How easy is it to switch banks in Pakistan today?



In most of the developed countries these days, you are free to move bank accounts when it suits you. Any of your scheduled payments are also transfered to your new bank seamlessly.

For example, many people choose to be proactive when it comes to their savings because they need their money to work hard for them. Therefore, you might be thinking about moving your savings account periodically, so that you can benefit from a better interest rate offered by another bank. You can also switch your current account to a new bank, if you are not satisfied with their customer services or not happy with any additional service charges.

In modern world, the switch is generally quite simple as banks can now take care of the switch from start to finish (thanks to digitization), including the moving of regular payments that you have set up upon just one small Customer instruction. If you do decide to switch banks, all you need to do is to speak to your new bank to confirm a switch request whilst running a smooth switch process . It is also recommended that you speak to your current bank so they are aware that you are moving. We recommend that you find the best bank to switch your savings to by running a comparison but most of all, make sure you get the best return on your money. However at this point in time, this process (as per our knowledge) is manual with little digitization.

It is an ideal service to be offered by banks providing complete independance to customer who they would like to bank with however its is currenlty not supported by Pakistani banks. Such a service will also promote competetion in customer services. Today, customers have no easy way to switch bank accounts. A digital service offering by Banks in Pakistan that can enable customers to switch their bank acounts (in order to moving to a new bank that matches their needs) seamlessly would be very helpful.