How to switch business bank

The short answer

Open the new account first, keep the old one running, and move things across one at a time. Nothing forces you to close the old account on a date, and a business that switches with both accounts open does not lose a payment.

Expect a few weeks in total. The account is quick; the agreements are not, because each one has to be told where the money goes now.

What does not move by itself

• The NemKonto. Public authorities pay into the account assigned to your CVR number until somebody changes it. See NemKonto for a business.
• Betalingsservice and Leverandørservice. The agreements carry a settlement account, and it has to be changed.
• Payouts from your card acquirer. The settlement goes where the agreement says, not where your newest account is.
• Standing transfers and subscriptions paid from the account, plus anything charged to the old company card.
• Customers paying from memory. Invoice templates, your website and the payment details in your bookkeeping system all carry the old number.
• Loans and overdrafts. They stay with the old bank unless they are repaid or renegotiated.

The order that works

• 1 Open the new business account. Have the CVR number, MitID Erhverv, ID and a description of the business ready.
• 2 Assign the new account as the NemKonto.
• 3 Move Betalingsservice and Leverandørservice to the new settlement account. Ask the new bank whether they do it or you do.
• 4 Point your card settlements at the new account with your acquirer.
• 5 Update invoice templates, your website, your webshop and the payment details in your bookkeeping system.
• 6 Move standing transfers, subscriptions and salary payments, and re-point anything on the old company card.
• 7 Connect the new account to your bookkeeping system.
• 8 Leave the old account open for a full VAT period. When nothing has landed there, close it.

Step eight is the one worth being patient about. A refund, a yearly subscription or a customer who pays quarterly will find the old account long after you thought you were done.

When to switch, and when not to

Switch when the total for a year is clearly lower somewhere else, when you are paying for a package you do not use, or when the account cannot do something you need, such as feeding your bookkeeping system. The prices are in what a business account costs and ranked in the cheapest business account.

Do not switch on the monthly price alone. A setup fee of 3.000 kr. or 5.000 kr. eats a long time of a 50 kr. monthly saving, and if you take card payments, the hours spent matching settlements against sales cost more than either.

Checklist

• 1 Is the new account assigned as the NemKonto?
• 2 Do Betalingsservice and Leverandørservice settle to it?
• 3 Do your card settlements land in it?
• 4 Do your invoices, website and bookkeeping show the new number?
• 5 Has the old account been quiet for a full period?

Frequently asked questions

How long does it take to switch business bank?

Expect a few weeks from application to everything being moved. The account itself can be open in days, but the NemKonto, direct debit agreements, standing payments and card agreements have to be moved one by one, and they set the pace.

Can I have two business accounts at once?

Yes, and it is usually the easiest way to switch. Open the new one, move things across one at a time, and only close the old one when nothing has landed in it for a full period.

Does my loan or overdraft move with me?

No. Loans and overdrafts do not follow automatically; they have to be repaid or renegotiated. Many businesses move only the operating account and leave the loan where it is, which is perfectly allowed.

What about the NemKonto?

It has to be assigned to the new account. It does not move by itself, and until it is changed, public authorities pay into the old account.

What about Betalingsservice and Leverandørservice?

The agreements need a new settlement account. Many banks help move them, but ask the new bank whether they do it for you or whether you change it yourself in the agreement portal.

Do I have to change card acquirer because I change bank?

No. The acquiring agreement is its own agreement, and your terminal can stay with the same acquirer even though the account moves. You only have to make sure the payouts point at the new account.