If you hold a payment account with a payment service provider (bank or other financial institution) located in Malta you can request a switch to another payment account in the same currency, in an institution located in Malta or in another EU Member State.
What do I need to do to switch from one bank account to another?
Consider the following criteria before you proceed with switching from one bank account to another:
- Ask for clear and complete information about this procedure both to the “old” and the “new”bank, including any applicable fees;
- Transfer the money from your old account to the new one;
- Inform third parties – such as your employer, social security provider and utilities providers – that you are changing your account;
- Close your old account.
How does it work?
Initially you should start by giving your authorisation to the “new” institution. This authorisation shall be as clear and detailed as possible, allowing the institutions to understand which services you want to switch and, when applicable, those you wish to keep in the “old” institution.
After that, within two working days, the “new” institution shall transmit your requirements to the “old” one and both institutions shall complete the respective assigned tasks within five working days.
You shall have access to relevant information at no charge and readily available at banks. If requested, you shall also receive it in any durable medium, meaning a document which can be stored and accessed in the future.
As for each banking product or service if you have any complaint about the banks for the switching you can lodge it to the Office of the Arbiter for Financial Services. First you should always lodge the complaint with the bank and then if you are not happy with the outcome of the complaint you can go to the Arbiter for Financial Services to lodge a complaint.
