What should you do when you want to move your accounts to a new bank?
You can contact your new bank either by phone, online, or by visiting a branch. Your new bank will usually be your main point of contact throughout the transfer process. However, there may be situations where it is necessary to get in touch with your old bank as well.
What does your new bank do for you?
What does your old bank do?
At the request of the new bank, your old bank will prepare an overview of any payment transfers not registered with Betalingsservice, and will also inform whether you were registered with eIK. This overview is sent to the new bank, and you will receive a copy. At the same time, your old bank will stop these payments.
When your old bank receives a “Request for Transfer,” it will close the accounts you have asked to transfer to your new bank. The balances from the closed accounts will be transferred to the new bank.
What does it cost?
You are not required to pay fees to your old bank for closing your old demand deposit account¹ (e.g. salary account, flexible account, or budget account), or for the overview of payment transfers not registered with Betalingsservice².
You can request a list of bank fees from both your old and your new bank.
These fee overviews are also available on all banks’ websites.
Any unjustified delays caused by the banks during the account transfer process should not affect you.
¹ If you have had your account for less than 12 months, you are not entitled to free closure.
² Provided that this information can be retrieved automatically by the bank and does not go back more than 13 months.
How long does it take to transfer payment orders?
The transfer of payment orders must be completed within 7 banking days after your new bank has received all relevant information from you and your old bank. If information about payment orders needs to be obtained from your old bank, it also has 7 banking days to respond to the request. In that case, it may take up to 14 banking days for all payment transfer arrangements to be finalized.
Do you wish to file a complaint?
If the transfer of accounts and payment orders does not proceed as expected, you should first contact your new bank.
If you are still not satisfied, you can contact the Danish Financial Supervisory Authority (Finanstilsynet), Århusgade 110, 2100 Copenhagen Ø.
If your complaint concerns a specific financial dispute, meaning it has financial implications, you may bring the case before the Consumer Complaints Board (Forbrugerklageudvalget), P.O. Box 689, 3900 Nuuk.
The Danish Bankers Association's brochure on switching banks
How to switch your bank, savings bank, or cooperative bank (danish).