Business account
Security of purchase and sales deals guaranteed
- Buyer, seller and the bank signs a three party business agreement
- Bank transfers money only after receiving documentation confirming the final processing of the deal
In order to diminish the risk of business partners for carrying out purchase and sales deals you can open a special Business account at the bank. Bank will keep the money paid into the Business account by the buyer and will pay it to the seller only after it will receive documents confirming that the deal is finalized.
- Business account provides a security guarantee for both the buyer and the seller, because bank pays out the money only after the deal has taken place and property documentation is professed.
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While the agreement is in effect, seller or buyer can not single handedly decide to take out money that has been deposited into the Business account:
- If the deal has not been made during the time frame mentioned in the agreement (documents confirming the finalization of the deal have not been submitted to SEB bank), after the contract term runs out, the money is returned to the buyer;
- If the seller has submitted documents confirming the conclusion of the deal, then after the end of term set in contract, the buyer can not single handedly take out money from Business account.
- Money can be transferred into Business account electronically or deposited in cash in Euro or convertible foreign currency.
How is purchase / sale deal performed, using Business account?
- Bank opens Business account and buyer transfers the agreed amount of the deal.
- Seller arranges and submits to the bank all necessary documents.
- Bank informs buyer that seller has submitted documents to the bank, and introduces the documents to the buyer.
- If documents are in order, the deal is finalizes – bank transfers money to seller and turns over property documents to buyer.
To open a Business account, you have to visit any SEB bank branch. Business account can be opened by either a private client or a company that is planning to make a purchase / sale.
Before you open Business account, you should agree with the buyer / seller on:
- amount of the purchase;
- what documents confirming the deal, for instance Property registration document (Zemesgrāmatas akts), or vehicle registration documents, will be submitted to SEB bank. These documents will serve as precondition for transferring money from Business account to the seller;
- whether commission is paid by you, the other party involved, or commission payment is shared by both.
Business account is designed for concluding a particular business deal. By opening Business account, a special three party agreement is signed among you, buyer /seller and SEB bank. Buyer will disburse only when the mentioned business documents will be submitted to SEB bank.
| Services | Fees |
|---|---|
| Servicing commission | 0,5%, min 150.00 EUR |
| Fee for service in non-standard cases | By agreement |
| Re-entering the agreement or changing the terms of agreement | By agreement, min 35.00 EUR |
| Verification of documents for non-residents legal entities (taxpayers) established in the EEA1 | 100.00 EUR |
| Verification of documents for non-residents legal entities (taxpayers) established outside the EEA, as well as for companies (taxpayers) established in Malta, the UK, Cyprus and Luxembourg1 | 400.00 EUR |
1 The fee applies if the Customer does not have a current account in SEB bank.