Escrow Accounts

When it comes to international trade or large transactions or corporate deals between two parties or individuals where the trustworthiness regarding fulfilment of contractual obligations of any parties or company or individuals is uncertain, there surely arise the requirement of an Escrow Account to avoid or eliminate the risk associated with financial or contractual obligations.

There would be always a risk if one party make payment and the second party don’t handover the property or ship the goods or second party ship the goods or handover the properties and first-party do not make payment. Therefore, we offer escrow account services in such cases to reduce the risk involved during such transactions.

Bank of Shaoxing perform as an intermediary between merchants or individuals and holds the money or equivalent assets in the form of cash or securities until the completion of the deal. The banks or other agencies further disburse the amount to the beneficiary after a successful deal and on confirmation of both the parties.

The Escrow Account is used to reduce the risk of default of either merchant’s promises during a deal or transactions. The escrow agent might charge some fees for availing the services.

Open a personal account OR   Open a business account