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Stress-free moving: Here's how to switch banks and manage payouts smoothly!
Moving house is exciting enough. Don’t burden yourself further with a complicated bank transfer and unclear payments. With our tips and tricks, a smooth transition can be achieved. Find out how to manage your accounts optimally and what rights you have as a consumer. Do you need personal support with your move? Contact us for personalised advice!
The topic short and concise
Moving house is exciting enough. Don’t burden yourself further with a complicated bank transfer and unclear payments. With our tips and tricks, a smooth transition can be achieved. Find out how to manage your accounts optimally and what rights you have as a consumer. Do you need personal support with your move? Contact us for personalised advice!
Moving house is exciting enough. Don’t burden yourself further with a complicated bank transfer and unclear payments. With our tips and tricks, a smooth transition can be achieved. Find out how to manage your accounts optimally and what rights you have as a consumer. Do you need personal support with your move? Contact us for personalised advice!
Moving house is exciting enough. Don’t burden yourself further with a complicated bank transfer and unclear payments. With our tips and tricks, a smooth transition can be achieved. Find out how to manage your accounts optimally and what rights you have as a consumer. Do you need personal support with your move? Contact us for personalised advice!
Simplify your move! Learn how to effortlessly organise switching banks and all payments. Get informed now and move stress-free!
Introduction: Moving, Changing Banks, and Payouts – A Comprehensive Guide
Overview of the Challenges of Changing Banks During a Move
Moving is often associated with stress and many tasks. An important aspect that should not be overlooked is the change of bank and organization of your payouts. Many people hesitate to take this step because they fear it is complicated and time-consuming. However, with the right preparation and information, you can make this process smooth. At GoMovin, we want to help make your move as stress-free as possible. This includes having your finances under control. With our services for international relocation, we support you comprehensively – from organization to legal advice. Learn how to organize the change of bank and all payouts seamlessly to simplify your move.
The importance of a smooth banking transition during a move
Common problems and how to avoid them
Why Changing Banks During a Move Can Be Beneficial
A move can be a good time to consider a change of bank. Perhaps there are banks in your new region with better conditions or a branch network that is more conveniently located for you. Adjusting to new life circumstances and regional offers can also be an important factor. Changing banks within a region can offer you better conditions and services that are more tailored to your needs. Take the opportunity to compare different offers and find the bank that best suits you. We support you in optimally managing the financial aspects of your move.
Adapting to new life circumstances and regional offers
Improved conditions and services
ZKG: Your rights when switching accounts are legally protected
Legal Foundations and Account Switching Service
The Payment Accounts Act (ZKG) and Its Impact
The Payment Accounts Act (ZKG), which has been in force since 18 June 2016, strengthens consumer rights regarding account switching. It grants you the right to a basic account and significantly simplifies the account switching process. Banks are obliged to inform you transparently about all fees before you enter into a contract. Since 31 October 2018, banks must inform you annually of the account costs incurred, enabling you to better compare prices. These legal regulations aim to ensure that you, as a consumer, are well informed and receive fair conditions. The Consumer Advice Centre of Lower Saxony offers detailed information on this.
Entitlement to Support from the Banks
Time Limits and Responsibilities of the Involved Banks
The Account Switching Service of Banks: An Overview
Most banks offer an account switching service designed to ease your transition to a new bank. This service can either be automated or manual. Automated services, such as those offered by Sparkasse and ING, manage many tasks for you, such as transferring standing orders and direct debits. Manual services require more initiative but offer more control over the process. A digital, voluntary account switching service is offered, for example, by Tomorrow in collaboration with Qwist. The Volksbank Raiffeisenbanken also offers such a service. Regardless of the option chosen, it is important that you understand how the different services work and how they differ, so you can make the best choice for your needs.
Functionality and Differences
Advantages and Disadvantages of the Different Options
Fees and Costs When Switching Accounts
According to the Finanzfluss Guide, it is prohibited to charge fees for account switching. The Payment Accounts Act stipulates that support for account switching must be free of charge. However, fees may apply if you use additional services beyond the standard offering. It is therefore important to inform yourself in advance about any potential costs and which services are free of charge. Pay attention to transparent fee information and use comparison opportunities to find the best terms. The Consumer Advice Centre of Baden-Württemberg provides useful information on this.
Transparent Fee Information and Comparison Opportunities
Free Data Transfer and Support
Bank change in 4 steps: Ensuring a smooth transition
Step-by-step guide to switching banks
Preparing to switch banks
Before you start the bank switching process, careful preparation is important. Take stock of your existing bank account connections. Identify all standing orders, direct debits, and credits that are operating on your old account. Create a list of all the payment partners who need to be informed of your new bank details. This includes, for example, your employer, insurance providers, landlord, and other institutions from whom you regularly receive or to whom you make payments. Good preparation is the key to a smooth account switch.
Identifying standing orders, direct debits, and credits
Creating a list of all payment partners
Choosing the new bank and opening an account
Compare various current accounts and offers to make the best choice for your needs. Consider fees, services, and regional factors. Think about whether an online bank or a branch bank suits you better. Online banks often offer better conditions, while branch banks have the advantage of personal consultation. Also, pay attention to the availability of ATMs and branches in your new region. The umziehen.de offers valuable tips on this.
Considering fees, services, and regional aspects
Online vs. branch banks: Which is better?
Conducting the account switch with the account switching service
Use your new bank's automated account switching service. Log in to your old and new accounts and follow the instructions. The account switching service usually handles the transfer of your payment partners and standing orders. Ensure all data is correctly transferred and check the information carefully. With some banks, such as ING, you are required to log into both your old and new bank accounts to initiate the transfer. Finanztip recommends using the switching service to inform payment partners.
Logging into the old and new account
Transferring payment partners and standing orders
Manual notification of payment partners
Even if you use the account switching service, it is advisable to manually notify your payment partners. Create templates and letters in which you communicate your new bank details. Provide all important information and deadlines. Ensure that you comply with data protection regulations and only pass on the necessary data. Some companies may ignore notifications from the account switching service, making a manual update necessary, as Tomorrow emphasizes.
Important information and deadlines
Considering data protection regulations
Moving notice: Address change ensures smooth payments
Special Considerations for Moving: What to Keep in Mind?
Address Changes and Reporting Obligations
Don't forget to notify your bank about your address change. Update your contact details to avoid issues with payments and transfers. A correct address is important to ensure you receive all essential bank documents and information. Inform your bank in advance of your move to ensure all processes run smoothly. This is especially crucial if you receive cheques or use other postal banking services. At GoMovin, we assist you with all the administrative tasks related to your move, so you can focus on what's important.
Updating Contact Details
Avoiding Issues with Payments and Transfers
Regional Differences and Bank Branches
Adapt to your new regional circumstances. Find out about the availability of branches and ATMs of your bank in your new area. Take advantage of local offers and services tailored specifically to your needs. A move can be a good opportunity to rearrange your banking and benefit from regional advantages. Check whether your bank is well-represented in the new area and whether there are alternative banks that might better suit your needs.
Availability of Branches and ATMs
Local Offers and Services
Vehicle Tax and Other Authorities
Remember to inform the main customs office of your new bank details if you pay vehicle tax. Set up a new SEPA direct debit mandate to avoid reminders and late fees. ING points out that a separate SEPA direct debit mandate must be submitted to the main customs office for vehicle tax. Other authorities must also be informed of your new bank details to ensure smooth transactions. At GoMovin, we support you in completing all the necessary formalities around your move.
Setting Up a New SEPA Direct Debit Mandate
Avoiding Reminders and Late Fees
Keeping an Eye on Financial Contracts: How to Transfer Credit Cards and Brokerages
Managing Existing Contracts and Finances
Credit Cards, Securities Accounts, and Fixed-Rate Deposit Accounts
Transfer or cancel existing contracts like credit cards, securities accounts, and fixed-rate deposit accounts. Inform your credit card providers separately about your new bank details. Consider the tax implications when transferring securities accounts. An early termination of fixed-rate deposit accounts can lead to losses. Finanztip advises checking the termination conditions for fixed-rate deposit accounts, as early termination can result in loss of interest. We at GoMovin help you keep track of your financial contracts and take the necessary steps.
Credit Cards: Separate notification and update
Securities Accounts: Account transfer and tax implications
Fixed-Rate Deposit Accounts: Early termination and potential losses
Loans and Overdrafts
Consider the possibility of refinancing and repaying loans. Compare loan offers and interest rates to find the best terms. Repay your overdraft before closing the account. Finanzfluss recommends settling the overdraft before closing the account, possibly through a personal loan with better interest rates. We at GoMovin are happy to advise you on optimizing your financial situation during your move.
Comparison of loan offers and interest rates
Repayment of overdraft before account closure
Avoiding Mistakes: How to Secure Your Account Switch
Common Mistakes and How to Avoid Them
Missed Notifications and Lack of Updates
Avoid missed notifications and lack of updates. Conduct double account maintenance for security. Regularly check your incoming and outgoing payments. It's advisable to run your old and new account in parallel for several months to avoid errors, as umziehen.de suggests. We at GoMovin help you keep track of all the important steps.
Double account maintenance for security
Regularly check incoming and outgoing payments
Issues with Direct Debits and Standing Orders
Avoid issues with direct debits and standing orders. Check the mandates and update the data. Contact your payment partners in case of problems. Ensure that all direct debits and standing orders are correctly transferred to your new account to avoid chargebacks and reminders. Finanztip notes that banks can be held liable for errors or delays during account switching.
Check mandates and update data
Contact payment partners in case of issues
Deadlines and Delays in Account Switching
Observe deadlines and allow sufficient time for account switching. Document all steps and communication with your bank. Contact your bank in case of problems and make use of complaint options. The Payment Accounts Act stipulates that the account switching should usually take no more than a month, as emphasized by Verbraucherzentrale Niedersachsen.
Document all steps and communication
Contact the bank and use complaint options
Smooth Bank Transition: Checklist for Your Move
Conclusion: Successful Bank Change When Moving
Summary of Key Steps
A successful bank change when moving requires good preparation, careful execution, and conscientious follow-up. Use our checklist to ensure that you consider all important steps. Adapt the process to your individual needs and circumstances. With the right planning and organisation, you can make the bank change stress-free and efficient. We at GoMovin are here to support you with our expertise to make your move as pleasant as possible.
Preparation, execution, and follow-up
Considering individual needs and circumstances
Outlook on Future Developments in Banking
Digitisation and automation will continue to change the banking sector in the future. New technologies and services will make the bank change even easier and more efficient. Transparency and customer orientation will play an increasingly important role. Stay informed and take advantage of digital innovations to manage your banking optimally.
New technologies and services
Importance of transparency and customer orientation
FAQ: Answers to Your Questions about Changing Accounts When Moving
Frequently Asked Questions (FAQ)
What happens to my bank account when I move?
When moving, you need to update your bank details to ensure all transactions run smoothly. You can either keep your existing account and change your address, or open a new account with a bank in your new area. The decision depends on your personal needs and preferences. It is important to inform your bank of your move in good time to avoid any issues.
Will my money be transferred when I switch banks?
Yes, your money will automatically be transferred to your new account when you switch banks. Your bank's account switching service will handle the transfer of your balance. You don't need to worry about your money being lost. However, ensure you have enough funds in both accounts during the transition to avoid any potential shortfalls.
Can my new bank close my old account?
Yes, your new bank can close your old account if you wish. As part of the account switching service, you can authorise your new bank to close your old account. However, make sure all transactions are completed before having your old account closed. It is advisable to keep the old account open for a while in parallel with the new account to ensure all payments are processed correctly.
Where do I need to change my bank details?
You need to change your bank details with all institutions and companies from which you regularly receive payments or to which you make payments. This includes your employer, insurance companies, landlord, energy suppliers, phone providers, and other contract partners. Create a list of all payment partners and notify them in good time of your new bank details. Use your bank's account switching service to simplify the process.
Stress-Free Move: GoMovin supports you with your bank change
GoMovin: Your partner for a stress-free move
At GoMovin, we understand that moving can be a major challenge. That's why we offer comprehensive support with all aspects of your move, including changing banks and organising your payouts. Our aim is to make your move as stress-free as possible. With our services for international relocation, we support you comprehensively – from organisation to legal advice. We help you keep track and complete all necessary steps on time.
Benefit from our expertise and let us support you with your move. We offer you personalised advice and help you find the best solutions for your needs. Contact us today to learn more about our services. Simplify your move with GoMovin and enjoy a stress-free start in your new home.
Are you ready for a stress-free move? Contact us today to find out more about our comprehensive moving services. We are happy to help make your move as smooth and pleasant as possible. Register for free and get an instant preliminary estimate for your property's moving needs.
Further useful links
Die Verbraucherzentrale Niedersachsen provides detailed information and advice on account switching.
Die Sparkasse offers an account switching service that takes care of tasks such as the transfer of standing orders and direct debits.
ING offers an automated account switching service for transferring standing orders and direct debits.
Die Verbraucherzentrale Baden-Württemberg provides information on the account switching service and assists with moving your checking account.
Finanztip offers guides and recommendations on bank changes and account switching services.
FAQ
What happens to my standing orders and direct debits if I change banks?
The account switching service offered by banks usually takes care of transferring your standing orders and direct debits. However, it is advisable to check all the data and manually inform your payment partners to ensure that no payments are interrupted.
How long does a bank switch usually take?
According to the Payment Accounts Act (ZKG), a bank switch should generally not take longer than one month. The Consumer Centre of Lower Saxony recommends operating old and new accounts parallel for about two months.
Can I keep my existing IBAN when changing banks?
No, generally your IBAN changes when you change banks. However, the account switching service helps inform all payment partners about your new bank details.
What happens to my overdraft facility if I change banks?
Your overdraft facility must be settled before closing the account. You can either balance the overdraft or, subject to a credit check, transfer it to your new bank.
Are there costs involved in changing banks?
According to Finanzfluss, it is prohibited to charge fees for account switching. The Payment Accounts Act stipulates that assistance with account switching must be free of charge.
Do I have to inform all my payment partners about the bank switch myself?
The banks' account switching service notifies many payment partners. However, it is advisable to manually inform important payment partners such as employers, landlords, and insurance companies.
What should I do if there are issues during the bank switch?
Document all the steps and communication with your bank. In case of problems, you can contact the Consumer Centre or BaFin.
What happens to my vehicle tax when I change banks?
For the vehicle tax, you need to submit a separate SEPA direct debit mandate to the main customs office, as emphasised by ING.
