Switching banks can be easy

When was the last time you changed your phone operator? What about a bank?

Probably most have switched to telecom operators more often than to their bank. Finns are notoriously quick to change their bank , and it has not always been made easy for customers.

However, loyalty is not worthwhile in this regard, and it is worth comparing the options carefully, as with all other products and services. Banks are not a special case.

Banks actually rely on people not changing banks or comparing products, even though comparing bank loans , for example, is worthwhile . The critical deals, comparative and competitive consumers will receive the best deals.

The consumer should bear in mind that centralization can bring benefits. 

Because people do not compare but remain clients of the same bank for life, there is no need to reward loyal customers to the extent that banking loyalty would pay off.

Changing your bank is easy to follow

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Especially recently, Finns have been hearing a lot of news from the banking world, some of which has been pleasant and some has not. However, taking the next step, changing your bank instead of complaining, is often perceived as overwhelming.

Unnecessarily

Firstly, the transfer of basic banking services (such as an account) is free and there is a time limit of seven banking days for transfers. So switching a bank can also be really easy with a little preparation. We have instructions for changing your bank, whether you did it yourself or let the bank handle it for you. Both succeed!

  1. Do research, compare banks and their product range and services, and choose the one that suits you best. Who has the best credit card or customer service for your situation? Think about what services you want to associate with your account. Do you also want to transfer your loans and savings? Often the whole package is moved.
  2. Make a power of attorney authorizing the new bank to complete the change. The credentials will provide the account numbers you wish to transfer to the new bank. You can also authorize the bank to close your old account. Do not do this too quickly, as the transfer of direct debit information is not always at your fingertips.
  3. At this point, the issue is settled between the banks. They exchange information (including lists of regular payments to be made from accounts named in the proxy).
  4. Make a receipt for e-invoices in your new online bank.
  5. Some banks also take care of providing the new account number on behalf of the customer, for example to the tax authorities and the payer.

What do the banks not do for the customer?

  • Possible SEPA direct debits (Single Euro Payments Area) must be transferred by the customer. SEPA is a direct debit service for euro invoices in the euro payments area, which is rare in Finland.
  • Archived data will not be transferred. For example, you might want to print or save online statements.
  • E-invoices do not move from one bank to another.
  • The bank usually provides instructions on how to deal with these cases.

This is how you change your bank yourself

This is how you change your bank yourself

  1. Do research, compare banks and their product range and services, and choose the one that suits you best. Who has the best credit card or customer service for your situation? Think about what services you want to associate with your account. Do you also want to transfer your loans and savings? Often the whole package is moved.
  2. You will receive a new account number and debit cards. Discard old payment cards only after you have received new ones.
  3. Receive e-invoice receipt notifications in your new online bank
  4. Tell everyone who pays for your account your new account number and bank connection. Such benefits include salary, tax refunds or pension. So remember to tell your tax authorities or your employer!
  5. Also inform those you pay for. If you receive e-invoices or have a direct debit agreement, please let them know your new account number. Some banks like Nordea also transfer direct debits and recurring payments.
  6. Don’t close your old account right away as it can take time for your bank to transfer.

New bank, new account number – at least not yet

New bank, new account number - at least not yet

The customer still receives a new account number when switching banks, but this may change within a few years from the EU. In this sense, switching banks is still a very similar process to switching from a telecommunications operator years ago, when switching also meant a new number.

As long as banking comparisons and competitive tendering become as commonplace as telecoms operators, it will certainly become even simpler! We help you with bigger and smaller financial issues by comparing bank loans and credit cards for you.