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Closing a current account is free in our country: this was provided for by the Bersani law introduced in 2006, which made it possible to guarantee the individual account holder the possibility of being able to withdraw from a banking contract without penalties. 

Usually, when you close an account it is because you want to proceed with the bank change : in this case, it will be necessary to transfer everything that is active in the old account to the new bank. 

How does the bank exchange work and how long does it take to transfer deposits and transactions between two different credit institutions? We analyze the procedure below, together with the proposals for the most convenient current accounts that can be subscribed today. 

Find out which current account to change bank with

How bank exchange works

Changing a current account is an operation that requires deadlines to be respected by law - which correspond to 12 days , within which your money and any other operations that were active on the old account must be transferred (think of the domicile of the users ). 

Since there will be no closing costs, the most important part of changing banks is choosing a new current account , especially in cases where the main reason for changing is to look for a cheaper one. 

The only costs that may have to be paid when closing the current account are those relating to stamp duty and any items related to ordinary management, to be paid at the end. 

Discover the best free online current accounts

How to find a new bank account

When you choose to close your old checking account, there are a few things you should pay attention to. In fact, there must be no uncovered checks and all the physical instruments linked to the account, such as payment cards or checkbooks, must be handed over . 

It is advisable to start analyzing the various current accounts available in circulation before sending a request for closure, starting from the analysis of the available solutions, so as not to risk being left without an ATM or credit card . 

We recommend:

  • put on paper the reasons why you want to close the old account and sign a new one that has the missing characteristics in the previous one;
  • use a current account comparator , with which it will be easier to realize the differences between the various types of accounts and, consequently, to find one that best suits your management needs. 

For example, if you are used to traveling frequently, you could bet on an account with at least one card that does not include any fees on withdrawals or foreign currency transactions. 

Given also the historical period we are experiencing and to embrace modernity, making it enter into everyday life, a good advice is to sign up for an online current account , a tool for managing your money that can be managed directly from home (from a PC or smartphone). 

Find the current account that best suits your needs

Switching to a new current account at a glance

After having carried out a comparative analysis and having found the best current account for your needs, you will have to communicate to the new bank what the coordinates of the previous current account are, so that the new institution can deal with the migration of all related operations to the bill . 

These are for example:

  • charge of salary or pension;
  • domiciliation of households, such as electricity, gas and Internet bills;
  • the withdrawal of the loan and any other form of active debt. 

You will not have to pay any penalty for the transfer of the sums and functionalities active in the old current account to a new one. In addition, the closure of a current account does not necessarily bind to the opening of a new one (except that it would not make much sense to go on without a current account: managing money with the use of a prepaid card involves limits on operations and maximum amount that can be deposited, just to give an example). 

Closing a current account must be preceded by sending a written communication to the old bank: the closing procedure must not necessarily take place in the branch, as ATM, credit card and checkbook can also be returned by post.

Returning to the analysis of the new current account, the choice must be made with some attention to:

  • the identification of a smart and zero-cost solution , with which standard costs, such as the monthly management fee, can be eliminated;
  • the advantages that can be obtained by subscribing to a 100% digital account , which presents not only economic, but also practical savings. Any operation, in fact, from bank transfers to receiving the pension, can take place without having to leave home, and the same account can be monitored at any time, from a computer and app, even by requesting free online account statements.