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How to ensure a successful account transfer
How to ensure a successful account transfer
Robert avatar
Written by Robert
Updated over a week ago

Switching your business account can be a daunting task. However, with a bit of information and organization, transferring your previous bank account to Qonto is a breeze!

I - How to prepare for your account transfer

1) Make a list of all the changes to be considered

First and foremost, it is important to begin by making a list of all the changes that switching your account will incur.

  • Start by verifying which bank products are transferable to Qonto. More specifically, take inventory of all your savings accounts, investments, ongoing loans, etc.

  • Then list all the bank services you have currently and that you will need to close with your previous bank. In particular, remember: automatic exports to your accountant; your e-mail and SMS alerts; your digital safe; your loans; your overdrafts.

2) What specific situations might I run into?

You may have specific services you will need to transfer. Many of these services have equivalents at Qonto:

  • With your Qonto account, your SME can benefit from our partnership with Zettle. To learn more about this offer, feel free to read our page on the topic.

  • If you receive payments from your clients by automatic direct debit, click here for all the information you need to switch them over to your new Qonto account, via our partners Gocardless or Stripe.

II - What is involved in an account transfer?

💡 Qonto offers you a free support service for your business banking mobility. You will be able to synch any transactions you would like to transfer, and you will receive a customized dashboard with the steps to be completed. A dedicated advisor will be there to guide you every step of the way. You will find more information below.

1) How long does an account transfer take?

Switching an account can take some time. To avoid any direct debit errors or payment defaults, it is recommended to wait for confirmation that these changes have indeed been noted. For this reason, it may take up to 6 months to switch accounts.

2) What steps are involved in an account transfer?

Once your Qonto account is open, you can benefit from a number of options right away, even before your previous account has been fully switched over:

  • Add funds to your account;

  • Order virtual or physical cards to initiate your first payments;

  • Open multi-accounts, if you have a Standard or Premium plan;

  • Connect your account to our accounting or management tools via Connect.

To take full advantage of Qonto, you will then need to switch all your features over to Qonto. To do so, start by making a list of all the changes to be taken into account. You will then be provided an overview of the steps to be completed:

  • Your recurring transfers. Take note of your transfer recipients and find their information;

  • Your automatic direct debits known as mandates;

  • Any checks issued which have yet to be cashed. Be sure to keep your previous account open and avoid transferring your funds to Qonto until these checks have been cashed;

  • Card payments in progress or yet to be recorded. Similarly, if these payments are deferred, be sure the balance in your previous account is sufficient to cover these payments.

Once you have a complete overview of the actions to be completed, you are in control! Change the following elements to switch to Qonto:

  • Modify your banking information on all your direct debit mandates and direct debits by card.

  • Notify clients who issue payments via transfer of your new IBAN.

  • Avoid issuing new checks or deferred payments with the account you are planning to close, as they may by cashed after the account has been closed.

  • Check that the balance of your new and previous accounts is sufficient to cover all expected payments. This will help you avoid issues with payment defaults.

3) How Qonto offers you support throughout your account transfer process

Our account transfer service is designed to help you complete the steps for your account switch easily. At every step described above, Qonto offers you free support to help deal with the administrative burden and to complete your transition stress-free.

For this, you will need to connect the account you wish to transfer via the service provided by Bridge, our secure aggregator. We analyze and list your recurring transactions for you (such as transfers, direct debits, fees, card payments). A dedicated advisor is here to help guide you every step of the way and to provide support throughout the entire process.

To monitor the progress of your transition at a glance, consult your personalized dashboard. From this dashboard, you can monitor your actions in progress by marking them as complete as you progress through each step (changing your card, receiving a payment from a client on your new account, etc.).

Do you want to learn more about the account transfer service? Have a look at our article on the topic.

III - When and how to close your account

Once all the actions needed to switch your account have been completed and you have received confirmation that they have been noted by your clients and suppliers, you can begin closing your previous account.

Feel free to check out our summary document on the points to be verified, as well as a standard letter to send your bank to request to close your account. These documents are available on your account transfer interface from the main menu.

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