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How to ensure a successful account transfer

  • Updated

I - How to prepare for your account transfer

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

First and foremost:

  • Verify which products can be transferred to Qonto: check your savings accounts, investments and ongoing loans.

  • List all the bank services you have currently and that you will need to close with your previous bank. Such as: 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?

  • With your Qonto account, your SME can benefit from our partnership with Zettle.

  • If you receive payments from your clients by automatic direct debit, click here for all the information you need to switch them to your Qonto account.

II - What is involved in an account transfer?

šŸ’” 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?

We kindly ask you to note that switching may take up to 6 months.

2) What steps are involved in an account transfer?

Once your Qonto account is open, you can:

  • 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 Qonto offers you free support to make the transition seamless.

In order for us to build an action plan for this transition you will need to connect the account you wish to transfer to our secure aggregator Bridge. Once this will be done a dedicated advisor will analyze all your recurring transactions.

You will also have a personalized dashboard that you will be able to use to monitor every step of the account switch.

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.