Changing your bank to CA Britline
WHAT IS THE LOI MACRON ?
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.
WHICH ACCOUNTS CAN BENEFIT FROM THE TRANSFER ?
Macron’s law only makes it possible to switch personal current accounts (whether single or joint) to a new bank.
We suggest for any other account that you hold in France, for example savings and investments, that you ask your new advisor what is the best thing to do when it comes to switching them over too.
WHICH TRANSACTIONS CAN BE TRANSFERRED ?
Direct debits (eg: gas, electricity, water, telephone bills, taxes, insurance premiums…)
Regular transfers received (eg: salary, French social security or pension payments…)
WHAT ARE THE STEPS TO TRANSFERRING MY CURRENT TRANSACTIONS ?
1. Apply for a New Britline Account
During your account opening interview, explain to your advisor that you wish to transfer all of your transactions from an existing account to your new Britline account. You can also request the transfer of all remaining funds and closure of your existing French account.
2. Send a copy of your existing RIB to your New Advisor
Your advisor will then send you a mandate to sign and return to confirm that you agree to the transfer being requested.
3. Your advisor sends the transfer request to your old bank
Your existing bank will then send Britline the details of all of your direct debits and other transactions that need to be transferred. Your existing bank has 5 days to send back this information.
4. Your new bank deals with changing your regular transactions
Your new bank will advise the transmitters of your direct debits and regular transfers of the change of your bank details.
GOOD TO KNOW:
• Direct debits need up to 30 days to be transferred and we then allow an extra 10 days for your old bank to transfer any remaining funds to your Britline account and for them to close your account. The whole process therefore takes a minimum of 40 days.
• 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 or payments are still in the process of being debited from your account.
• There are no charges linked to the transfer process.
• The request to transfer transactions can be done at any stage throughout your banking relationship with CA Britline and not just at the account opening stage.