Current Account Switching Guide
Switching your current account in Ireland is not hard, even though it’s made out to be. You’re simply changing where you get paid, how you pay online, and how you send money to other accounts. That’s it. You can get the majority of the switching process completed in just a couple of hours.
Reading time: 16 min
Last updated: March 31, 2026
Table of Contents:
Written by:
Dan Malone
Switching your current account in Ireland
- Involves five simple steps at most
- Can be mostly completed in a few short hours
- Can be partly automated if you wish
- Is a useful opportunity to clear unwanted subscriptions
- Can be smoothed out by picking a quiet switching date and keeping a backup account
Most Irish consumers vastly overestimate how difficult it is to switch current accounts and end up settling for a subpar (and expensive) banking experience. This guide will instruct you on how to move your daily banking from one current account to another.
Key Insight: Your current account is your main bank account. It’s the account that your salary gets paid into, where direct debits and standing orders are paid from and the account that’s linked to your debit card for daily spending.
Step 1: Choosing A New Bank
Before you start the switching process, you’ll need to choose your new bank. In Ireland, your main choices are between the Irish banks (AIB, BOI, PTSB & EBS) and the neobanks (Revolut, Bunq, Monzo & N26). To make this easier, compare the best current accounts in Ireland and see which option suits your day-to-day banking before you switch.
Step 2: Making The Switch
When switching current accounts in Ireland you have two options: DIY Switching or Automated.
Option 1: DIY Switching (Recommended)
DIY switching is exactly what it sounds like - you manage the process of switching current accounts yourself. This is the recommended method as you’ll have total control and visibility over when and how the switching process is completed. Generally speaking, there are five things you need to do in order to fully switch current accounts.
You need to transfer money out of your existing current account and into your new current account. The easiest way to do this is by setting up a bank transfer between the two accounts. Simply copy the IBAN from your new current account and add it as a payee on your existing online banking platform. There is a slight inconvenience here as Irish banks impose daily transfer limits between €10,000 and €20,000, depending on the bank. This means it might take several transfers to move all your money.
However, as the Irish banks were required to update to SEPA Instant Payments, your transfer can be processed within seconds, any time or day. When setting up the transfer, select ‘SEPA Instant Credit Transfer’, and not ‘SEPA Credit Transfer’. If you select the latter, you’ll wait up to a business day to receive your money. There are no additional fees for using SEPA Instant.
Key Insight: SEPA stands for ‘Single Euro Payments Area’. It’s an initiative that standardizes euro payments to bank accounts in over 40 European countries. SEPA payments include:
Credit Transfer: A payment from your bank account to another that arrives within one business day, initiated by you.
Instant Credit Transfer: A payment from your bank account to another that arrives within 10 seconds, initiated by you. Works 24/7, 365 days a year.
Direct Debit: A payment from your bank account to another, initiated by the recipient with your consent. This consent is given through a SEPA Direct Debit Mandate. You’ll be given 14 days notice prior to the payment due date, unless a shorter notice period has been agreed to.
You need to inform your employer of your updated bank details so that your salary gets paid into your new current account. To do this, send an email to your office manager, human resources manager, or payroll department informing them of the updated bank account. This is a standard procedure that all payroll managers will be used to. Here is an example of an email that you could send to the relevant person:
| Hi team,
I hope this email finds you well. I’d like to switch the bank account that my salary is paid into. Please update my payment details for the below and confirm that my next payment will be sent here: ACCOUNT HOLDER: [YOUR FULL NAME] IBAN: [YOUR NEW IBAN] BIC: [YOUR NEW BANK’S BIC] BANK NAME & ADDRESS: [YOUR NEW BANK’S NAME & ADDRESS] Let me know if you need anything further from me in order to verify this change, I’d be happy to assist Kind regards, [YOUR NAME] |
Some companies set cut-off dates for new payroll information, like the 15th of the month. Changes made after this date won’t be reflected until the following month. If you happen to miss the cut-off point, you may still receive the current month’s salary into your old account, but this is something you can easily confirm with payroll. Any payments received into the old account can simply be transferred to the new account later on.
Other Income Sources
It’s important to update your bank account details for all other income sources, if applicable. Here are some examples of the most common sources of other income that will need to be updated with your new bank account:
Revenue: Login to MyAccount on Revenue (ROS for self-assessed taxpayers) and update your profile for your new bank account details. This is important for receiving tax refunds from Revenue.
Department of Social Protection (DSP): For those in receipt of child benefit, illness benefit, State pension and other DSP payments. Login to MyWelfare using your MyGovID and navigate to the relevant DSP payment. Then, select ‘Change Payment Method’ and follow the instructions until you can add your new bank details.
Rental & Investment Income: If you’re in receipt of any rental income, you’ll need to inform your tenant and/or property management company of the change in bank account. For investment income, say, via an online brokerage, you’ll need to link your new bank account to the investing platform.
Self-Employment & Side Hustles: If you’re self-employed or have a side hustle, you’ll need to update your invoicing details and inform any existing customers of the change.
Marketplace Platforms: If you’re a merchant on platforms like DoneDeal, Adverts or Depop, you should update your bank account details here too.
When you set up your new current account, you’ll be given a fresh debit card. If you’re switching to a neobank, you’ll be given virtual debit cards in addition to your physical debit card or, in some cases, a virtual debit card only. The main task is updating your card details across the various apps, websites and platforms that store them for recurring payments and/or fast checkouts.
There are many places where your card details could be stored:
- Subscriptions: Netflix, Spotify, YouTube Premium, Disney+, iCloud
- Travel: eFlow, Leap Card, Payzone, Bolt, Uber, FreeNow
- Lifestyle: Ticketmaster, GolfNow, Gym Membership, BetterHelp
- Food: JustEat, Deliveroo, Uber Eats, Bolt Food, HelloFresh
Some of these, like eFlow, come with charges for late payment, so it’s best to get these updated as soon as possible. That said, you don’t have to update your card details on every platform immediately. In fact, changing cards can actually be a good excuse to get rid of unused subscriptions. If you don’t update your card details to your new card, any future payments will fail if your old current account is closed or has insufficient funds, or, if your old debit card has been cancelled.
A direct debit is where you authorise a company to withdraw or ‘pull’ money from your bank account on agreed dates. The amount can be fixed or variable. They are most commonly used for paying bills like electricity, gas, internet, TV, bins, insurance and local property tax. You’ll need to update any existing direct debits to pull money from your new bank account.
You don’t create direct debits yourself. Instead, you provide your bank details to the service provider. They then send the request to your bank for approval. You’ll receive a notification for approval once this has been completed. To update your direct debits, log in to your online account with the service provider. Then, change your payment method to your new bank details.
Most homeowners pay for their mortgage via direct debit. You’ll need to submit a signed ‘SEPA Direct Debit Mandate’ form to your bank. This is necessary to update your mortgage payment details for your new current account. This is a straightforward and short document that can be obtained directly from the bank. To find it online, search for ‘SEPA Direct Debit Mandate [YOUR BANK]’.
Top Tip: Switching the current account that you pay your mortgage from might feel uncomfortable, as nobody wants to miss a payment. But don’t let this put you off. When you make the switch, consider keeping enough money to cover the mortgage payment in both your new and old account until you see that the bank has correctly taken the money from your new current account. Then, you can clear out and close your old current account.
When you switch to a new current account, you’ll need to set up new standing orders within the banking app. Once you have the recipient’s IBAN, set the amount, frequency, start date and end date for the standing order. Then, the payment will work on autopilot. If you’re concerned about missing a rental payment, you could keep enough money to cover your rent in both of your current accounts until you’re certain that the standing order has been updated to send money from your new account to your landlord.
Key Insight: When switching current accounts, you should keep your old current account and debit card active until you’re satisfied that each of the five points above have been completed successfully. Until then, it’s worthwhile keeping your old account sufficiently funded to cover at least one month’s outgoings in case of delays.
If you’re switching to a neobank, you can avoid paying two sets of current account fees by staying on a free plan, insofar as possible, until you close your existing bank account. Then, you could explore paid plans.
Most importantly, don’t rush. It will all get done. Make life easier for yourself by starting the switching process at a time of the month when there’s no major payment activity in your existing account i.e. after salary, mortgage/rent and utilities have been settled.
Option 2: Automated Switching
You can automate some, but not all, of the current account switching process. The reason why we recommend DIY switching is because, even when automation is involved, you’ll still need to carry out some manual steps. Automatic switching generally covers:
- Transferring account balances (which can easily be done manually via SEPA Instant)
- Updating Irish direct debits (mortgage payments may still require a signed SEPA Direct Debit Mandate)
- Listing, but not necessarily migrating, your existing standing orders (you may need to set them up again in-app)
It doesn’t cover informing your employer of the change in bank account, updating other income sources or managing card details. In short, the real value of automated switching can be somewhat limited, and even if you do use it, you’ll still need to double check that everything has worked as intended.
Before we discuss automated switching methods, it’s important to understand the regulations that apply when switching current accounts in the EU.
Your Rights When Switching
The regulation which covers switching current accounts in the European Union is the EU Payment Accounts Directive (PAD) (Directive 2014/92/EU). PAD is transcribed into Irish law under S.I. No. 482/2016 - European Union (Payment Accounts) Regulations 2016. Some of your key switching rights under PAD include:
Switching Service: A bank must have a switching service in place to assist you in switching from one Irish bank to another (Article 10)
Cross-Border Switching: Where you switch to an EU bank, your Irish bank must still provide a list of all active standing orders and direct debits, transfer any positive account balance and close the account, with your consent (Article 11)
Fees: Any fees charged for the switching service must be reasonable and in line with the actual costs to the bank (Article 12)
Financial Loss: Any financial loss you incur during the switching process, including charges and interest, which come about due to the bank’s failure to comply with Article 10, must be refunded to you by the bank immediately (Article 13)
If you wish to avail of automatic switching, there are two different ways that it can be done. Both of these methods are covered by PAD:
Many neobanks offer an Automated PSD2 Account Switching Service which uses Open Banking technology to securely pull information from your existing bank account with your consent. This allows you to automatically transfer certain direct debits over to your new current account, as the neobank will notify the companies on your behalf. While this can work for utility bills, with mortgage payments, the bank you borrowed from may not update your direct debit until they receive a signed SEPA Direct Debit Mandate.
The automated switching service may also provide you with a list of your existing standing orders, but it may not automatically put them into effect within your new current account. That’s because of the strict rules around Strong Customer Authentication (SCA) under PSD2 for initiating recurring payments. If you wish for these standing orders to continue, manually setting them up in-app is a quick and easy task. The balance in your old current account can be transferred too.
When PAD was introduced, the Central Bank of Ireland published a set of best practices called the ‘Code of Conduct on the Switching of Payment Accounts with Payment Service Providers (2016)’. This is commonly referred to as the ‘Switching Code’. The code applies when you’re switching from one Irish payment service provider (i.e. an Irish bank or electronic money institution) to another, and the banks must adhere to it.
For example, the following switches would be covered by the CBI’s Switching Code:
- Switches between AIB, Bank of Ireland and PTSB
- Switches from AIB, Bank of Ireland and PTSB to Revolut
- Switches from AIB, Bank of Ireland and PTSB to Monzo
Key Insight: The Switching Code will not apply where you’re switching from an Irish bank to an EU bank, unless it’s to an Irish branch of a foreign bank (i.e. Revolut or Monzo). Where the Switching Code doesn’t apply, any Automated PSD2 Account Switching Services offered by the EU bank will still be covered by PAD.
Non-Irish neobanks with an established Irish branch will often still have an Automated PSD2 Account Switching Service, as an alternative to the CBI Switching Code, as it can provide greater flexibility due to its use of Open Banking.
The purpose of the Switching Code is to reduce the administrative burden of switching current accounts and to provide you, the switcher, with certain guarantees around how and when the switch will be completed. The main benefit of the Switching Code is that you’re protected from any financial loss incurred during the switching process due to the fault of the bank.
The key points of the code are as follows:
Switching Pack: You’ll be provided with a Switching Pack by your new bank that contains an Account Switching Form among other information.
Services: As part of the Account Switching Form you can specify the switching date, whether to close or maintain your existing current account, transfer direct debits, transfer your account balance and obtain a list of standing orders.
Timeline: Once you’ve set your switching date, your new bank must have the account fully operational and ‘switched’ within 10 working days of that date. All obligations on your old bank to assist in that process must be completed within 7 working days of the switching date.
When picking a switching date, you should pick a date which has the least account activity i.e. after you’ve received your salary and all direct debits and standing orders have been paid. Non-Irish direct debits cannot be automatically transferred to your new account via the Switching Code.
It’s recommended to not use your existing debit card once the switching process has started if you’ve opted to close your existing account. If your existing current account is in overdraft, your new bank is not obligated to accept the negative account balance if they do not offer overdrafts.
Key Insight: For automated switching, it’s still advisable to keep your existing account open and adequately funded to cover at least one month’s worth of outgoings until you’re satisfied that the switch has been carried out correctly. Picking a switching date that is at a time of the month with the least amount of account activity will increase the chances of a smooth switch.
Frequently Asked Questions
No, you don’t. Having your current account with the same bank as your mortgage does not improve your chances of mortgage approval or guarantee a lower rate. However, some lenders offer incentives to use their current accounts, like fee-free accounts or cashback.
It depends. If the bank that you’re switching to doesn’t offer an overdraft facility then they are not legally obligated to accept a negative account balance from your existing bank. You may have to keep your existing account open and clear this balance rather than switching it over to the new bank.
If your bank account has a credit card, you will pay €30 stamp duty each year so long as that account is open, even if you don’t use it. When you switch accounts, obtain a letter of closure from your old bank to prove to your new bank that you’ve already paid the credit card stamp duty so that you don’t have to pay it twice.
If you’ve a debit card, you’ll pay €0.12 stamp duty per ATM withdrawal up to a maximum of €5 per year (€2.50 if you only use the debit card for ATM withdrawals). If the debit card isn’t used for ATM withdrawals there will be no charge, even if the account is open and the card is used for other purposes.
A Basic Payment Account is a current account that allows you to deposit and withdraw money, use direct debits and standing orders and pay for transactions via card and online payments. These accounts must be offered by all EU banks and are available to all EU residents and asylum seekers. It is a legal right under Article 16 of the EU Payment Accounts Directive (PAD).
If the bank has not met its switching obligations, you should first lodge a complaint with them. If you’re not satisfied with the response, you can refer your complaint to the Financial Services and Pensions Ombudsman (FSPO).
