1800-1881 mn

Escrow account

Being secured from all risks related to transferring ownership when purchasing or selling real estate or valuable assets, it is advisable for customers to hold the relevant funds in an Escrow account. Term and condition of the Escrow account can be agreed by both parties upon opening of it and specific conditions such as partial withdrawal, allowing withdrawal based on authorization of one party or both parties after certain period of time can be reflected on the standard agreement as requested by you.   

Escrow account can be used in following situation:

  • Selling or purchasing real estate
  • Establishing cooperation contract
  • Selling or purchasing goods
  • Depositing advance payment and reimburse it after the completion of service provided

Features of the Escrow account:

  • Develop business communication
  • Strengthen confidence between business partners
  • Risk free and cost efficient
  • Reliable since payment is allowed only from designated branch, the account was opened, according to condition agreed on the contract by the parties.
  • After completion of contract condition or termination of contract established by parties, it can be used as a regular account for all type of bank transaction.
Escrow account service Fee and Commission
Service fee  /charged upon opening of account/ 0,1 % (min 10,000 MNT or equivalent amount in other currencies; max 100,000 MNT or equivalent amount in other currencies)
Transaction fee Subject to general terms and conditions of the bank
Account currency MNT, USD, EUR, CNY

 

Documents required:

  • National registration ID   
  • State Registration Certificate /for corporate/
  • Notarized copy of Contract between the parties
  • Parties shall establish the Escrow account contract at the bank

Being secured from all risks related to transferring ownership when purchasing or selling real estate or valuable assets, it is advisable for customers to hold the relevant funds in an Escrow account. Term and condition of the Escrow account can be agreed by both parties upon opening of it and specific conditions such as partial withdrawal, allowing withdrawal based on authorization of one party or both parties after certain period of time can be reflected on the standard agreement as requested by you.   

Escrow account can be used in following situation:

  • Selling or purchasing real estate
  • Establishing cooperation contract
  • Selling or purchasing goods
  • Depositing advance payment and reimburse it after the completion of service provided

Features of the Escrow account:

  • Develop business communication
  • Strengthen confidence between business partners
  • Risk free and cost efficient
  • Reliable since payment is allowed only from designated branch, the account was opened, according to condition agreed on the contract by the parties.
  • After completion of contract condition or termination of contract established by parties, it can be used as a regular account for all type of bank transaction.
Escrow account service Fee and Commission
Service fee  /charged upon opening of account/ 0,1 % (min 10,000 MNT or equivalent amount in other currencies; max 100,000 MNT or equivalent amount in other currencies)
Transaction fee Subject to general terms and conditions of the bank
Account currency MNT, USD, EUR, CNY

 

Documents required:

  • National registration ID   
  • State Registration Certificate /for corporate/
  • Notarized copy of Contract between the parties
  • Parties shall establish the Escrow account contract at the bank

Being secured from all risks related to transferring ownership when purchasing or selling real estate or valuable assets, it is advisable for customers to hold the relevant funds in an Escrow account. Term and condition of the Escrow account can be agreed by both parties upon opening of it and specific conditions such as partial withdrawal, allowing withdrawal based on authorization of one party or both parties after certain period of time can be reflected on the standard agreement as requested by you.   

Escrow account can be used in following situation:

  • Selling or purchasing real estate
  • Establishing cooperation contract
  • Selling or purchasing goods
  • Depositing advance payment and reimburse it after the completion of service provided

Features of the Escrow account:

  • Develop business communication
  • Strengthen confidence between business partners
  • Risk free and cost efficient
  • Reliable since payment is allowed only from designated branch, the account was opened, according to condition agreed on the contract by the parties.
  • After completion of contract condition or termination of contract established by parties, it can be used as a regular account for all type of bank transaction.
Escrow account service Fee and Commission
Service fee  /charged upon opening of account/ 0,1 % (min 10,000 MNT or equivalent amount in other currencies; max 100,000 MNT or equivalent amount in other currencies)
Transaction fee Subject to general terms and conditions of the bank
Account currency MNT, USD, EUR, CNY

 

Documents required:

  • National registration ID   
  • State Registration Certificate /for corporate/
  • Notarized copy of Contract between the parties
  • Parties shall establish the Escrow account contract at the bank
For further information, please contact us at:
Customer information center: 1800-1881
Email address: contact@statebank.mn
Fax: 330595


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