Account Switching Service

Bring your account to Millennium

With this service, you can switch your account to a bank of your choice in Portugal, in the same currency.

How it works

Switch your account to Millennium

If you’d like to switch your account to Millennium, you’ll need to submit a written request using the designated form.

In this request, you’ll authorize, step by step, the tasks involved in the account switch, such as regular incoming transfers, standing orders, and direct debits. You can also specify the date from which you want these operations to take effect on your new account.

If the account has more than one holder, all of them must sign the authorization. Each holder will receive a copy of the document.

Step by step

How to switch an account to Millennium

1st Step

Request from the receiving Bank to the sending Bank

Within two business days of receiving the customer’s request or authorization, the receiving bank (Millennium bcp) must ask the sending bank to:

Send the receiving bank information on recurring incoming transfers, scheduled transfers, and direct debit authorizations executed over the past 13 months.

Stop accepting new direct debits and transfers from the date indicated.

Cancel scheduled transfers from the date indicated.

Transfer the positive balance to the new account at the receiving bank on the date specified by the customer.

Close the old account, if authorized to do so.

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2nd Step

Tasks of the sending Bank

Upon receiving the request from the receiving bank, the sending bank must:

Within five business days, send the receiving bank the information referred to in Step 1.

Stop accepting new transfers and direct debits from the date indicated in the authorization.

Cancel scheduled transfers from the date indicated.

Transfer the positive balance from the old account to the new account at the receiving bank on the date specified by the customer or, if applicable, on the sixth business day after the documents have been sent. This transfer will only take place if the customer has no outstanding obligations and the previous steps have been completed.

If there are other legal relationships that could be affected by the account closure, the sending bank must inform the customer of the situation and its implications.

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3rd Step

Tasks of the receiving Bank (Millennium bcp)

Within five business days after receiving the information from the sending Bank, the receiving Bank must:

Create and activate the transfer schedules requested by the customer, effective from the date indicated.

Prepare to accept direct debits and start processing them on the date specified in the authorization.

Inform the customer, where applicable, of their rights under Regulation (EU) No. 260/2012.

If requested by the customer, notify payers to start making payments into the new account at the receiving bank and send them a copy of the customer’s authorization.

If requested by the customer, notify creditors to start collecting payments from the new account and indicate the start date, also providing them with the customer’s authorization.

If the receiving bank does not have all the information required to carry out these communications, it must request it from the customer or from the sending bank.

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For:

Payment services to be transferred or for account closure

€0

Balance transfer services

please check the price list

Services related to balance transfers may be subject to a fee, as listed in the banks’ price list.

View price list

Legal information

Alternative dispute resolution

Disputes with a value equal to or below the jurisdiction of the courts of first instance may, as an alternative to the competent judicial means, be submitted to the following out-of-court dispute resolution entities: Lisbon Consumer Conflict Arbitration Center (www.centroarbitragemlisboa.pt) and Porto Consumer Information and Arbitration Center (www.cicap.pt).

We inform you that the Bank provides a service for the reception and out-of-court handling of any complaints that Clients may wish to make. Complaints must be submitted through an online form or by calling the following numbers: 91 827 24 24 / 93 522 24 24 / 96 599 24 24 (calls to the national mobile network) / +351 21 005 24 24 (calls to the national landline network)¹.

Frequently asked questions

Questions? We’ll help

Do all banks offer the Account Switching Service?

Yes. Some banks may offer additional options related to this service.

Does the Account Switching Service require opening a new account?

This service only requires opening a new current account if you do not already have one at the bank to which you wish to transfer your banking services. For example, if you want to transfer payment services from an account you have at a bank to another bank where you already have an account, you won’t need to open a new one.