How to switch
It’s easy to move payment instructions, saved payees and account balances between banks in Aotearoa New Zealand.
About the process
The Payments NZ switching process lets you move payment instructions – including direct debits and automatic payments – and saved payees to a new bank.
If you’re closing your account with your current bank, you can also choose to move your account balance.
Once you’ve set up a new account, ask your new bank to help you move your payments over on the date you choose. Your payment instructions will stay active at your current bank until the switch date.
Note that you’ll need to make your own arrangements for incoming payments – for example, by letting your employer, or anyone else who pays you, know your new account details.
HeRE'S HOW
IT WORKS
Open an account with your new bank
You’ll need to have already opened an account with your new bank before you can start the switching process.
You can use the process for individual, joint or business accounts.
Ask your new bank to start the switch
Your new bank will confirm what instructions or information you want to move, and ask you to complete a switching request form.
The form will ask for your current bank’s name, your account name and number, and the date you want payment instructions and saved payees (and your account balance, if you’re closing your current bank account) transferred to your new account – your switch date.
You’ll need to sign this form to authorise the switch. For joint accounts, all account holders need to sign.
Your current bank will send the information you’ve authorised directly to your new bank.
Banks will never ask you for passwords, PINs, or other credentials related to any bank account you hold.
It’s a good idea to review your payment instructions and saved payees at your current bank at this point, and cancel anything you don’t want or need anymore.
Work with your new bank to complete the process
Your new bank will receive information from your current bank within 5 business days. They’ll then work with you to set up your payment instructions and saved payees.
You can keep making payments as usual from your current bank account up until the switch date.
If you choose to close your account at your current bank, your funds will be transferred to your new account on the switch date.
Your new bank will:
- Load your payment instructions – including direct debits and automatic payments – and your saved payees
- Notify direct debit authorities that your account has changed
- Receive your funds from your current bank and update your new account balance, if you're closing your account at your current bank.
You might need to:
- Share your new account details with your employer, or anyone else who pays you
- Check with direct debit authorities to make sure they've processed your change of account
- Delete any payment instructions or saved payees you no longer need
- Request your account transaction history from your current bank, if you're closing your current bank account.
READY TO SWITCH?
Start by contacting your new bank. They’ll guide you through the process and request the relevant switching information.
Find a participating bank