The pro account allows you to monitor and manage your company's cashflow.
A change of pro account can come from several reasons : more attractive rates, a wider range of services, new needs, a better customer relationship... The transfer of a pro account requires a few steps that we will cover together. We will also give you tips to avoid pitfalls.
Before discussing the choice of financial institution, just a little reminder about the obligation to have a pro account.
This depends on the legal status of your business.
Such account is mandatory for all companies with share capital, in particular for Single-Person Limited Liability Companies (EURL), Public Limited Companies (SA), Simplified Joint Stock Companies (SAS) and Limited Liability Companies (SARL).
On the other hand, the opening of a professional account is not compulsory for other categories of companies. Sole proprietorships and micro-enterprises, for example, are not affected. They can opt for a second “classic” account and devote it to expenses and income related to their professional activity. Although not mandatory, the pro account is still strongly recommended to access services dedicated to professionals such as adapted means of payment and collection (bank cards, payment terminals, distance selling).
Let's focus now on the different stages of a pro account change.

1. First Step: Choosing Your Financial Institution

It is above all a phase of reflection. You must first identify the type of establishment that will host your future account. The choice can be made between traditional establishments and online establishments.

In traditional establishments, you may be received by advisers in a bank branch. With online establishments, the account opening process is done 100% online, from a smartphone or computer.

Here are listed a few questions to help you in your thoughts:

• How much do you currently pay and what for ?
• Why do you want to choose a new establishment ?
• What means of payment and collection (transfers, cash, checks, websites, payment terminals, etc.) are necessary for your business ?
• What additional services are you thinking about ?
• Would you like to manage your pro account online or go to a branch and talk to an advisor?
• What products and services can you transfer and then close ?

Answers made, it will be easier i) to compare the different opportunities and ii) to make up your mind.

2. Second Step : Opening Your New Professional Account

It is necessary to start the process with your future establishment before getting rid of the previous one.

Pitfall No. 1 : Closing your old account too soon can be risky and lead to payment incidents. We advise you to keep your old account for some time and to carry out the opening process at the same time. Yopu will avoid interruptions in cash collections or delays in payment of your direct debits.

Pitfall N°2 : Thinking about changing your pro account urgently or during a period when you are overloaded ? Just forget it ! Choose a moment of calm where you will have enough time to devote yourself to these steps. This will save you the stress and mistakes of haste and hurry.

The account opening procedure involves a few formalities but in the case of an online pro account, the operation is generally quick.

With the Olky Pro professional account, you can, for example, carry out these procedures online 24/7 and obtain a French or Luxembourg IBAN in 5 minutes flat.

3. Third Step : Transferring Your Business Account

To transfer a business account, we recommend that :

• you leave a positive balance on your old account to cover the operations in progress or already launched, until your new means of payment are activated.

• you ensure that your new bank details are transmitted to the organizations for your transfers and permanent direct debits. You can consult your previous months account statements to identify these payments and the related organisations.

• you pay attention to credits or overdrafts you may had in your old establishment. The new may not accept them. Depending on the situation, you have several options :

- Either repay the credit to end your commitment vis-à-vis your former banking institution ;

- Either ask your new establishment to buy it back ;

- Either maintain the old account and fund it only for the sake of paying your installments.

• you do a final check on your old account. Once you are sure that all operations have been properly transferred, you can close it.

4. Fourth Step : Closing Your Former Professional Account

Closing your old pro account is the final step. As mentioned before, it is advisable to keep for a few weeks your two accounts active in parallel, in order to check that everything is in order before closing your account in your old structure.

The steps to close your old pro account are relatively simple. You must write an account closure letter and send it by registered mail with acknowledgment of receipt to your former financial institution. The latter may also ask you to return certain means of payment.

In summary, transferring your pro account to a new establishment requires above all to take stock of your needs and then find out about the kind of establishment that may suit you. Before closing your old pro account, make sure that all transactions have been transferred.