How to Change Your Bank Account

For most people, a private account – also called a checking account – is a basic part of everyday life. This is the account you are likely to use to receive your salary and pay your bills. That makes it especially important to use a private account that suits your needs.

The easiest way to avoid problems when changing your private account is to follow a simple step-by-step process. The checklist below guides you through the process.

1. Compare private accounts

Before you change your private account, you should take time to compare offers from different banks. A private account normally comes with a linked debit card. Other banking services like savings accounts, credit cards, and pillar 3a retirement saving solutions may be offered separately.

There are a number of different options: Private accounts with ongoing account fees, private accounts without basic account fees, bank packages that include a private account, and private accounts from neobanks. The interactive private account comparison and bank package comparison on moneyland.ch make it easy to find the best offer for your needs.

If you are not sure which bank account is right for you, read the guide to choosing the right bank for useful tips. It is also important to consider which banking services you actually need and want.

2. Check the conditions for closing your old account

Get informed about the terms and conditions for closing your existing account. Many banks let you cash out the full balance of a private account without having to give notice. 

But some private accounts have stricter limitations for withdrawals. Make sure that you do not send more money to your new account than the withdrawal limits allow, as banks can charge you high penalty fees for doing this.

If you will also be cashing out a savings account, be aware that limitations on withdrawals are often tighter for savings accounts than private accounts. Many only let you withdraw relatively small amounts without giving notice first. Some Swiss savings accounts require you to give notice for withdrawals in excess of just a few thousand francs per month.

3. Open your new account

Whether you visit your prospective bank in person or open the account online, you will have to properly identify yourself. You can do this by providing your ID card or passport. If you are not a Swiss citizen, you will also need to provide your Swiss residence permit.

When you open your account, specify which supplemental services you want, such as debit cards, credit cards, a savings account, and/or a pillar 3a account. You will receive the IBAN for your new account shortly after it has been opened.

4. Set up online and mobile banking

After opening your new account, you will receive access codes with which you can set up online banking, if you choose to. If you want to use mobile banking, you will need to install your new bank’s mobile apps on your phone.

If you want to use the Twint service from your bank, you will need to install your new bank’s version of the Twint app. Alternatively, you can also use the prepaid version of Twint instead.

5. Share your new account information

Once you have received the new IBAN, you need to contact all parties which may need to send you money and provide them with your new account information. It can take several weeks until your bank details are updated in all of their databases. These are the parties which you should inform about your new account:

• Your employer(s)
• Your landlord (for reimbursements of rent and supplemental charges)
• Your health insurance provider
• Your other insurance providers
• The tax office
• The social security office*
• Your pension fund*
• The social services office*

* If you receive money from these offices, such as pensions, benefits, or welfare.

If you pay bills using direct debits, you have to contact the companies and ask them for new direct debit forms. Once you have these, you should fill them out, sign them, and send them back. Alternatively, you could consider moving recurring payments to eBills or credit cards, when possible. Direct debits are commonly used for these payments:

• Health insurance
• Other insurances
• Credit cards
• Mobile, Internet, and TV plans
• Your rent
• Serafe radio and television fees
• Magazine and newspaper subscriptions
• Electricity bills
• Public transportation (GA subscriptions, for example)
• Gym memberships
• Other memberships

You do not need to provide new bank account details for bills which you pay using standing orders, QR-bills, or credit cards.

If you will also change your credit card along with your private account, then you also need to update your credit card information everywhere where you have saved it for recurring payments. Credit card information is commonly stored for the SBB/CFF app, and online subscriptions like streaming services (Netflix or Spotify, for example).

6. Set up new standing orders

Standing orders are commonly used for recurring payments like rent, insurance premiums, and savings plans (transfers to savings or pillar 3a accounts, for example).

Deactivate all the standing orders in your old account and set up new standing orders for all of these transfers in your new account. Make sure not to accidentally create duplicate standing orders.

7. Check your bank statements

Check and compare the bank statements from your old and new bank accounts. Did your salary get paid into your new account? Was the rent deducted from your new account as per a standing order?

Some parties, such as landlords, tax offices, and insurance companies, may only sporadically transfer money to your account. If you get mail informing you about a payment to you, check whether the money actually arrives in your new account.

8. Close your old account

It can take up to two weeks from the time you open a new account until you receive all of your new account information, payment cards, and online banking access.

If your financial situation allows for it, you can already transfer a larger amount of money to your new account and make your first payments.

Tip: Before you close your old account, download or request all your bank statements and receipts. After you close your account, you normally will not be able to access these documents any more.

Have your former bank close your old bank account. Some banks charge a fee when you close your account or terminate your banking relationship. You should normally only close your account once your new private account is up and running.

More on this topic:
Compare private accounts now
Compare savings accounts now
Compare banking packages now
How to find the right bank
Swiss private accounts without basic account fees
Is using just one bank a good idea?
Swiss neobanks compared