Bankinter is set to take the final step in the complete integration of Evo Banco this weekend. From Friday to Sunday, the entity will migrate nearly 440,000 Evo customers , of which it is estimated that about a quarter are inactive.
How Long Will the Migration Take?
The bank has been informing Evo Banco customers for months that the migration would take place in July, with a specific date confirmed a month ago. The process will last from Friday to Sunday, and it is expected that by Monday, the newly transitioned clients will be able to access the Bankinter app , which they need to install on their mobile devices beforehand. A special button for ‘new Bankinter clients’ will guide them through the application.
In total, 330,000 active clients will be migrated, alongside 110,000 clients who do not frequently use the bank’s services. For these individuals, neither the Evo app nor the website will be operational throughout the weekend. According to bank sources, this process is akin to integrating an entire bank into another, necessitating a technical pause that is standard practice in the sector, even for less extensive operations. Additionally, the final (and only) physical office of Evo located at Calle Don Ramón de la Cruz, number 84, in Madrid will also close.
Will My Evo Cards Become Inoperable?
No, they will continue to function normally for everyday transactions such as withdrawing cash or paying at retail establishments. Both debit and credit cards will remain operational throughout the weekend for Evo Banco customers, although some early users have reported minor issues that the bank is addressing. Payments can still be made via mobile wallets like Apple Pay , Samsung Pay , and Google Pay , provided these services were set up and authorized previously. However, it is important to note that the Bizum instant payment service will not be available, as it requires connectivity to the app for payment authorization.
Bankinter assures that Evo Banco clients have access to a network of 17,000 ATMs across Spain , with which they have agreements.
What Will Happen to My Current Account? Should I Change My Bills?
No changes are necessary. Until now, Evo Banco customers had two accounts with distinct IBANs: one current account and another interest-earning savings account. During the migration to Bankinter, clients will receive a new IBAN, but will only have one account moving forward—albeit with two compartments: one for daily transactions, limited to €4,000 , and another for savings.
Despite this change, it will not be necessary to modify account details for direct debits or payroll deposits at the end of the month. The bank will handle everything, requiring no action on the part of the customer.
Will My Mortgage Conditions Change?
No, neither mortgages nor loans granted by Evo Banco will see any alterations. The only change is that these mortgages will now be managed by Bankinter, which will honor the original terms of each loan. However, customers will not be able to apply for new loans over the weekend, as that service will temporarily be unavailable.
What About My Investments?
Bankinter is confident that Evo clients will benefit from the migration, especially when it comes to investments, given the wider range of options available and a zero-commission broker for individuals. The orange bank boasts an impressive array of over 8,000 investment funds , both proprietary and third-party, in addition to offering a robo-advisor service. Bankinter clients can access pension plans, insurance, and private banking services, which are offerings typically associated with larger national banks that Evo did not provide.
Overall, the transition from Evo Banco to Bankinter presents numerous advantages for customers, from enhanced access to services and support to a more extensive suite of financial products designed to meet diverse needs, paving the way for a smoother banking experience.