caitlin-doughty-umziehen-an-die-ostkueste
caitlin-doughty-umziehen-an-die-ostkueste
caitlin-doughty-umziehen-an-die-ostkueste
Stress-Free Moving: How to Successfully Change Banks with GMS AG
A move is often associated with a lot of stress. Proper preparation is crucial for a smooth bank transfer. Need support in planning your move? Contact us for personalised advice and find out how we can assist you. More information can be found here.
The topic short and concise
A move is often associated with a lot of stress. Proper preparation is crucial for a smooth bank transfer. Need support in planning your move? Contact us for personalised advice and find out how we can assist you. More information can be found here.
A move is often associated with a lot of stress. Proper preparation is crucial for a smooth bank transfer. Need support in planning your move? Contact us for personalised advice and find out how we can assist you. More information can be found here.
A move is often associated with a lot of stress. Proper preparation is crucial for a smooth bank transfer. Need support in planning your move? Contact us for personalised advice and find out how we can assist you. More information can be found here.
Planning a move and looking to switch banks? Discover how GMS AG and their right services can help you make the account switch easy and efficient.
Planning a move and considering switching your bank? A bank switch can be a challenge, especially when relocating at the same time. At GoMovin, we understand the complexities of international moves and offer comprehensive support to make your move as smooth as possible. This also includes facilitating your bank switch. In this article, you'll learn how with the support of GMS AG and the right services, you can make the account switch simple and efficient.
A bank relocation is often more than just a formality; it's a crucial step to ensure that your finances are optimally managed in the new environment. Whether you're relocating for professional reasons or planning a fresh start, choosing the right bank and transferring your accounts smoothly is vital. We'll show you which aspects to consider to make the account switch stress-free and how companies like GMS AG can play a role in this process.
This article offers you detailed guidance, valuable tips, and an overview of various account switching services to make your bank relocation as easy as possible. We highlight the legal foundations, introduce you to automated solutions, and provide you with a step-by-step guide. This way, you're well-equipped to successfully manage your account switch and fully focus on your new chapter. Learn more about our services in the area of relocation support.
Switching accounts easily thanks to the Payment Accounts Act (ZKG)
The Payment Accounts Act (ZKG) forms the legal basis for a smooth account transfer. It sets out the obligations of the old and new bank and defines clear deadlines for data transfer. The law gives you the right to assistance with the account transfer, which significantly simplifies the entire process. Since September 2016, banks have been required to cooperate during a bank switch, including providing 13 months of transaction history and notifying payment partners, as test.de reports.
There are two main types of support: the statutory switching assistance and the digital switching service. The switching assistance is the legally mandated support, while the switching service provides a digital, often faster alternative. Many banks offer both options. The digital service is generally quicker but requires more personal responsibility for data verification. The statutory switching assistance is better suited if you are unsure about your financial flows, as Finanztip explains. Deutsche Bank, for instance, offers a digital account switching service and a more comprehensive relocation service for broader financial products.
If errors or delays occur, banks are liable. You are entitled to compensation for reminder fees or other financial losses resulting from bank errors. Therefore, it is important to document all steps and communications. The statutory deadline for data transfer is twelve business days, although postal delays can occur. The new bank must request the data within two business days, and the old bank has five business days to provide them. This also includes transaction history for the past 13 months.
Account Switch Services: Automation Saves Time and Effort
Digital account switching services like Qwist, Fino, and Kontowechsel24 automate the account switching process by analysing your transaction data and automatically notifying your payment partners. These services typically require a digital signature to authorise the process. The DKB, for example, offers a fully automated service via Qwist designed to complete the account switch in under 10 minutes. There is also a manual option for those who do not want to connect their old bank details online.
The advantages of these automated services are time savings and convenience. However, it is important to carefully check the data transferred and manually update if necessary, especially with companies like Amazon or iTunes. Despite the automation, a certain level of personal responsibility is necessary to ensure that all information is accurate. The GLS Bank offers a comprehensive service with an account switching package that includes confirmations, transfer logs, and templates for self-notification. Additionally, GLS Bank supports the statutory account switching assistance in accordance with §§ 20 ff. Payment Accounts Act.
Some examples of account switching services include:
DKB: Fully automated service via Qwist, manual option available.
GLS Bank: Comprehensive service with account switching package and support under §§ 20 ff. Payment Accounts Act.
Deutsche Bank: Digital service and relocation service for more comprehensive financial products.
Sparkasse:Relocation service for accounts, securities, savings contracts, and insurance.
These services significantly ease the process of moving banks by reducing administrative effort and ensuring all relevant parties are informed of your new bank details. However, it is advisable to carefully check the data and manually correct it if necessary to ensure the account switch runs smoothly. Our relocation planning experts are happy to assist you.
Switching banks in 3 steps: Ensuring a smooth transition
A successful bank switch requires careful preparation, execution, and follow-up. Here is a step-by-step guide to help make the process smooth.
Preparations for switching banks
Create a checklist to ensure all necessary steps are considered. Choose a new bank and open an account there. Gather information about your existing payment partners and have your account statements from the last 13 months ready. Finanztip recommends reviewing all transactions from the last 13 months to ensure no significant payment partners are overlooked.
Executing the account change
Use your new bank's switch service or apply for switch assistance. Fill out the necessary forms and sign them. Inform your old bank about the upcoming account change. For example, Deutsche Bank offers a digital account switch service that simplifies this process. Stiftung Warentest highlights that while the automated service is faster, a thorough check of the data is required.
Follow-up after switching banks
After the bank switch, check all data for accuracy. Review your standing orders and direct debits to ensure everything has been transferred correctly. Close your old account, ideally after a transition period of about three months. GLS Bank recommends only closing the old account after about three months to ensure all payments are correctly redirected. With this guide, switching banks becomes a breeze.
Depot transfer and debt restructuring: Handling special cases
When switching banks, there are some special cases that require particular attention. These include handling securities accounts and fixed-term deposit accounts, as well as debt restructuring.
Handling of Securities Accounts and Fixed-Term Deposit Accounts
The transfer of securities accounts is generally free of charge and takes about two to three weeks. Fixed-term deposit accounts usually cannot be terminated early unless there is an emergency. An early termination often involves loss of interest and fees. Therefore, be sure to thoroughly check the terms of your fixed-term deposit accounts in advance. For instance, the savings bank offers a moving service that includes the transfer of securities and savings contracts.
Debt Restructuring as Part of Bank Switching
Debt restructuring involves taking out a new loan to pay off an old one. The early repayment of the old loan can incur a prepayment penalty, which is, however, limited to a maximum of 1% of the remaining debt. Compare the terms of different loan providers to find the best option for your situation. Finanztip points out that banks should not assess instant access savings and fixed-term deposit accounts with credit scores from the credit bureau.
Problems with the Account Switching Service and Their Solutions
If there are problems during the account switch, it is important to document all steps and contact the bank. If necessary, file a complaint with BaFin. Stiftung Warentest recommends running the old and new accounts in parallel to ensure that all payments are processed correctly. By taking these special cases into account, nothing stands in the way of a successful bank switch.
Secondary Account or Fintech: Alternatives to a Complete Bank Switch
A complete bank switch is not always the best solution. There are alternatives that allow you more flexibility and control over your finances.
Opening a secondary account
A secondary account offers flexibility and diversification of risk. You can use it for specific purposes without putting a strain on your main account. However, a secondary account also means double the effort for account management. Weigh the pros and cons carefully before deciding on a secondary account. It can be particularly useful if you regularly receive or make payments in another currency.
Utilising fintech solutions
Fintech companies offer additional services without requiring you to switch banks. These include payment services and budgeting tools. These solutions can help you better manage your finances and benefit from innovative technologies. Many fintech companies also offer mobile apps that provide quick and easy access to your accounts.
Keeping an account with the old bank
It may be sensible to keep the account with the old bank for specific purposes, such as existing loans or securities accounts. This way, you avoid unnecessary hassle and ensure all existing contracts continue smoothly. This is particularly advisable if you have long-term contracts with your old bank that are difficult to transfer. By using these alternatives, you can make your bank move more flexible and tailor it to your individual needs. Our relocation planning experts are happy to advise you in choosing the best option.
GMS AG: Pay attention to warnings in the context of financial restructuring and relocation
In the context of moving house and switching banks, it is important to be aware of fraudulent offers in the financial restructuring sector. Although GMS AG is a global company focused on customer experience and efficiency, there are warnings related to unscrupulous financial intermediaries connected to the company.
The role of GMS AG in the financial services sector
GMS AG is a globally present company focusing on customer experience and efficiency. It provides solutions for businesses, mobile operators, and partners. The GMS AG has its headquarters in Switzerland and branches in Ukraine, Pakistan, Poland, and the UAE. It is important to note that GMS AG is not itself a financial restorer but operates a network of financial intermediaries.
Warning about unscrupulous financial intermediaries
There are warnings about bait offers of quick loans that turn out to be costly financial restructurings. These offers often involve advance payments without any actual loan provision. The Swiss Complaints Centre warns against such practices and advises caution. There is a connection to people such as Günther Dennis and Günther Ulrich with changing company registrations. Be especially cautious if you receive such offers in connection with your moving house and switching banks.
Legal aspects and recommendations for those affected
If you have fallen victim, report to the police and document all communications and payments. Seek advice from reputable debt counselling services such as Caritas Switzerland. The Swiss Complaints Centre recommends contacting an official advisory body in the case of fraudulent offers from financial intermediaries. Be vigilant and protect yourself against such offers, especially in connection with your moving house and switching banks. At GoMovin, we value transparency and integrity and are happy to assist with any questions you may have about your move.
Successfully complete a bank switch: How to avoid pitfalls
A successful bank switch can offer you many advantages, from better terms to increased flexibility. However, it is important to avoid pitfalls and plan the process carefully.
Summary of Key Points
Understand the legal basics, particularly the Payment Accounts Act (ZKG). Use your new bank’s account switching service, but check all data carefully. Pay attention to special cases such as securities accounts and loans. Consider alternatives to a complete bank switch. Finanztip emphasises that careful data verification is crucial for a smooth account switch.
Outlook on Future Developments
Automation will continue to increase, data security will be enhanced, and customer focus will become more central. Technological advancements will make the bank switch even easier and more efficient in the future. It remains important to stay informed about the latest developments and choose the best options for your individual needs.
Final Recommendations
Plan your bank switch carefully and communicate transparently with both your old and new bank. Pay attention to details and verify all information for accuracy. With careful preparation and execution, nothing stands in the way of a successful bank transfer. By following these recommendations, you can make your bank switch stress-free and successful. We at GoMovin are happy to assist you in making your move and bank switch as smooth as possible. Contact us today to learn more about our services. Arrange a consultation now and let us plan your move together. Contact us.
Further useful links
Finanztip offers extensive information and advice on switching banks, including legal aspects and practical tips.
Stiftung Warentest examines how well the relocation service at banks works and provides guidance on a successful account transition.
Deutsche Bank offers a digital account switching service and a more comprehensive relocation service for broader financial products.
DKB provides a fully automated service via Qwist, aimed at completing the account switch quickly.
GLS Bank offers a comprehensive service with an account switching package and supports the statutory account switching assistance.
Sparkasse provides a relocation service for accounts, securities, savings contracts, and insurances.
GMS AG is a global company headquartered in Switzerland, focusing on customer experience and efficiency.
Reklamationszentrale Schweiz warns against dubious financial reconstructors in connection with GMS AG and offers recommendations for those affected.
FAQ
What are the biggest challenges when changing banks during a move?
The biggest challenges are the administrative effort, coordination with the old and new bank, informing all payment partners, and complying with legal deadlines.
How does GoMovin assist with a bank change as part of a move?
GoMovin offers comprehensive support in planning and carrying out your move, including information and tips for changing banks to make the process as smooth as possible. We work with reputable partners to provide you with the best service.
What role does the Payment Accounts Act (ZKG) play in changing accounts?
The Payment Accounts Act (ZKG) sets the obligations of the old and new bank and defines clear deadlines for data transfer. It gives you an entitlement to support when changing accounts.
What are the advantages of digital account change services?
Digital account change services like Qwist, Fino, and Kontowechsel24 automate the account change by analysing your transaction data and automatically notifying your payment partners. This saves time and effort.
What should I do if problems occur during the account change?
Document all steps and communications. Contact the bank and, if necessary, file a complaint with BaFin. Operate the old and new account in parallel to ensure all payments are processed correctly.
What should be considered regarding GMS AG in the context of financial restructuring and moving?
Be vigilant against dubious offers in the area of financial restructuring that could be related to GMS AG. While GMS AG itself is a global company, there are warnings about dubious financial restructurers associated with the company.
How can I protect myself from unscrupulous financial restructurers?
Report to the police if you have become a victim, and document all communications and payments. Seek advice from recognised debt counselling centres such as Caritas Switzerland.
What alternatives are there to a complete bank change?
You can open a secondary account or use fintech solutions to access additional services without having to change your bank. It may also be sensible to retain your account with the old bank for certain purposes.
