BCR ESCROW Account

You deal with important details and we keep your money safe

  • Safety guaranteed for all involved parties

BCR ESCROW Account

You deal with important details and we keep your money safe

What do I get?

SAFETY
throughout the entire process 

REASSURANCE
that the amounts will be used
strictly for the intended purpose 

ZERO FEES
to open the account 

I want to know more

The ESCROW account is a bank deposit whereby you, as a depositor, make available to a beneficiary a sum of money that he/she will receive under certain conditions set out and stipulated in the bank's agreement with both parties.

Here are the conditions:

  • Beneficiaries: individuals (natural persons)
  • Currency: RON or Foreign Currency
  • Minimum required amount: any amount greater than ZERO
  • Interest: fixed, the basis of calculation being the level of spot interest rate related to availability, available at the time of the opening of the escrow account

The ESCROW contract that you will sign with the bank includes all the clauses that must be respected both by you, as a depositor, and by the beneficiary. It identifies the following signatory parties: 

  • The ESCROW Agent – represented by the bank
  • Depositor of funds – the party responsible for depositing money in the ESCROW account
  • The beneficiary of the funds – the party who will receive the money deposited by the depositor when all conditions stipulated in the contract are fulfilled 

How much do I pay?

For more information, please read Standard fees for individuals

Required documents

  • ID documents of the depositor and the beneficiary
  • Contractual document signed between the depositor and the beneficiary of the funds, in which the depositor of the funds is usually the buyer or beneficiary, and the beneficiary of the funds is the seller or supplier. The transfer of funds from the ESCROW account to the latter is done only after certain conditions have been met
  • The ESCROW account contract offered by the bank

How can I get it?

1

Come along with the beneficiary of the funds in any BCR branch, where you will sign the ESCROW contract drawn up by the bank

2

The ESCROW account becomes valid. 

3

As a depositor, feed the account with the amount specified in the contract. The funds will remain in the account until the agreed conditions are met.

4

Payment is made to the beneficiary, but only after the conditions set out in the contract have been met. 

5

The ESCROW account shall be signed by the bank upon fulfilment of the conditions, based on the Certificate of Conformity thereof, signed by the contracting parties.

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