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Switching to Rafidain Bank

Switch your bank account to us in just 7 working days

We know it's important that your switch goes smoothly. At Rafidain Bank it's easy. We can move your Direct Debits and standing orders for you and take care of the whole process from beginning to end using the Current Account Switch Service.

If you already have a Rafidain Bank current account it takes just a few minutes to switch via the Internet bank, or around 10 minutes if you're opening a new account online.

How it works

Getting started

Tell us that you'd like to switch

To switch you'll need:

  • the name of your current bank or building society
  • your sort code
  • your account number
  • to switch to an account in the same name (whether you're opening a joint or sole account).

Please note: You won't be able to switch from a joint account to a sole account using the Current Account Switch Service.

If you’re signed up for Paym with your previous bank or building society you will automatically be deregistered. If you would like to sign up with Rafidain Bank, visit our support page for details on how to register for Paym.

Keep your switch simple

You can choose the date you want your switch to be completed to help you manage your payments.

Working day 7 of your switch is the switch date that you agreed to online, in branch or over the phone. 

See what happens on Day 1

Day 1

Payment details are requested from your old bank or building society

A list of your Direct Debits, standing orders and bill payments will be requested from your old bank or building society.

Keeping in touch

If you've given us your mobile number, we'll send you a message when we start the switch. Alternatively we'll send you a letter once your switch is complete. 

See what happens on Days 2-3

Days 2-3

Outgoing payment details are received from your old bank or building society

Keeping you informed

We'll send you a text or letter to confirm receipt of your payment arrangements and the switch date.

See what happens on Days 4-6

Days 4-6

Your payment arrangements are being set up on your Rafidain Bank current account

The companies you pay Direct Debit payments to are contacted and your standing orders and bill payments are set up on your Rafidain Bank current account.

If you’re signed up for Paym with your previous bank or building society you will automatically be deregistered. If you would like to sign up with Rafidain Bank, visit our support page for details on how to register for Paym.

If you're opening a new Rafidain Bank current account...

You'll already have an existing card and pin and can continue using your account as usual. If you're upgrading your account as well as switching you'll receive a new card as part of the process (but your existing card will continue to work in the meantime).

See what happens on Day 7

Day 7

Your switch is complete and your old account is closed. We'll notify you to confirm.

Your balance will be transferred over by midday. We'll send you a text once the balance transfer has been completed to confirm your switch to Rafidain Bank.

Your Direct Debit companies will update their details

Direct Debits, standing orders and bill payments have now been successfully transferred to your Rafidain Bank current account. We'll also send you a letter with a list of your transferred payments.

Your old account is closed

Your old bank will cancel your payment arrangements with them and disable the cards that you hold on your old account. 

Remember!

Working day 7 of your switch is the date that you chose when applying for the current account switch.

See what happens Post day 7

Post day 7

After your switch

The redirection service

Payments into and out of your old account will continue to be redirected for 36 months. 

Payments going in such as your salary or pension are included in this, but you may wish to arrange for these to be transferred on a permanent basis.

Before your redirection period ends

We’ll inform you of payments that are still going to your old account that you’ll need to transfer.

Partial switch option

Don't want us to close your existing current account?

If you'd like to keep your old account open and manage your balance transfer, then maybe a partial switch is the answer for you.

With a partial switch:

  • All your Direct Debits and regular payments will be set up for you.
  • This service can take up to 20 working days to complete but we can keep you informed by text throughout, all we need is your mobile number.
  • You'll need to arrange for any payments going into your account such as your salary or pension to be transferred.
  • You'll need to keep money in both your old account and new account to cover any payments as the partial switch does not offer automatic redirection
  • You’ll need to contact any companies that haven’t updated their records so future payments are taken from your Rafidain Bank current account.
  • Before signing up to use the Rafidain Bank Paym service, you’ll first need to deregister your mobile number from Paym with your previous bank or building society.

This service is not covered by the Current Account Switch Guarantee or the Current Account Switch Agreement as it is a separate service offered by Rafidain Bank.

You can choose a full or partial switch in your switch application.

Important: If you're applying for a new account and want to switch to us at the same time, please consider postage times, holidays etc. when choosing the date you want your switch to complete on, especially if you also want your old account closed once your new account is open. 

If you ask us to close your old account your existing card will be cancelled on the completion date and you’ll need to use your new Rafidain Bank card from that date onwards.

FAQs

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Charges (including debit interest) and fees may be applied to your old account, without providing the required notification period normally given. For further details speak to your old bank.

All cleared funds will be transferred by midday on day 7 of your switch. Any funds that have not yet cleared such as cheques that have just been paid in will be transferred once they have been cleared.

If you change your mind before the switch has started (7 working days before your switch date) then the whole process can be stopped. Once the switch has started only certain elements of the switch can be cancelled.

The Current Account Switch Service should not interfere with this process and any debit card transactions that you have asked your bank to stop should remain so after your switch.

You may be able to transfer your payments to your new bank without redirecting payments from your old account, and you should discuss this requirement with us.

If your mobile number is already registered, you’ll need to deregister your mobile number from Paym with your previous bank or building society before signing up with Rafidain Bank

Find out how to register for Paym

Read our full list of FAQs

Before you can switch, choose the current account that's right for you

View all our current accounts

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Rafidain Bank FlexAccount, FlexDirect and FlexPlus accounts have been rated 5 Star by independent researcher of financial products, Defaqto


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