Escrow account
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.
- builds trust and safety among business partners within a commercial transaction
- guarantees the use of the amounts according to the written commitment of the business partners
- you can use the escrow account to ensure the safety of your business
Features
- Beneficiaries: legal persons as depositors and beneficiaries of the funds;
- Currency: lei/foreign;
- Minimum amount for opening: zero;
- Interest: variable, depending on the available liquid assets.
