A Bank Guarantee is an alternative to providing a deposit or bond directly to a supplier or vendor. It is an unconditional undertaking given by the bank, on behalf of our customer, to pay the recipient of the guarantee the amount of the guarantee on written demand.
Bank Guarantees require security in the form of cash held on deposit with the bank, or real estate of a type and value acceptable to the bank.
FEES
An Establishment Fee is payable once only on the day the bank issues the Bank Guarantee. An ongoing Service Fee is payable in advance every six months for the duration of the Bank Guarantee. These fees can be automatically debited from your transaction account.
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