Account switching service

If you wish to sign up for the account switching service, you must request this in writing, using a form, from the bank to which you want the information necessary to carry out the account switching service to be transferred (receiving payment service provider).

Said request will authorize, on an individual basis, the performance of the tasks you wish to fall under the account change service, specifying each one and the date from when they are to be performed from the new account, namely:

• recurring credit transfers for which you are the beneficiary;
• standing orders and direct debit authorizations.

Additionally, if you want the remaining balance of the originating account to also be transferred to the new account, you must identify the date on which the transfer is to occur. If you want to close the source account, you must also identify the closing date.

To this end, this request is made by filling out an account change service form.

The account switching process is initiated at the customer's request, by sending an authorization to the destination provider. All subsequent tasks are the responsibility of the intervening payment service providers.

1. The account switching process is initiated by the destination service provider who, within two working days after the customer's request, asks the originating service provider to:

• Provide the destination service provider and the banking customer, if the latter so requests, with information on standing orders, recurring credit transfers (in favor of the customer), and direct debits;
• Perform all other tasks under the responsibility of the originating provider, under the terms and on the date indicated in the authorization.

2. The originating service provider has a period of five working days to provide all the requested information indicated above. Furthermore, starting on the date indicated by the customer in the authorization, it must:

• Stop accepting credit transfers and direct debits in the originating account, if it does not have an automatic system for redirecting transfers and direct debits to the new account;
• Cancel standing orders;
• Transfer the remaining positive balance from the originating account to the new account;
• Close the account.

If the originating account has associated payment instruments, the originating service provider can only block these instruments from the date specified in the bank customer's authorization.

3. When it receives the requested information, the destination service provider has five working days to:

• Implement the standing credit transfer orders requested by the banking customer and execute them with effect from the date specified in the authorization;
• Carry out the necessary procedures to accept direct debits with effect from the date specified in the authorization;
• Inform the banking customer of the set of mechanisms that allow him or her to control the granted direct debit authorizations, where applicable;
• Communicate the data of the new account to the originators identified in the authorization, request that they make recurring credit transfers to the new account, and send them the respective authorization from the customer for that purpose;
• Ask the beneficiaries identified in the authorization that they use direct debit operations to collect funds from the banking customer's account and inform them about the new account data, as well as the date from which direct debit operations will be charged to that account. Additionally, send them a copy of the banking customer's authorization for that purpose.

In the event that the banking customer chooses to personally provide the payers or beneficiaries with the information referred to in the previous two points, the destination service provider must provide the banking customer with forms listing the payment account details, as well as the start date indicated in the authorization.

4. Closure of the originating account

In the process of switching accounts, the banking customer may choose to close the originating account. To this end, the bank customer must explicitly request this closure in the authorization he or she submits to the destination provider.

The originating account must be closed by the originating provider, free of charge, on the date reflected in the authorization submitted by the banking customer, if the latter has no outstanding obligations in that account and provided that said provider has completed the relevant tasks for the account switch.

If there are any pending obligations that prevent the account from being closed or other legal relationships that may be affected by the closing on the scheduled date, the originating provider must immediately inform the banking customer of this fact and its consequences.

Switching a payment account does not happen instantly. Both the originating and destination providers have deadlines for carrying out the tasks associated with switching accounts.

Until the account switching process is complete, payments can be made through the originating account (for example, direct debits). In this sense, the banking customer must have a balance available in the originating account to meet these payments, if necessary.

This account switching service is only possible between payment service providers located in Portugal.

However, if the banking customer wants to switch his or her account to a payment service provider located in another Member State of the European Union, he or she should ask for support from the payment service provider in Portugal with which he or she holds the account.

In this case, after receiving the customer's request, the originating provider:

• Provides the banking customer, free of charge, with a list of active standing credit transfer orders and direct debit authorizations ordered by the debtor, if any;
• Sends available information on recurring credit transfers to the customer and recurring direct debits ordered by the creditors which have been carried out in the customer's payment account in the last 13 months;
• Transfers the positive balance from the originating account to the new account, provided that the customer's order includes all the elements necessary for the identification of the new payment service provider and the customer's payment account;
• Close the account free of charge on the date specified by the banking customer (at least six working days after the date on which the provider receives the customer's authorization, unless otherwise agreed), provided the customer has no outstanding obligations on the account.

If there are any outstanding obligations that prevent the account from being closed or other legal relationships that may be affected by the closing on the scheduled date, the originating provider must immediately inform the banking customer of this fact and its consequences.

• Account change service form
• Account Change Service Information Document