How do I switch to a different business bank account?

After arranging registration with the Chamber of Commerce, opening a business bank account is often the next step that a brand new entrepreneur takes. Logical, because you have to have an account to be able to pay your invoices, but more importantly: to be able to collect them. Such an account is often arranged at the bank where you already have all your private affairs. That is easy, because you are used to that bank and you know, for example, exactly how you can manage your banking affairs online there.

But a lot of self-employed people and SMEs nowadays find out over time that they would really prefer to switch to another bank with their business account. Many of them, however, postpone or even cancel that switch, because they switch too complicated or time-consuming. This means that only fewer than one in five Dutch entrepreneurs sometimes change banks. The lion's share therefore remains 'safe' where it is, even if better options are available. But is switching really difficult?

Transfer service
What many people do not know is that all Dutch banks are connected via a national switching service. This service helps entrepreneurs with changing banks. The transfer service ensures that you no longer have to carry out a lot of things that were previously involved in a switch. Think of transferring your funds - even if money still comes in after you have already switched - and informing business relations, such as suppliers.

With the transfer service in your back pocket, switching with your business account is a piece of cake. You can switch in five simple steps.

Switch with your business account in five steps

1. Orient

There is probably a reason why you are considering a switch. Is it the cost, or do you find the online environment for internet banking awkward? Determine what you think is important about your new bank and compare the different banks. Look beyond the 'big' names such as ING and Rabobank. 'Smaller' sofas (Knab, Triodos, etc.) are gaining enormously in popularity and are just great sofas to accommodate your business. As an ethical bank, Triodos strives for sustainability and transparency, for example. So go investigate without prejudice.

2. Register with your new bank

Once you have found your new bank, it is important to first register as a new customer there before you do anything else. Becoming a customer is generally easy and can often be done online. If it is a bank with physical branches, you can also stop by.

3. Transfer service

This is where it becomes simple: give your new bank permission to start the switching service. You provide your new bank with all the information they need to transfer your complete services to your new account. We could therefore have called this step 'leaning back'.

4. Inform your most important relationships

Yes, informing business relationships is part of the switching service, but it is still advisable to inform your most important suppliers and customers personally. In this way you prevent confusion and show yourself as a reliable business partner. You do not want this conversation afterwards if the payment went wrong.

5. Check

Keep a finger on the pulse in the weeks that follow. Does your old bank often have to transfer money to your new account? Or do you receive letters that payments or debits were not successful? Then something went wrong somewhere. So be sharp and act immediately if something goes wrong. This prevents misunderstandings about payments - the last thing you are waiting for after such a switch.