A hassle-free guide to switching banks

Switching banks takes its place on the list alongside tidying the loft and completing your tax return – it's something we put to one side for later. Much later. But since the launch of the bank switching service, the process has actually become as simple as changing your phone.

In 2025, the bank switching service received 111,745 requests (source). That equates to more than 300 Belgians a day who decided it was time to move to a new bank.

The bank switching service has been free since 2010. The idea behind it is simple – your new bank will arrange the switch for you. All you have to do is fill out a form.

1. How does it work?

For current accounts

What you need to do:

• Open a current account with your new bank
• Fill out the bank switching service form
• Decide whether you want to switch payment orders, close your old account, or do both

Your old and new banks will arrange the following for you:

• Switch standing orders and scheduled payments
• Deactivate bank cards from your old bank
• Close your old current account (if you opt to do so)
• Transfer your remaining balance to your new account
• Inform creditors holding direct debits (energy suppliers, phone providers and so on)
• Recurring payers (employer, health insurance fund and so on) will receive your new account number

For savings accounts

Things are even easier with savings accounts. Simply open a savings account with your new bank and ask to settle your old savings account, and your new bank will take care of the rest. Note that not all banks offer this service for savings accounts.

2. How long will the switch take?

The switch usually takes ten banking days, and is completed within one month at the latest. If you prefer not to switch straight away, you can also select a later date. What's more, if you're also receiving a pension, it's best to choose a switch date one month after your application to be on the safe side, as the pensions service no longer processes any changes in the days leading up to making a payment.

3. Can I transfer my account number to my new bank?

No. This is not currently possible at any European bank, as your account number is linked to your bank. While you can keep your mobile phone number if you change service provider, the same doesn't apply to an account number.

4. What happens to any money that still comes into my closed account?

In most cases, money transferred to a closed account will be returned automatically. Since a transfer cannot be cancelled, the amount will be returned within a few days to a few weeks after the payment attempt.

5. What about my mortgage or loan?

Mortgages and loans are not covered by the bank switching service, and will remain with your old bank. Be aware that for some loans, a bank may request that your income is paid into an account held with the same bank. You should always check your agreement before switching.

6. What about my investor account?

Custody accounts are not covered by the service either, as switching often comes with high costs. In this case, you have two options: sell and buy your investments again, or ask your new bank whether they will reimburse (some of) the transfer costs. At Keytrade Bank, you can have transfer costs reimbursed up to €2,500 per calendar year (subject to conditions).

7. Is the service really free?

Yes, it is. Your old bank may not charge you any fees for closing your account.

Why switching to Keytrade Bank is a smart choice

✔️ The only bank that pays you

At Keytrade Bank, you receive €0.05 for each transaction made using your current account. Anyone who executes fifty transactions a month earns €30 a year – without having to do anything else. That makes Keytrade Bank unique in Belgium, as other banks ask you to pay for their services. We pay you.

✔️ Free current account, savings account and investment account

You get access to three accounts, all free of charge: a current account for daily banking, a savings account to put money aside, and a custody account to invest in shares, trackers and funds. No monthly fees, and no hidden surprises. Your debit card is also free, as is your credit card (subject to conditions).

✔️ 100% online, and much more

Keytrade Bank is an online bank. You control everything through our app or website. But we're more than just an online bank. If you have any questions, our team is available to help you from Monday to Friday between 9 am and 10 pm on +32 (0)2 679 90 00.

Switch in three easy steps

1. Open an account online

2. Complete and sign the bank switching service form

3. Send the document to clientadmin@keytradebank.com along with a copy of your identity card (front and rear)