A Bank Guarantee is an undertaking by the Bank that payments to your customers and suppliers will be met, without tying up working capital. Keep your cash to use for other purposes to run and grow your business.
For businesses that:
A bank guarantee is written promise guaranteeing that a payment will be made by the Bank on your behalf. Only the beneficiary can demand the payment – the face value of the guarantee.
Establishing a bank guarantee requires security in the form of cash in deposit with G&C Mutual Bank, or property of a type and value deemed acceptable to the bank.
If you establish a cash secured bank guarantee, your money will be held in a term deposit as security and earn interest as per published rates. Property secured guarantees do not earn any interest.
A Bank Guarantee is an undertaking by the Bank that payments to your customers and suppliers will be met, without tying up working capital.
In most cases bank guarantees are used:
You'll secure your Bank Guarantee with cash, residential or commercial property