The OTP Bank Escrow Account
is a tripartite convention between your company, the Bank (escrow agent) and a third-party beneficiary, which offers you the certainty that your transaction will be materialised successfully.
This account allows the Bank to maintain certain amounts until the maturity that has been mutually agreed between the business partners, so that both can be sure that the contractual obligations are fulfilled.
What advantages does the escrow account offer you?
There is no minimum amount for setting it up;
It can be opened in any of the following currencies: RON, EUR, USD, GBP, CHF and HUF;
You have the guarantee that the amount set under a contract will be used strictly for the intended purpose.
What can the escrow account be used for?
- Real estate transactions (under a sale and purchase contract, exchange contract, etc.);
- Civil or commercial agreements (sale and purchase contracts, representation contracts, loan contracts);
- Service provision-performance guarantee;
- Delivery of goods-carrier's guarantee;
- Fulfilment of terms specified in a written commitment between two parties;
- Other types of transactions.
Please refer to all the information on the taxes and feesassociated to transactions for Legal Entities.
The escrow account is the safe solution for any contract transaction.