Information Bulletin Escrow accounts are opened for the following purposes:
• Acquisition of real estate
• Acquisition of movable property;
• Acquisition of company ownership right;
• other transactions.
General
Advantages
Special offer
Open your current bank account for a variety of transactions. Open an account online with IDBanking.am platform or Idram&IDBank application, and get it for free. Opening an account in the Bank branches costs AMD 3000. You can also make free instant transfers from your current account to other IDBank accounts online.
The service fee is 0.2% of the amount credited to the account, the minimum is 20,000 AMD, the maximum is 500,000 AMD. In case of transactions exceeding the amount of 250 million AMD or the equal amount in another currency, the commission fee is contractual.
Escrow account can be opened in AMD and in other currencies acceptable for the Bank.
Escrow account includes:
• Opening an escrow account in the bank for the client;
• Deposit /freezing of funds/ of the client's funds on escrow account,
• Documentary confirmation of fulfillment of obligations;
• Opening and maintaining current accounts for the parties to the transaction;
• Escrow payment.
• Opening an escrow account in the bank for the client;
• Deposit /freezing of funds/ of the client's funds on escrow account,
• Documentary confirmation of fulfillment of obligations;
• Opening and maintaining current accounts for the parties to the transaction;
• Escrow payment.
The bank pays the amount to the party specified in the contract in case of submission of documentary evidence of fulfillment of obligations. If one of the parties to the contract does not fulfill its obligations on time or does not fulfill them properly, the amount of the escrow account is returned to the party who entered the amount.
An escrow account is a special bank account designed to secure the sale and purchase of goods/services.
You can find out the details on the Bank's website, and in case of questions you need to approach any branch of the Bank or call the Bank's call center at (+37410) 593333, (+37460) 273333.
Individuals and legal entities can be clients with Escrow accounts.
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