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How to Close a Bank Account Abroad: A Step-by-Step Guide for Zambian Expats

How to Close a Bank Account Abroad: A Step-by-Step Guide for Zambian Expats

16 Nov 2023


The experience of relocating abroad is transformative; Zambian expats move abroad to make a considerable amount of money and send money to Zambia online. Each day is filled with exploration and discovery as there are new places to visit, new people to meet, and new traditions to adopt. It's normal to feel excited and occasionally impressed as you anticipate your new life abroad. Moving abroad indeed requires careful planning and research, no matter your motivation. However, don't let that discourage you because relocating to a different nation will be worthwhile. 

The numerous advantages include the chance to immerse yourself in another culture, learn a new language, and meet new people. You might find yourself needing to close a bank account as your banking requirements change. If you're moving, you might need to find a new bank, or you might want to switch banks to take advantage of lower interest rates. 

For whatever reason, it's probably a good idea to close your old bank account. While closing a bank account isn't difficult, there are steps you can take to make sure the account is closed correctly, and all of your money is accounted for. To know how to close a bank account and send money to another country while living abroad as an expat from Zambia, follow these steps. 

Reasons To Close A Bank Account

A justification is not necessary to close a bank account. Nevertheless, there are a lot of reasons you might want to. Some of the more frequent justifications for terminating your current account are as follows:

Moving to a new state or city.

There are better interest rates available.

You've decided to switch to an online bank.

A bank bonus offer is valid for you.

Avoiding lousy customer service is essential.

You're being charged a lot of money.

Other places offer better features and services.

You are establishing a joint account.

You are combining all of your bank accounts.

From a child account t o an adult account, you are transitioning.

Whatever the motivation, give your choice careful thought to make sure it's the best one for your financial situation. According to other feedback, ACE is the best choice for making a money transfer to Zambia

How Do You Close a Bank Account?

More than just calling your bank is required to close a bank account. To ensure a smooth transition, you should put in some preparation work. Every bank and credit union has a different set of guidelines for closing accounts. Make sure to check your bank for any unique requirements. Look at the steps mentioned below.

Start a New Account

Opening a new bank account is the first thing you should do. You will have a place to transfer direct deposits, payments, and debits if you have an account set up. A new bank should be selected based on a variety of factors, such as savings rates, fees, and account options. Make sure your new account is established before continuing, whether you choose a conventional brick-and-mortar bank or an online bank.

Change Your Existing Scheduled Payments and Deposits

Any automatic or direct deposits should be transferred to the new account. Find out from your employer if there are any forms you need to complete for direct deposit to send your paycheck to the new account. List all of the recurring payments you have each month. This could include:

Car payments.

Mortgage payments.

Payments from insurance.

Student or personal loans.

Credit card payments.

Memberships to gyms.

Streaming services.

Utilities and other household bills.

Having a list not only ensures that you've cancelled all payments associated with your old account but it also ensures that you're ready to set them up for your new bank account.

Money Transfer

Allow pending transactions to settle before withdrawing funds from your account. Overdraft charges might be incurred if you don't do that. Take any remaining funds out of the account or transfer them to your new account if there are any after everything has cleared. 

Only withdraw money from your bank account if it has a minimum balance requirement if you don't want to be charged a monthly maintenance fee. Choose the ACE Money Transfer app to send money to Zambia as a Zambian expat.

Get In Touch With Your Bank

Shut down your bank account. You can do this online at many financial institutions, but it might also involve calling customer service or going to a nearby bank branch. Some banks and credit unions may require you to submit a written request or complete an account closure request form. Pay attention to your bank's recommendations regarding how to contact you to start the closure process.

Before closing your account, the bank will check to make sure it's in good standing and that you've taken care of any outstanding issues. If any funds are left in the account, you should be able to ask for a transfer to your new account or request a check delivery by mail.

Get Written Verification

Never presume that the account has been closed. Obtaining written confirmation when closing a bank account is advised by the Consumer Financial Protection Bureau. This safeguards you in case there are complications or the bank doesn't carry through.

Most bank accounts can be closed at any time, free of charge. Reaching out to your bank is typically all that is required. You will need to make up the difference if your account is overdrawn. Make sure to move any Direct Debits or payments to your new account before closing your old one if you're not using the Current Account Switch Service to do so.

Bottom Line 

Talking to someone at the bank about your concerns is the first step you should take if you're not happy with something your bank has done. When making an online money transfer to Zambia, it is always a good idea to use a reputable bank or money transfer company.

FAQs

Can a Bank Account Be Closed Online?

You can close an account online with a lot of banks. Online banks mainly use it frequently. Others provide chat tools to cancel an account by contacting customer service. To explore your options, speak with your bank. Before closing your account, ensure it is in good standing and has no balance.

How Much Time Does It Take to Close a Bank Account?

When you've already transferred money out of the account and taken care of any outstanding transactions, closing a bank account can be a quick procedure. It may take a few minutes to close the account if you've already made a withdrawal or transferred money to another account.

What Is the Cost of Closing a Bank Account?

Usually, closing a checking, savings, or money market account is free of charge. A penalty may be assessed on time-deposit accounts, such as certificates of deposit (CDs). If you close a CD account before the account's maturity date, the majority of banks and credit unions impose an early withdrawal penalty.


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