Switching banks is safe, easy and fast. Your new bank can take care of everything in five working days. It’s the fastest switching in the world.
This process also links recurring payments, such as direct debits and automatic payments, to your new bank account number. Your new bank can do all that for you, through a single form.
How it works
If you want to switch banks and have your recurring payments remain as scheduled, you simply:
- Talk to your new bank. They will provide you with a Switching Bank Request Form.
- Complete the form and give it to your new bank. The form asks for the:
- old bank’s name and your account name
- old bank account numbers
- date to start the payments transfer
- a signature for an authority and indemnity.
Your new bank will identify and transfer all of your recurring payments. They will manage the entire switching process and the account will move from the old bank to the new bank along with all of the payment instructions.
Easier bank switching supports greater competition in the industry.
In 2010 banks decided to make switching banks easier. They did this through Payments NZ, which sets the rules for our payments systems. For more information, see www.paymentsnz.co.nz.