Secure Transaction is a unique product based on an escrow account opening, the purpose of which is to ensure secure settlements under Contracts between two parties.
The Bank plays here the role of an intermediary that monitors fulfillment of terms under which one party will be able to receive money deposited by the other party only after obligations are discharged.
For example, a secure transaction (escrow account) is used to perform a Contract concluded between a Seller and a Buyer. The third party (the Bank) acts as a Guarantor.
If you are a new client, open a current account online before starting a secure transaction
If you have been with us for a long time, open an escrow account in 5 minutes through internet banking
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1The Payee applies for escrow account opening. The Payer confirms and replenishes the escrow account via Internet Banking
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2The Bank freezes the money until the Payee confirms fulfillment of its obligations under the transaction
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3The Payer confirms that the transaction terms are fulfilled, and the Bank opens the Payee's access to the money held in the escrow account
Payer - Bank - Payee
Escrow account opening - free of charge Maintenance - ₸12,000 per month
An escrow account allows for secure transactions with no risk to either Party.
The Payee is a party that receives the money - a service provider, such as a construction company, a seller of goods, real estate, or securities.
The Payer is a party that pays for the goods and services purchased (construction, repair, education, consulting, real estate, securities).
An escrow account reduces the risks of possible misuse by the transaction parties. So it is most often opened for high-value transactions in two cases: When either party has doubts that the partner will fulfill its part of the transaction. When a long period of time, for example several months, elapses between the payment date and receipt of goods, work or services.
A letter of credit is opened at the Buyer's request (Seller's presence is not required). To open an escrow account, a trilateral agreement must be signed between the Bank, the Seller and the Buyer.
Escrow account opening is free of charge. Escrow account maintenance fee is KZT 12,000 per month. The fee is debited from the Payee's current account one month after the money is credited to the escrow account. There are no any other fees.
The Payer replenishes the escrow account online. This can be done either from an account with Bank CenterCredit or from an account with another bank.