Switch business bank accounts
The hassle-free way to move your business current account
Who can switch?
You can use the switch service if you’re a:
- Business with fewer than 50 employees and annual turnover under £6.5m
- Sole trader, partnership or limited company
- Small charity with income under £6.5m
- Small trust with net assets under £6.5m
If your organisation is bigger, you can still move to us. You’ll use the Payment Transfer Service Link opens in a new window instead.
We’ll help move your Direct Debits and standing orders to your new account. You’ll need to move your balance and close your old account yourself.
Note that moving your account using the Payment Transfer Service may take longer than 7 working days, doesn’t include redirecting existing payments and isn’t covered by the Current Account Switch Guarantee.
Find out more about the Current Account Switch Service Link opens in a new window.
How to switch your business current account
The Current Account Switch Service helps you move current accounts from one UK bank to another. It’s free, safe and secure.
For a seamless switch, it’s a good idea to make sure you know what’ll happen, when it’ll happen and who’ll make it happen.
Moving your account to us shouldn’t take longer than 7 working days from start to finish. Here’s what to expect:
What you’ll do
- Before you apply to switch, check your bank is part of the Current Account Switch Service Link opens in a new window
- Choose your Virgin Money Business Current Account
- Make sure the details of your old account match your new one - business name, entity type and so on
- Confirm account holders' details and pick a valid switch date - this must be a working day
- After the switch happens, reconnect any apps or services you use
- If you’ve let third parties make payments for you, or access your financial data, you’ll need to set up those third party permissions again
What we'll do
- Move your balance to your Virgin Money Business Current Account
- Close your old account, as long as any overdraft is repaid or replaced with an agreed borrowing limit
- Update anyone who pays you with your new details
Good to know
- If anything goes wrong, you’re protected by the Current Account Switch Guarantee Link opens in a new window.
- Not sure? There’s more info in our step-by-step Current Account Switch guide Link opens in a new window.
See you on the brighter side
Switch today and discover business banking that helps you work smarter, move faster and grow brighter.
Explore our Business Current AccountsGot a question?
Not all banks or building societies in the UK offer the Current Account Switch Service. We can still help you switch your account and any regular payments to us when we are unable to use the Current Account Switch Service.
As your new bank we will take care of everything, managing the switch process from start to finish. This service is completely free; however it isn't covered by the Current Account Switch Guarantee.
Once you have opened an account with us, we will ask you to complete a simple form and then we'll contact your old bank or building society within two business days to request a list of all your regular payments and regular credits received into your account for the last 13 months. Your old bank or building society should send us this information within five business days.
Once we receive the information from your old bank or building society we will arrange for any Standing Orders, Direct Debits and any regular credits made to your account to be transferred to your new account with us within five business days. We will contact you to agree a date to complete the switch.
The Current Account Switch Service will redirect payments to your new account. Each time an electronic payment is redirected an automatic message is sent back to the originator advising them of the new account details so they can update their records. Some organisations may contact you directly to confirm your details have changed.
Our Payment Transfer Service could be the answer if you’re not eligible for the Current Account Switch Service, or don’t want to use it.
This service lets you transfer your direct debits and standing orders from your old account to your new one over a three month period. You can make all the changes from the same date or at different times.
With the Payment Transfer Service your old account stays open and we won’t give your new account details to anyone who makes payments to your old account.
The Payment Transfer Service isn’t covered by the Current Account Switch Guarantee. However it is available to all customers and for more types of current account.