Glossary → Bank guarantee
Bank guarantee
A bank guarantee is a bank's written undertaking to pay a certain sum to the beneficiary if the client fails to fulfil their obligations. In customs it is used as one of the ways to secure the payment of customs duties.
A guarantee is more convenient than freezing money on a deposit: the security is provided by the bank. It is used for transit, deferred payments and in the AEO status.
We will advise when a bank guarantee is needed and handle the customs side.
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