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Escrow account

Escrow account

The escrow account is a special purpose account, used for ensuring additional control over the terms of use of the deposited funds. In order to guarantee the specific conditions, a contract for opening the account is signed, setting out all the requirements in regard to the management of the funds. The Bank is also a party in the contract for opening the escrow account and monitors the compliance with the specific contract requirements, requiring the respective supporting documents. Upon fulfillment of the conditions, the funds on the account will be released and may be used subject to the contract conditions.

The Bank opens and maintains escrow accounts in BGN and in all major foreign currencies: EUR, USD, CHF and GBP.

  • The Bank exercises additional control over the terms of use of the funds available on the account;
  • Management of the funds on such accounts can be executed only in accordance with the conditions agreed in advance in a special contract between the parties;
  • The Bank holds responsibility to pay the amounts due to the respective party only when the agreed conditions are fulfilled and the previously agreed documents are submitted.
  • Currency: BGN, EUR, USD, GBP, CHF;
  • Minimum opening balance: 5 currency units;
  • Term: Termless.
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