• The account switching service is nationwide and is exclusively for demand deposit accounts held by private customers and micro-enterprises. Through the account switching service, which must be requested using the appropriate form and by all holders of the payment account at the original bank, the customer can transfer payment services to a receiving payment service provider of their choice (here also referred to as the “Destination Bank”), different from the transferring payment service provider that had been providing these services (here also referred to as the “Original Bank”).

• To transfer payment services to Best, you can fill out the form available and deliver it to any Best Investment Center or send it by mail to Remessa Livre 8182, EC Cabo Ruivo (Lisbon), 1802-960 Lisbon.

• The Account Change service allows you to request Best to interact with the other bank to transfer direct debit and recurring transfer services to your new account, facilitating this process. In addition, it is a free service.

• The Change of Account service is available for private customers and micro-companies;




• Best, as the Destination or Origin Bank, will not charge fees for providing or processing information relating to the payment services to be transferred or, as the Origin Bank, for closing the account. However, Best, as the Bank of Origin, may charge fees for other additional tasks associated with the account transfer service, in accordance with the Fees and Expenses Brochure.

To transfer payment services to Best, you can fill out the form available and deliver it to any Best Investment Center or send it by mail to Remessa Livre 8182, EC Cabo Ruivo (Lisbon), 1802-960 Lisbon.

Step 1 - Request from the receiving payment service provider (“Destination Bank”) to the transmitting payment service provider (“Originating Bank”)

Within two business days of receiving the request or authorization from the Customer, the receiving payment service provider (“Destination Bank”) must ask the sending payment service provider (“Originating Bank”) to do the following, if it's in the authorization:

Contact the Originating Bank to request that it send, by email, a list with the available information on recurring credit transfers, standing orders, and active direct debit authorizations associated with the old account, if any, which should be sent directly to the Destination Bank, which shall provide a copy of the list to the Customer, if the Customer so indicates in the request;

Request the Originating Bank to cancel the standing orders associated with the old account on the date indicated by the Customer, which should coincide with the activation of these orders in the new account;

If the Customer wishes to close their account at the Bank of Origin, they must indicate this intention in the authorization given to the Bank of Destination, which will in turn forward it to the Bank of Origin. The Customer must ensure that there are no contractual impediments to closing the old account and must, in particular, return to the Bank of Origin all means of payment associated with it, namely cards (debit and/or credit) and checks that have not been used, and ensure that any direct debits from that account that have been made by the customer but have not yet been debited from the old account are safeguarded;

Inform the Customer of any costs they may incur for transferring payment services;

Step 2 - Obligations of the transferring payment service provider

Cancels standing credit transfer orders with effect from the date indicated in the authorization and at least 6 business days after sending the information to the Destination Bank;

Transfer the remaining positive balance from the account to the account held with the receiving payment service provider on the date indicated by the Customer in the authorization, or on the sixth business day following the date of receipt by that payment service provider of the documents sent by the sending payment service provider, provided that this is specified in the authorization given by the Customer, and provided that the Customer has no outstanding obligations on that account and provided that the tasks listed in points a) and b) and the communication to the ordering entities of the change of account have been completed;

Closes the payment account held with the sending Bank on the date specified by the Customer;

If there are other legal relationships that may be affected by the closure of the account on the date specified in the authorization provided by the Customer, the transferring payment service provider shall inform the Customer of this fact and the respective consequences. The existence of enforceable and pending collection obligations in the origin account does not prevent the request for a change of account, but only the refusal to transfer the credit balance from the origin account to the destination account;

Step 3 - Receiving payment service provider

Within five business days of receiving the information requested from the sending payment service provider, the receiving payment service provider shall, in accordance with the authorization and to the extent that the information provided by the sending payment service provider or the Customer allows it to do so, perform the following tasks:

Enter standing credit transfer orders requested by the Customer and execute them with effect from the date specified in the authorization;

Make the necessary preparations to accept direct debit authorizations and accept them from the date specified in the authorization;

Activate standing transfer orders on the date indicated for this purpose by the Customer;

If the Customer so wishes, and in any case if they decide to close their old account, assist the Customer in communicating the new account identification number (IBAN) to entities that make recurring credit transfers to the Customer's account (such as employers or Social Security), in particular by providing a draft letter for this purpose;

Inform and assist the Customer in communicating the new account identification number (IBAN) to the entities crediting the direct debits to be transferred, namely by providing a draft letter for this purpose. This letter must indicate the date from which the collection should be directed to the new account and request confirmation of the change;

In the event that direct debits are transferred to the new account, the Destination Bank shall inform the Customer of the need to re-set any existing limits on amount, frequency, or end date, and how to set these limits;

Also in the case of direct debit transfers from the old account to the new account, the Destination Bank shall inform the Customer that, after the transfer, they fully retain their rights to reimbursement of debits made, as recognized by law. Requests for reimbursement relating to debits made on the old account must be made by the Customer directly to the Origin Bank;

Notify the Payers and/or Creditors of the change in the Customer's account, providing them with a copy of the authorization for this purpose, if the Customer still wishes to do so.

The transfer of payment services is not instantaneous and takes some time to become effective.

In the case of payments made through standing orders, the effective date will be that indicated by the customer, which must comply with the minimum period of 13 business days from the date of delivery of the account change service form.

With regard to direct debit payments, their execution on the date indicated by the customer will depend on the timely execution, by the creditor entities, of the change in the account details requested by the customer;

In the meantime, payments will continue to be made using the balance of the old account. The customer must therefore maintain a sufficient balance in this account for that purpose.

If the customer chooses to close the old account, they must ensure that:

• 1º The closing date is not earlier than the date indicated for the execution of periodic transfers;


• 2º On the closure date, all payments made by third parties to the old account (e.g., salaries or pensions) have been transferred to the new account;
• 3º On that date, all direct debit charges have been transferred to the new account.

Dispute resolution:

Without prejudice to the provisions of specific clauses, in the event of a complaint or dispute of a value equal to or less than the jurisdiction of the Courts of First Instance, in accordance with the provisions of Article 30 of Decree-Law No. 107/2017, of August 30, and in order to ensure alternative dispute resolution, Banco Best offers the Customer, under the terms of Law No. 144/2015, of September 8, recourse to alternative dispute resolution entities, to which it has adhered:

• (a) Lisbon Consumer Dispute Arbitration Center, available at www.centroarbitragemlisboa.pt;


• (b) Porto Consumer and Arbitration Information Center, available at www.cicap.pt.

For more information, please refer to the Complaints Management and Dispute Resolution Policy.