The BCR ESCROW account

You can use a BCR Escrow account to deposit cash which will be transferred to a third party upon fulfilling a set of pre-agreed conditions

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Advantages

  • safety for the parties involved in a transaction
  • guarantee of using the amounts strictly for the agreed destination
  • accumulation of spot interest for the amounts deposited in the account
  • the interest is paid to the buyer
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Features

It is a bank deposit through which the depositor assigns monetary funds to a beneficiary until the fulfillment of a given set of conditions. The conditions under which the bank shall release the amounts from this account will be agreed in an agreement concluded by the bank with the two parties.

  • Beneficiaries: natural persons;
  • Currency: lei/foreign;
  • Minimum amount for opening: zero;
  • Interest: variable, depending on the funds available.
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Costs

  • opening a current account = 0
  • the rates used are those included in the Standard applicable rates
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Documents

  • escrow agreement, under which the following signatory parties are identified:
    • the escrow agent - the bank;
    • the depositor - the party depositing the funds in the escrow account;
    • the beneficiary - the party in favor of which the funds will be released from the escrow account, after fulfilling the conditions provided in the escrow agreement.
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How to get an Escrow account

1

Sign the Escrow contract

2

Open the Escrow account

  

3

Deposit money into escrow

 

4

Make payments

  

5

Close account