Switching
To switch your current account, you will need:
- details for your new current account, e.g. your International Bank Account Number (IBAN)
- your new debit card details
- a list of all incoming and outgoing payments
Read more on how to prepare to switch your current account
Managing your money during the switching process
Managing your money during the transfer process can be difficult as there may be delays setting up new direct debits or receiving payments in your new account. To avoid missing payments make a note of when money is due to arrive and leave your account. Try to check in advance if the company has your new details set-up.
It is a good idea to keep some money in both accounts during the transfer period in case an unexpected payment is taken from your account. If you have savings. you could move some money to your current account for this. Remember to transfer the money back to your savings after you have completed the switch.
If you use online banking it is a good idea to set it up early in the process. You should also add your old bank account as a payee. This means that you can easily transfer money back to your old account if there are delays transferring some of your direct debits, standing orders or recurring payments. If you had payee details saved in your old online banking, e.g. friends and family, you may want to save their account details in your new online banking.
How to Switch
See below how to switch your current account.
Access supports
Under the Central Bank Switching Code, current account providers are required to support you to transfer your current account. This means that they provide a transfer or switching pack which you can fill out. If you complete a switching pack your old provider will send your new account details to the businesses that have direct debits on your account. Your new provider will then set up your standing orders.
To use this support, complete the ‘account transfer form’ for your new provider. This form will usually ask for:
- your old account details such as bank name, bank address and IBAN
- your new account details such as bank name, bank address and IBAN
- your switching date, this should be a date when your account activity is at its lowest
- your signature, which gives permission for both providers to work together to begin the switching process
It is important to know that if any of the information is not correct on the account transfer form it may delay the switching process.
Did you know?
Your provider is required to support you during your switch.
Contact details for vulnerable consumers can be found on our useful contacts page.
Move your incoming payments
You need to send your new IBAN to anyone who regularly pays into your account.
Salary
You will need to give your new IBAN to your employer.
Social welfare payments
To update your current account details with the Department of Social Protection you can:
- Log in to your MyGovId account online and update your bank account details, or
- Complete the DIR PMT 1 form and send it to the section of the Department for Social Protection that you get a payment from. You can also get this form from your local Intreo Centre or Social Welfare Office. Addresses for some of the most common Social Welfare Payments are below:
- Child Benefit – Department of Social Protection, St. Oliver Plunkett Road, Letterkenny, Co. Donegal F92 T449
- Disability Allowance – Department of Social Protection, Ballinalee Road, Longford N39 E4E0
- Illness/Injury Benefit – Department of Social Protection, Áras Mhic Dhiarmada, Store Street, Dublin 1 D01 WY03
- Jobseeker’s Allowance/Benefit – Your local Intreo Centre
- State Pension – Department of Social Protection, College Road, Sligo F91 T384
Pension payments
If you have an occupational pension you will need to give your new IBAN details to your previous employer or directly to your pension provider. If you have a personal pension you will need to contact the pension provider directly.
Other income
You will need to provide your new IBAN to anyone who makes payments to you. For example, rental income or child maintenance payments.
Move your direct debits
If you ask your new bank for support to switch current account under the Central Bank Switching Code then your old account provider will send your new IBAN to any business you have a direct debit with. It is a good idea to follow up with each business directly to make sure they have your new bank details on file. If any of your direct debits are paid to businesses outside Ireland, you have to notify these providers yourself.
If you transfer your direct debits yourself, you should give your new IBAN to each business you have a direct debit with. For example, utility companies or mortgage providers. Check their website or contact the company to find out how to do this. For example, you may have to fill in a direct debit form with your new account information.
Changes to direct debits can take up to 14 days. For example, your broadband direct debit comes out of your account on the fifth day of every month. You should give your broadband provider your new IBAN as soon as possible after that date. This ensures your account details are up to date before your next payment is due.
Top Tip
If your new current account has a Non-Irish IBAN, you may have to complete additional steps to switch your direct debits. For example to complete a paper form. If an Irish business refuses to accept an EU IBAN from a consumer, this should be reported to the CCPC. If an employer or financial institution refuses to accept an EU IBAN from a consumer, this should be reported to the Central Bank of Ireland.
Move your standing orders
If you are using the Switching Code to transfer your account, your old account provider will send a list of your standing orders to your new one. They will then set them up on your new account.
If you’re not using the Switching Code, you will need to set up your standing orders on your new account yourself. This can usually be done using online banking or by filling out a standing order form.
Move your recurring payments
Recurring card payments are payments that are set up using your debit card details rather than your IBAN. For example, streaming services, parking apps and toll payments.
You have to notify these businesses of your new card details. You can usually do this by updating your payment details online.
Monitor your account
Keep a close eye on your account as your incoming and outgoing payments fall due. Make sure that all your payments have transferred over. If you need any support along the way, you can contact your new and your old provider. Remember that providers are required to support you to switch.
If something goes wrong, for example missed payment fees, you can complain to your bank. If you are not happy with your bank’s response, you can then complain to the Financial Services and Pensions Ombudsman (FSPO).
Close your old account
If you are using the Switching Code, you can choose for your old provider to close your old account. Once the switch is complete, any fees due have to be paid. The remaining money will be transferred to your new account.
To close your account yourself, you can transfer any remaining balance to your new account and ask the bank to close your old account. Before closing the account you should check with your provider if there are any fees due. You may be able to close your account online, in branch or by sending a letter.
| Close your old account when you are no longer using it to avoid being charged any fees for maintaining the account in the future |
Last updated on 19 July 2022
