Welcome to Phillip Bank’s Escrow Service!
Our Escrow Service is designed to provide you with a secure and seamless way to carry out large transactions with other parties. With our service, you can trust that your money and documents are held securely by Phillip Bank until the transaction is complete. This protects both the buyer and seller from fraud or any other financial risks that may arise during the transaction.
We cater to both individual and corporate customers, providing the peace of mind you need in your transactions. Our process is straightforward, and all you need to provide are the following required documents:
Calculator
Result:
| Annual Interest Rate | Total Net Earned Interest | Total Deposit Amount | Total Amount at Maturity Date |
|---|---|---|---|
| 4.75% | 286.25 | 11,757.79 | 12,044.04 |
Payment schedule:
| No. | Earned Interest | Tax | Net Earned Interest | Monthly Deposit |
|---|---|---|---|---|
| 1 | 4.75% | 4.75% | 4.75% | 4.75% |
For Individual customers:
- ID Card or Passport or Family Record Book of the parties
- Sales and Purchase agreement
For Corporate customers:
- Letter of Authorisation
- Identity documents of the institution
- ID Card or passport of the institution’s Director(s) and Shareholder(s)
- Sales and purchase agreement
- Other documents (if required)
| No. | Property Value | Escrow Agreement Fee | Escrow Account Fee |
|---|---|---|---|
| 1 | ≤ USD 500,000 | USD 200 | USD 200 |
| 2 | > USD 500,000 – USD 1 mill | USD 400 | USD 400 |
| 3 | > USD 1 mill – USD 1.5 mill | USD 600 | USD 600 |
| 4 | > USD 1.5 mill – USD 2 mill | USD 800 | USD 800 |
| 5 | > USD 2 mill – USD 2.5 mill | USD 1,000 | USD 1,000 |
| 6 | > USD 2.5 mill | 0.04% of property value | 0.04% of property value |
Note: Escrow service shall be registered with Trust Regulator, and public service fees shall also be paid to Trust Regulator in accordance with applicable regulations.
In order to help you complete the escrow process, Phillip Bank also happy to provide assistance with Sale and Purchase Agreement for a minimal fee.
With Phillip Bank’s Escrow Service, you can rest assured that your transactions are secure and hassle-free.
