Changing your bank to CA Britline
Since 6th February 2017 thanks to the Macron law it has now become easier to switch transactions from one bank to another. If you have wanted to switch your account transactions for the last few years but didn’t dare as you thought it would be difficult transferring direct debits there is no more need to worry.
CA Britline is here to explain the steps in switching from one bank to another.
Which accounts can benefit from the changes?
Macron’s law does not make it possible to switch all your accounts to a new bank. Personal current accounts are the only ones concerned by this change. We suggest for any other account that you hold in France, for example savings and investments, you ask your new advisor what is the best thing to do when it comes to switching them over too.
Signing the Switching contract with your new bankOnce you have chosen your new bank you must sign the mandate which acts as the switching contract. Thanks to this mandate your new bank will be able to carry out the transfer of your existing account without you having to do anything.
Your new bank contacts your old bankIn the 2 days following you signing the mandate your new bank will contact your old bank and request information regarding the regular transactions taking place on your current account: regular transfers, direct debits etc.
Your old bank provides your new bank with the information requestedWithin 5 days, your old bank is obliged to provide the information requested from your new bank.
Your new bank deals with changing your regular transactionsYour new bank then has 5 days to request the change in the domiciliation of your bank account. The transmitters of direct debits and regular transfers (gas, electricity, telephone, tax etc) are also advised that your bank has changed. You can give up to 6 months’ notice to make these changes-you will be asked to provide a deadline.
You receive the confirmation that your bank domiciliation has been changed.If everything has gone to plan your bank switch is now finished. For security reasons within the 10 days following the switch having been made you will receive confirmation from the companies debiting your account on a regular basis that they have put in to place your new bank details.
That’s it! The switching of your bank account on average takes less than 23 days without any other action on your part other than the signing of the mandate. Before closing your old account we do advise that you leave some funds on the account for a few days, just in case any cheques are still in the process of being debited from your account.
This process can be used simply to transfer all existing direct debits and standing orders to your preferred bank. You then have the choice whether you instruct your preferred bank to close down your other French current account.
I want to change. What now?
If you want to centralize everything with CA Britline call the team today and give them your existing French bank account details. It’s that easy.