Escrow Account

Mitigating transaction risk

The Escrow Account improves safety of business transactions. In the form proposed by Bank Handlowy w Warszawie S.A., operating under the Citi Handlowy brand, this solution secures a transaction between the buyer and the supplier by ensuring that the appropriate amount to pay for the transaction in the future is deposited in the Escrow Account.

ADVANTAGES:

fast and simple implementation – the Bank needs not to grant credit limits
improved commercial and financial credibility of the Client, which is important especially when establishing relationships with new trade partner

The most important features of the product

Escrow Account:

enables the parties to improve safety of their business transactions
the agreement is signed among the supplier, the buyer and the Bank
is a solution that secures the contract between the buyer and the supplier as the appropriate amount is deposited in the Escrow Account to pay for the transaction
the transaction is settled on the terms and conditions agreed by the parties, with the Bank as the executor of the agreement

Escrow Account is recommended when:

we want to reduce the risk connected with a high-risk transaction
the funds allocated to a transaction should be subject to stringent control and be used as agreed by the parties

The Bank:

safeguards the interest of each of the parties to a transaction
confirms deposited funds and prevents the parties from using them in violation of the Escrow Account agreement
drafts and modifies the agreement as required by a given transaction
ensures support provided by an experienced team dedicated exclusively to Escrow Account transactions

Funds in Escrow Accounts bear interest at the rate negotiated with Clients on a case by case basis. Fees for Escrow Accounts depend on the complexity of a given account and are negotiated with Clients on a case by case basis.

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