Change the bank account digitally – this is how it works

Change the bank account digitally – this is how it works

More and more people decide to switch bank accounts. There can be many reasons for this, such as dissatisfaction with the previous provider or with its conditions, relocation or the closure of a branch bank. Irrespective of the reason for the change, bank customers are particularly interested in fast and uncomplicated processing – this is how it works:

You should keep this in mind when switching accounts

Anyone who changes accounts should first compare offers from banks. More and more often, the decision is made in favor of so-called online banks or fintechs, because they not only convince with good service, but also with fair conditions and easy switching.

Around open a free checking account online to be able to, is now not much necessary. The data is entered via a corresponding mask, the authentication of the new customer then usually takes place via a video identification process.

Some banks offer a welcome bonus

Just a few years ago, the decision for or against a particular bank was not necessarily based on the account management fees available there, but primarily on the basis of its local branch. The house bank made it possible for you to quickly process transfers, standing orders or loan inquiries. But more and more of these things have now been digitized. If you do online banking, it doesn’t matter how far away the nearest bank branch is.

This development has distorted competition. The main comparison argument today is the price. And since more and more banks are offering a free account for their customers, the new customer bonus is often what tips the scales for prospective customers. The new customer receives a bonus for switching – either in the form of start-up capital or in the form of a voucher.

Since 2016, banks have had to offer account switching online and/or via app

Banks used to be able to turn away potential new customers based on their income or citizenship status, but a law has changed that. Individual customers now have a free choice when it comes to her checking account goes. In order for everyone to be able to switch quickly and easily, credit institutions must enable digital bank switching. This is then processed either online or directly via an app.

This is how the account switch works digitally

If you want to change banks, you usually have the option of using a currency exchange service. You open your new bank account and then authorize the bank to carry out this through a power of attorney. The new provider can then request the balance of the previous account from the old bank – this is also possible if the account is in the red.

Furthermore, the new bank is entitled to inform all regular debtors and creditors of the new customer about the change, so that in future all income and expenditure can flow through the new account. The termination also runs via the exchange service. So the bank customer has no effort and everything works smoothly.

How long does it take?

As soon as you open a new checking account, the switching service can arrange everything that is necessary. As soon as the new account is active, the bank customer can dispose of it. It can take a few days for the credit from the old bank to be credited to the new account. However, it usually takes less than 14 days for the change to be completed.

Some banks work with digital account switching providers

There are online banks that do not offer an exchange service themselves. However, these usually work together with external providers for the account switch. The customer does not assign the power of attorney directly to the bank, but to the account switch provider, so that the latter can take care of everything related to the bank switch.


FinReach is one of the best-known account switching providers. The company offers all kinds of software tools for large banks. Even Deutsche Bank, DKB and Censorsbank use FinReach software for their online banking. The provider has proven itself in the financial sector and is therefore particularly popular for exchange services.


Fino also develops software solutions for companies in the financial sector. One focus is on the credit check. Another, however, lies on the exchange service. In this way, Fino supports bank customers in switching accounts quickly and successfully without having to take any action themselves. The reputable provider is very popular with bank customers throughout Germany.

Photo credit: terovesalainen /

PS: Quality management is important to us!

Please let us know how you like our post. To do this, click on the asterisks shown below (5 asterisks = very good):

PPS: Did you particularly like the post?

Support our advice portal: