Escrow account opening

Escrow account opening

Large amounts in the transaction and need security in the settlement of the deal? There is a way: out-put the money into an escrow account. WWPi opens an escrow account in IBAN format in EURO.

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What is that and what for?

Escrow account for secure settlement between buyer and seller.

«Escrow» it is called because the right to own funds in the account automatically passes from one owner to another when certain conditions occur.

The buyer transfers the funds to the escrow account, and the seller takes them only upon fulfillment of the conditions prescribed in the contract in advance.

The fulfillment of the conditions prescribed in the escrow agreement is monitored by an intermediary-an escrow agent, which can be, for example, a Bank, a notary, a Lawyer, an administrative and service provider.

Until settlement, the funds recorded in the escrow account belong to the Buyer (the person who placed the asset in the escrow account).

Upon fulfillment of the conditions specified in the escrow agreement, the settlement occurs, as a result of which the owner of the funds or assets in the account changes. The funds are transferred to the person in whose favor the escrow account is opened.

Open an escrow account with WWPi

  1. Let us know if you are interested in opening an escrow account in any way:
  2. We review the documents and information obtained from you
    • Give us some time to study your business, and we will become your reliable partner in settlements.
    • Are you already a WWG client? Even better: we know our client, his business and needs, so we reduce the time to a minimum
  3. We activate your escrow account and you start working
    • You receive the details of escrow account from us
    • We configure for you the "PI-Online" (online interface for account operation)