Account Transfer Service

Change banks without spending sleepless nights.

Discover the service that allows you to switch to Banco Montepio without losing sleep.

Conheça o serviço que lhe permite mudar para o Banco Montepio sem perder o sono.

The change that doesn't keep you up at night.

The Account Change service allows you to ask Banco Montepio to handle the entire process of transferring an account you have with another bank. Through this service, banks commit to collaborating with each other, saving you the work associated with the process.
Conheça o serviço que lhe permite mudar para o Banco Montepio sem perder o sono.

We transfer everything, except the reasons that made you change.

We handle the change of recurring transfers in which you are the beneficiary of standing orders and direct debit authorisations, the remaining balance and closing the account at the other bank.

It really doesn't cost anything.

Activating the Account Transfer service is free and available to Individual and Micro-enterprise customers.

Account switching process.

Initial tasks of the receiving bank
The account change process is initiated by the receiving bank (or destination bank) which, within a maximum period of 2 business days after the customer's request, requests the transmitting bank (or originating bank) to carry out the remaining tasks, under its responsibility, to be carried out in accordance with the terms and conditions set out in the authorisation provided by the customer.
Tasks of the transmitting bank

Upon receipt of the request from the receiving bank, the transmitting bank must: 

 

• Send to the receiving bank, within a maximum time limit of 5 business days, the information requested in the request, which may include information on recurring credit transfers in favor of the customer, permanent loan transfer orders and direct debit authorisations relating to debits direct payments ordered by creditors that have been executed on the customer's payment account in the last 13 months; 

  

• Stop accepting direct debits and loan transfers with effect from the date specified in the authorisation. The date indicated in the authorisation corresponds to, at least, 6 working days after the date on which the receiving bank receives the documents sent by the transmitting bank; 

  

• Cancel permanent loan orders with effect from the date specified in the authorisation; 

  

• Transfer the remaining positive balance to the account held at the receiving bank on the date indicated by the customer; 

  

• Close the account held with the transmitting bank on the date specified by the customer. 

  

If there are other legal relationships that may be affected by the closure of the account on the date set out in the authorisation provided by the customer, the transmitting bank must inform the customer of this fact and the respective consequences. 

Subsequent tasks of the receiving bank

After receiving the information from the transmitting bank, the receiving bank has 5 working days to carry out, in accordance with the authorisation and to the extent that the information provided by the transmitting bank or the customer allows it to carry out the following tasks: 

  

• Enter permanent loan transfer orders requested by the customer and execute them with effect from the date specified in the authorisation; 

  

• Make the necessary preparations to accept direct debits and accept them from the date specified in the authorisation; 

  

• Whenever applicable, inform the customer of their rights under subparagraph d) of paragraph 3 of article 5 of Regulation (EU) no. 260/2012 of the European Parliament and of the Council, of March 14, 2012; 

  

• Communicate the payers identified in the authorisation that they make recurring transfers of which the customer is the beneficiary, to the customer's payment account at the receiving bank and transmit to the payers the customer’s authorisation  for this purpose; 

  

• Communicate to the Creditor Entities identified in the debit authorisations that they use direct debits to charge funds from the customer's payment account with the receiving bank, as well as the date from which direct debits are charged to that account, and transmit to /give creditors a copy of the client's authorisation. 

There is no longer any excuse for not switching to Banco Montepio.

To activate the Account Transfer service, visit us at one of our branches.
Where are we

Frequently asked questions.

How can I activate the service?
The request to activate the Account Change service must be requested by the account holder(s), in writing (on a specific form), at the bank to which they wish their account to be changed. 
Can I activate the service for foreign bank accounts?
The Account Change service is only available between Portuguese banks. However, if you wish to change your account in Portugal to a foreign bank, based in another EU Member State, you can request support from the bank in Portugal to identify transfer orders and active direct debit authorisations, transfer of remaining balance and  account closure.
Does the account transfer process have any associated costs?
Banco Montepio, as the receiving and transmitting bank of the bank account, does not charge any commission when activating this service. However, as the transmitting bank, it may apply commissions associated with the transfer of the remaining balance, under the terms set out in the current price list.
Where can I obtain more information?
You can obtain more information about the Account Transfer service at one of our branches or on the Bank Customer Portal (https://clientebancario.bportugal.pt/pt-pt/mudanca-de-conta).
Who can I turn to to resolve disputes arising from this service?
Without prejudice to the right of access to judicial courts, you may resort to various means of alternative resolution of any disputes arising from the Account Transfer service, as is the case with the Arbitration Center of the Universidade Católica Portuguesa (www.fd.lisboa.ucp.pt), and the Lisbon Consumer Conflict Arbitration Center (www.centroarbitragemlisboa.pt).

Documents.

Not a customer yet?

Join Banco Montepio.

Open your account online or visit one of our branches.
Open account