Want to change bank? Switch your account to Openbank

Yes, if you have outstanding debts, unpaid charges or other associated products, such as investments, which must be managed directly through the other bank. In this case, make sure all your payments are up to date and don’t forget to cancel any products before sending your request.

No! We’ll help you switch your account free of charge.

To switch your account to Openbank, it is important that:

• The account transfer request is signed by all holders.
• The Openbank account is not for business or professional use.
• You choose what you want to bring over to Openbank and if you want to close the other account.

• The transfer of specific taxes or payments, e.g., property tax. The Spanish Tax Agency and other official bodies require holders to change accounts themselves.
• Transferring unemployment benefits. You will need to change the account into which these benefits are paid through SEPE.
• Transferring non-contributory pensions such as Muface or Isfas, i.e., pensions that are not managed by the Spanish Social Security. You will need to contact each body directly to arrange the change.

We recommend keeping money in both accounts (your new Openbank account and your other account) to cover any outgoings up until the transfer is complete.

• Asking the other bank for the information required to switch your account to Openbank.
• If you bring over your standing orders, we’ll schedule them to take place on the date you specify. The other bank will cancel those in your other account.
• We’ll contact the payers and payees of the deposits and direct debits to bring them over to Openbank (excluding those mentioned in the FAQ "What things can Openbank not arrange for you?").
• We’ll accept direct debits and standing orders as from the date you specify.
• If you want to bring your pension over to Openbank, call us on 91 177 33 10 or 900 223 242 and we’ll help you arrange it. We’ll contact the Spanish Social Security (TGSS) to arrange the transfer of your pension and to inform you whether or not the request has been accepted. The Spanish Social Security will transfer the pensions in your name to your new account. Please remember that you will have to transfer non-contributory pensions, such as Muface, yourself.

Sit back and we’ll take care of it all. But don’t worry, we’ll keep you informed every step of the way to give you an idea of how long the process to switch your account to Openbank is going to take.

Firstly, Openbank will send your account transfer request to your other bank within approximately 2 business days.

It will then take your other bank around 5 business days to carry out the processes you have requested. These processes may include the following:

• A list of standing orders and direct debits.
• Incoming transfers and direct debits.
• Cancellation of standing orders.
• Closure of the account.

Openbank will then carry out the following processes within approximately 5 business days:

• Setting up standing orders.
• Preparing direct debits.
• Notifying ordering parties of the new account details.
• Notifying recipients of the new account details.

Do you want to transfer your direct debits and standing orders yourself? If so, you can use the following letter templates to notify the corresponding bank of the change:

Letter to issuing companies regarding direct debit changes

Letter to issuing companies regarding standing order changes

Please note that a minimum period of at least 13 business days is required between the date of request and completion of the transfer.