How to Switch from a Digital Bank to a Traditional Bank?

Digital banks have revolutionized the way we handle finances—offering instant access, low fees, and mobile-first experiences. But as businesses grow or financial needs become more complex, many users find themselves considering a move from digital to traditional banking.

Whether it’s for relationship management, in-person services, credit facilities, or broader financial support, switching to a traditional bank can bring long-term benefits. In this guide, we’ll explain how to do it seamlessly without disrupting your finances.

Why Switch from a Digital Bank to a Traditional Bank?

There are several valid reasons to move from a challenger bank (like Revolut, Wise, N26) to a traditional institution (like Barclays, HSBC, or Santander):

💼 Business Needs Outgrowing Digital Services

• Need for overdrafts, loans, or trade finance

• Requirement for credit lines or commercial mortgages

• Local branch services for document handling or cash deposits

🔐 Regulatory or Compliance Requirements

• Some sectors (like finance, legal, or regulated industries) require fully licensed banking partners

• Proof of address or SWIFT IBANs for international clients

🤝 Relationship Banking

• Traditional banks offer relationship managers for personalized service

• Access to tailored advisory services

🏦 Expanded Financial Products

• Business credit cards, investments, treasury products

• Multi-account structures, employee payroll tools

Step-by-Step Guide to Switching Banks

1. 📝 Evaluate Your Current Banking Setup

Before switching, understand your existing financial needs:

• How many transactions do you make monthly?

• Do you require multi-currency support?

• Any direct debits, card payments, or payroll integrations?

This helps you choose a traditional bank that meets (or exceeds) these services.

2. 🏦 Choose the Right Traditional Bank

Compare banks on:

• Monthly account fees

• International transfer options (SEPA, SWIFT)

• Card types and limits

• Availability of online banking and mobile apps

• Support for your industry (especially high-risk or regulated sectors)

Schedule meetings with business banking specialists before opening an account to understand offerings in detail. If you would like to get an up to date list of flexible traditional banks, fill out our contact form with your details and we will send it to you by email.

3. 📁 Prepare the Required Documentation

Unlike digital banks with minimal onboarding, traditional banks require a more thorough KYC process:

✔ Business or personal ID

✔ Proof of address

✔ Business registration/incorporation certificate

✔ Tax identification number

✔ Source of funds

✔ Company structure or shareholder information

4. 🏦 Open Your Traditional Bank Account

Once your documents are approved, you'll be assigned an account number and given access to:

• Online banking dashboard

• Debit or credit card

• Branch access

• IBAN/SWIFT details for global transactions

5. 🔄 Transfer Your Balance and Standing Orders

• Move your balance from your digital bank to your new account

• Update direct debits, subscription services, or recurring vendor payments

• Set up payroll for employees from your new bank

Leave your digital account open for 2–4 weeks while you monitor any missed payments or forgotten subscriptions.

6. 🔔 Notify Clients, Partners, and Authorities

Update your:

• Invoice templates

• Online payment portals

• Government tax portals (like HMRC, if in the UK)

• Accounting or ERP software integrations

Inform suppliers and clients of your new bank details to avoid payment delays.

Should You Close Your Digital Bank Account?

It depends. If your digital bank provides value—like low FX fees, instant card payments, or virtual cards—you may want to keep it as a secondary or backup account.

However, if your goal is full consolidation, ensure all services are migrated before requesting account closure.

Security and Transition Tips

• Use dual authentication on both banks during transition

• Avoid large transfers until you're confident in new account controls

• Request a closure confirmation from the digital bank, if applicable

• Keep documentation of all changes for tax and audit purposes

Conclusion

Switching from a digital bank to a traditional one doesn’t need to be complex. With the right preparation, you can make the transition smoothly—gaining access to better support, credit services, and long-term financial tools.