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Escrow account

Escrow account

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Escrow account is a special bank account to which the money required for the acquisition of a product, service, movable or non-movable estate is credited on a condition of being deposited. In case of submission of documentation as a proof of implementation of liabilities Bank shall pay to the party specified in the agreement. If one of the parties does not implement the liabilities on time or implements it inappropriately the amount on escrow account shall be returned to the party who has been credited the amount.

Bank guarantees:

  • escrow account deposit funds,
  • on time payment of funds to the beneficiary made from escrow account in case of submission of documentation as a proof of implementation of liabilities as stipulated under the agreement
Conditions
TRANSACTION Tariffs*
Commission fee for opening and servicing the account Lump sum of 0.1% from the amount of escrow account with minimum of AMD 20 000, maximum of AMD 700 000
Commission fee for each agreement concluded on making change in the Principle Agreement on opening and servicing of escrow account

 AMD 15 000
Closing of account Free of charge
Cash withdrawal from the account In compliance with tariffs for cash withdrawal from other bank accounts available for legal entities at the Bank at the particular moment
Money Transfer from the account In compliance with tariffs for making transfer from other bank accounts available for legal entities at the Bank at the particular moment
Provision of Account Statements In compliance with tariffs for providing other account statements for legal entities available at the Bank at the particular moment

* VAT included

Required documents

Please follow the Armenian version

Financial assistant
ABC finance

See also

Page updated 29.01.2019 | 14:36

In case of discrepancy between Armenian and English versions of the information, the priority is given to the Armenian version.