Protecting against the risk that arises from the transfer of ownership, use, or rights between citizens and institutions by holding the relevant funds in an Escrow account until each party has fulfilled their respective responsibilities.
- Under the standard agreement, the bank transfers payments according to the payment request agreed upon by both parties;
- Under agreements with covenants, the authorization of one party is enough for the bank to transfer payments.
- Mitigate any risks that may occur;
- Prevent misunderstandings between parties.
Fees and commissions:
|Involved party/ Agreement type||General conditions|
|Buyer / Seller||0.3%|
/Maximum 200,000 MNT
/USD, 200 EURO/
For Escrow accounts in the amount exceeding 100 million MNT, the fee shall be agreed upon in the contract.
- Escrow account application form /Bank official form/;
- The original version and a copy of the agreement between the relevant parties;
- For institutions, official notarized copy of State Registration Certificate;
- Notarized guarantee of applicant's signature /Bank official form/;
- Copy of charter of the company;
- Copy of electronic ID card of authorized administrator of the account.
For more information, please contact your nearest XacBank branch, our customer service hotline 1800-1888, or to reach the relationship manager responsible for your institution, please e-mail us at email@example.com.