What's inside this guide:
What is account switching?
Account switching is the process of moving your everyday banking activities — such as Direct Debits, standing orders, regular payments and any money — from your existing current account to a new one. It can also cover the closure of your old account.
Switching to Monzo
In order to switch your old account to Monzo, you need to have an open current or business account with us. If you don’t have an open account and want to start banking with Monzo, you can find more information on how to open each account type:
If you have an open account at another bank in Ireland, you can switch to Monzo at any time. You can use our switching service multiple times if you want to switch over from more than one bank to Monzo.
We offer two ways of moving your money and regular payments from another bank to Monzo:
Using our digital switching service.
Using our regulated switching service offered under the Central Bank of Ireland’s switching code.
The digital account switching service
Our digital switching service is available for personal and joint current accounts.
With our service, we’ll handle:
Contacting the sources of Direct Debits and regular credits (like your salary) currently associated with your old account and letting them know about the change in your payment details.
Identifying standing orders set up on your old account, so that you can set them up on Monzo instead.
Requesting account closure and balance transfer from the old bank, if you’d like.
Using Open Banking technology, we’ll securely access your old account to identify your regular payments. You can then choose which Direct Debits and recurring credit payments you’d like to move to Monzo.
We’ll notify the companies and organisations linked to the payments you select about your new account details. If we’re unable to contact any of them (including card subscriptions), we’ll let you know so you can update them yourself.
We’ll also show you a list of standing orders on your old account. You’ll need to cancel these with your old bank and set them up again in the Monzo app when you’re ready.
You can request to close your old account and transfer any remaining positive balance to Monzo. We recommend arranging it directly with your old bank to help ensure it’s completed without delay. We won’t be able to transfer any negative balance on your old account.
The digital switching service is free and accessible through the Monzo app.
The regulated account switching service
Our regulated account switching service is available for personal and joint current accounts, as well as business accounts.
This service will handle:
Contacting the sources of Direct Debits currently associated with your old account and telling them about the change in your payment details.
Identifying standing orders set up on your old account and moving them to your Monzo account.
Requesting account closure and balance transfer from the old bank, if you’d like. Monzo will not be able to transfer any negative balance remaining on your old account.
If you choose to switch your current account to Monzo using the regulated account switching service, we’ll carry out the steps required of us under the Code of Conduct on the Switching of Payment Accounts with Payment Service Providers 2016 (the Switching Code).
You’ll be asked to pick a switching date on your account transfer form. We’ll aim to complete the switch on that date, if we have everything we need from you and your old bank fulfils its obligations under the Switching Code. A successful switch depends on both banks completing their respective steps.
Even though we’ll try to complete the switch by the date you pick, we have to complete our part within 10 working days of the switching date under the Switching Code. Your old bank has to complete its part within 7 working days of the switching date.
You should try to pick a switching date when there isn’t a lot of activity expected or scheduled on your old account. For example, we don’t recommend trying to switch on a day when payments or Direct Debits are going to be processed. Your switching date also needs to give us at least 5 working days from the day you complete your account transfer form, just so we have time to prepare your switch.
This guide walks you step‑by‑step through the process and contains all the information and forms you need to transfer your current account to Monzo.
The switching options
Whether you pick our switching service or the regulated switching service, the next choice you’ll have to make is about what to do with your old account.
You can close your old account and transfer the balance to Monzo
You can completely switch your account(s) to Monzo and close them with your old bank.
If you choose this option, we’ll move your active Direct Debits and standing orders, transfer your remaining positive balances, and close your old account. We’re not able to transfer any negative balance (like an overdraft) from your old account.
If you need an overdraft/credit on your Monzo Current Account, you’ll need to apply for this separately. This can’t be arranged as part of the account switching service. Lending criteria and additional terms and conditions will apply.
You can switch Direct Debits and standing orders only
You can switch all your active Direct Debits and standing orders to your Monzo account.
Your existing account(s) will remain open at your old bank. Any money will stay there.
Please select your preferred option on the Account Transfer Form.
Step-by-step switching guide
Step 1 — Open a Monzo Current Account
Before you can switch an account to Monzo, you first need to open an account with us. We listed helpful links for you on how to do that above.
Step 2 — Get ready to switch
There are a few steps for you to take and decisions to make before starting a switch.
It might seem like a small thing, but one of the key decisions you have to make is picking a switching date.
Pick a switching date
1. Pick a quiet time
The best date is when your account has minimal activity. Avoid days with:
Upcoming Direct Debits or standing orders.
Scheduled salary, benefit, or other recurring payments.
Significant card or online payments.
Recurring card payments like subscriptions for streaming services or insurance. Some subscriptions or services are linked to your debit card, not your account. If your card changes during the switch, these payments may fail.
2. Allow enough processing time
Pick a date at least 5 working days from when you request to switch. Banks need 10 working days to complete your switch. Your switch date is considered day 1.
If your chosen date is not possible, like if it falls within the mandatory processing window, your switch request will be rejected. We’ll let you know about any problems with your switch request in the app and by email.
3. Avoid weekends or holidays
Switch dates must be a working day of Monday to Friday, excluding public holidays. That means we can work to make the switch work for you and minimise disruption.
What else will you need to do to get ready for the switch?
Complete the form: Complete and sign the Account Transfer Form and submit it to us. We’ll send it to your old bank on or before your switching date. Your signature authorises both Monzo and your old bank to switch your account(s). Remember to choose the right option on your form so we know whether you want to close your old account or not.
Notify payers and payees : Notify anybody who makes payments to you (payers) and anybody you make payments to (payees). Let them know your new bank details. For example, payments from your employer (payroll), payments for gym memberships, subscriptions and so on.
If you’re switching a business account: Tell your customers and any debtors if you want them to make payments to your new Monzo account.
Notify overseas Direct Debit originators: If you make any payments by Direct Debit outside of Ireland, you must contact the originator directly and give them your new Monzo Current Account's BIC and IBAN.
Direct Debit setup: You and the Direct Debit originators are responsible for setting up Direct Debits on the new account with us. You also need to reach out to them if you want to cancel any Direct Debits.
Direct Debit originators: If you’re a Direct Debit originator (where someone pays you by Direct Debit), arrange for any necessary changes.
Step 3 — We begin the switch
Monzo approves your application and coordinates with your old bank to transfer scheduled payments and close your old account, if applicable.
Keep an eye on your account balances. Make sure you have enough money in both your new Monzo Current Account and old current account to cover any transactions, including standing orders, Direct Debits, interest, fees, and charges. Sometimes, there is a short period where Direct Debits will have been sent to your old account before the switch takes full effect. We’ll let you know if we need your help updating some of your Direct Debits.
Let your employer know your new bank details so that your salary is paid into your new Monzo Current Account.
Update any other regular payments to come into your new Monzo Current Account. This includes things like child benefit payments, share dividends and rental income. We will provide you with sample letters to help you with this.
Make sure your old account doesn’t have a negative balance. This could prevent your old bank from closing your account, if you picked this option.
We’ll coordinate the process with your old bank to make sure you have a smooth transition.
Your old bank will:
Send all your Direct Debits and standing orders to us. We’ll also send a copy to you.
Inform your Direct Debit originators within Ireland of your new account details.
If you chose to close your old account, your old bank will:
Transfer any money to your Monzo Current Account.
Close your old account.
Let you access your account statements and transaction history on request and for free for at least 12 months after the account switch.
If you didn’t choose to close your old account:
Your old current account will remain open, and your money will stay there. Any cards on your old account will remain active unless you cancel them. You might need to pay stamp duty for cash withdrawals on active cards.
Step 4 — Your switch is complete
Your scheduled payments have been moved to Monzo. If requested, your old account should now be closed and any money in it moved to your new Monzo account.
More details on the switching process
You can find our Terms & Conditions, Legal notices and Privacy Policy on our website.
Important customer responsibilities
We’ll do everything we can, but there are some things you’ll have to do:
Review the list of Direct Debits and standing orders to ensure all creditors are included.
Contact SEPA Direct Debit originator(s) outside of Ireland and arrange to transfer Direct Debits to your Monzo Current Account.
Notify anyone who makes payments directly into your old current account (like your employer, social welfare) to change the payment destination to your Monzo Current Account.
Follow up with your old bank if you chose to close your account. We aren’t able to follow up with them on that for you.
Get bank statements from your old bank by reaching out to them directly.
What do you have to do after the switch?
If you closed your old account:
Stop using any bank cards or cheque books on your old account from the agreed switching date.
Destroy old bank cards by cutting them in two or return them to your old bank,in line with your old bank’s guidance). Return any unused cheques/cheque books.
Help & complaints
Need help with your switch?
If you have any questions or need help during your account switch, please contact us via the app or visit monzo.com/ie/help.
Delays or complaints
If your switch is delayed, a payment fails, or you experience any other issue, let us know right away. We’re here to help fix problems quickly and make your switch easy.
You have the right to complain if you’re unhappy with our service. We’ll look into it and let you know what we find. If you don’t like our response, you can take your complaint to the Financial Services Ombudsman, 3rd Floor, Lincoln House, Lincoln Place, Dublin 2.
Important definitions & Deposit Guarantee Scheme information
| Term | Definition |
|---|---|
| BIC | Bank Identifier Code. This is your bank's unique identification code. |
| Direct Debit (DD) | An agreement between you and an organisation that lets them take automatic payments of varying amounts from your account. Direct Debits are usually used for regular bills, such as your electricity. |
| IBAN | International Bank Account Number. This is your unique account number. |
| Monzo Current Account | Your personal, joint or business current account with Monzo. |
| Standing order | An automatic payment of a fixed regular amount which comes out of your account. You can manage all your standing orders in the Monzo app. |
| Switching date | The date you agreed with Monzo to try to complete the switch of your payment arrangements from your old account to your Monzo account, in line with the Switching Code. |
Deposit Guarantee Scheme Information
We are a member of the Deposit Guarantee Scheme administered by the Central Bank of Ireland. The Deposit Guarantee Scheme protects depositors in the event of a credit institution failing. The maximum amount payable is €100,000 per credit institution in respect of all eligible deposits held by one depositor. For further information on the Deposit Guarantee Scheme and on what eligible deposits are protected please see: Monzo Personal Deposit Guarantee Scheme Information Sheet v1.0
Switching away from Monzo
If you wish to switch your current account from Monzo to another bank, start the switching process with your new bank.
Once we get a valid account transfer request from your new bank, we’ll carry out the steps required of us under the Code of Conduct on the Switching of Payment Accounts with Payment Service Providers 2016 (the Switching Code).
We’ll try to complete the switch — including transferring any remaining balance and closing your account, if requested — on the agreed switching date. We have to complete our obligations within 7 working days of the switching date per the Switching Code.
Pre-requisites for switching out
If you’ve asked us to close your Monzo account and transfer any remaining balance to your new bank, your account must be in a condition that allows closure and a SEPA transfer to be processed.
If we can’t complete the switch for any reason, we’ll let you know.
If you want to make any changes to the list of Direct Debits and standing orders on your account after the switching process has been completed, please contact your new bank.
Past versions
