your creditors and debtors. Using this service does not exempt you from vigilance. Indeed, your new bank will share your banking details with organizations that performed transactions on your account in recent months. But if, for example, you have provided your details to the CAF but did not receive benefits, and your personal situation changes and you are later eligible for benefits, then your new bank, seeing no activity from that actor, will not have notified it.

With the mobility banking service, your new bank will inform you of the organizations it has contacted; verify that nothing has been overlooked.

Also be careful not to forget to transfer recurring withdrawals from organizations that do not use your RIB but rather your card details, such as Netflix or Amazon, for example.

What steps should you take to close your bank account?

To close your bank account, it is not enough to empty the funds on your old account; you must submit a proper closing request to your previous bank. Indeed, zeroing the account does not shut it. It will be considered an inactive account and you will very likely incur maintenance fees, around €30 per year.

You will therefore need to submit a closing request and return your means of payment, either by registered letter or by dropping off your letter directly at your branch. If there is money left in the account, attach the RIB of your new bank to your closing request so that the remaining funds can be transferred to your new account.

Bank change: which banking products are transferable?

The bank change does not concern only the current account, and it is important to know which banking products are transferable or not.

Can you transfer a Livret A and other savings accounts?

Thus, regulated savings products (Livret A, LDDS, LEP, PEL, etc.) can be transferred from one establishment to another. However, a person can own only one of each type of envelope. It is therefore not possible to have a Livret A in Bank X and another in Bank Y. Also note that some products, such as the PEL, are transferable but such a transfer often incurs fees. You will therefore usually have to pay a few tens of euros to the bank you are leaving.

Note that savings accounts are not transferable. You will need to close your Livret in your old bank and open a new one in your new bank.

Can you transfer a consumer loan? Can you transfer a mortgage?

The transfer of mortgages and consumer loans is simply impossible and is indeed a major brake on changing banks. Indeed, the mobility law does not provide the possibility to switch banks with an existing loan.

You will therefore need the new bank to buy back the loan from the old bank, and it is not obliged to do so.

Can you transfer a PEA, a PEA-PME or a securities account?

Regarding your stock investments, PEA and PEA-PME as well as a securities account are transferable without difficulty. It is necessary, however, that the receiving bank offers these envelopes and agrees. This is not always the case with neobanks and some online banks.

Beware, during the transfer of a PEA, a PEA-PME or a securities account, you will not be able to conduct transactions. It is therefore better to settle the most speculative lines that could cost you if the transfer lasts. It will also help reduce transfer costs. Indeed, transferring a PEA, a PEA-PME or a securities account is costly: fixed fees can be supplemented by line charges. Since the Pacte law, PEA transfer fees are capped at €150.

Can you transfer life insurance?

Also note that your life insurance contract is not transferable… or almost! The Pacte law indeed allows the transfer of a life insurance contract provided it is with the same insurer and the new contract is more recent than the old one.

If you want to transfer an old contract from a traditional bank to a new one with an online bank or broker, with a different insurer, it is impossible. To switch, you will need to make withdrawals from your old contract, close it, and open a new one. Before resorting to this solution, be mindful of the tax advantages for holding that you might have. The interest on a life insurance contract of more than 8 years with more than €150,000 in balance is taxed at 24.7% compared to 30% (the famous Flat Tax) for a contract under 8 years. After 8 years, you also benefit from a €4,600 allowance for a single person and €9,200 for a couple, applied each year on withdrawal gains. You should carefully consider this tax advantage before closing your contract! But tax should not cause you to overlook the return on the investment; a higher-taxed contract that earns is better than a lightly taxed contract that loses.

Changement de banque : quels produits bancaires sont transférables ?

All of our information is, by nature, generic. It does not take into account your personal situation and does not constitute personalized recommendations for the execution of transactions, nor can it be considered financial investment advice, nor any inducement to buy or sell financial instruments. The reader is solely responsible for using the information provided, and no recourse against the publisher Cafedelabourse.com is possible. The liability of Cafedelabourse.com cannot be engaged in case of error, omission, or ill-timed investment.