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Switching Service

The Switching Service helps account holders switch to another bank. This service mainly takes care of transferring payments to the new bank. Incoming payments and direct debits are automatically forwarded, and payers and collectors are automatically informed of the new IBAN.

What is the Switching Service?

The Switching Service is a joint initiative of Dutch banks and is coordinated by the Dutch Payments Association. Through this free service, incoming payments and direct debits for the old payments account are automatically forwarded to the new payments account of the person switching for 13 months. In addition, Dutch payers and collectors are automatically informed of the new IBAN of the person switching payments accounts when a payment or direct debit is made to the old payments account.

Please note: A payer or collector may ignore the information from the Switch Service about the new IBAN of a person switching payments accounts, such as the Tax and Customs Administration. In that case, the person switching payments accounts must provide their new IBAN to that payer or collector themselves.

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Who is the Switch Service for?

This service is available to private individuals and business account holders who want to switch their payments account to another Dutch bank. The person switching must first open a new payments account with another bank.

How does it work?

  1. You open a new payments account with another bank.
  2. You submit an application for the Switch Service to the new bank.
  3. Transfers and direct debits for the old payments account are automatically forwarded to the new payments account.
  4. Payers and collectors are automatically informed of the IBAN of the new payments account.
  5. The Switching Service runs for 13 months, giving you enough time to arrange anything that the Switching Service cannot do, such as transferring scheduled recurring transfers and personal security limits.

Advantages

  • Security: incoming payments and direct debits continue as normal.
  • Convenience: less work involved in adjusting direct debits and transfers.
  • Time: 13 months to transfer any remaining items.
  • Free: the service is free of charge for those switching accounts.

What should someone switching accounts pay attention to?

  • After a few months and after 12 months, check whether all monthly and annual direct debits (e.g., for gas and electricity) and regular incoming transfers (such as wages and other periodic payments) have been automatically adjusted to the IBAN of the new payments account.
  • Please note: after 13 months, any remaining payments and direct debits for the old payments account will automatically stop being forwarded.
  • Close the old payments account if it is no longer needed.

Summary & next steps

The Switch Service makes switching to a new payments account considerably easier. Incoming payments and direct debits for the old payments account are automatically forwarded to the new payments account. The person switching has more than a year to arrange any remaining matters, and it is completely free of charge.