For Individual Clients
Escrow Accounts
The escrow account service offered by Ameriabank is a perfect solution to minimize risks associated with execution of trade transactions.
What is an escrow account?
An Escrow account is a special bank account, where funds designed for the purchase of a commodity, service or real estate property are deposited as a guarantee of execution of the transaction. The amount is paid to the Beneficiary solely upon submission of documents required under the contract.
An escrow account includes:
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Opening of an escrow account with the bank for the Customer
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Depositing/freezing of Customer’s funds in the escrow account
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Documentary assertion to the bank on discharging of liabilities
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Payment of the escrow amount
Advantages
This is the best alternative to gain parties’ trust, since the payment is made binding only when contractual obligations are met.
Fees for opening and service of escrow accounts
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Opening and service of escrow accounts |
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1. Opening and maintenance of the account |
For transactions within 500 million AMD or foreign currency equivalent: front-end fee of 0.3% of escrow amount, minimum AMD 50,000
maximum AMD 1,000,000
For transactions exceeding 500 million AMD or foreign currency equivalent: contractual, minimum AMD 1,000,000 |
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2. Amendments to the escrow agreement |
AMD 25 000 Per each supplementary agreement |
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3. Closing of the account |
Free of charge |
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4. Cash withdrawal |
According to “Cash operation fees” |
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5.Money transfer |
According to “Transfer fees” |
Escrow account application
Updated 18.07.2017, 8:46