Payments against documents

We offer using the escrow account service to clients acquiring or selling movable or immovable property, thus transferring control over payment under the sale-purchase transaction to the bank.

A client using this service can be confident that in case of failure to fulfil contractual obligations by the seller, the advance payment made by the buyer is repaid, while the seller has the bank's letter of commitment.

Escrow accounts can be opened both for natural and legal persons.

1. The buyer, the seller and the bank conclude an escrow agreement. The agreement stipulates the time limit within which the seller undertakes to transfer funds to the escrow account and states documents to be submitted by the seller in order to receive payment.
2. The buyer makes an advance payment to an escrow account with the bank.
3. The seller submits documents specified in the escrow agreement.
4. The bank transfers money from the escrow account to the seller's account. Should the seller fail to submit the documents in due time the bank will return the money to the buyer.