Bank guarantee

Bank guarantees are recommended for:

• companies specializing in local or foreign trade
• suppliers and recipients of goods or services

Bank guarantee is used as securing various liabilities and receivables of partners in trade transactions.

Electronization of the proces of issuing bank guarantees

Starting from 1 January 2019, Citi Handlowy will implement a full electronization of the process of issuing bank Guarantees, i.e. the issuance of any type pf Guarantees in an electronic form based on application for guarantee submitted electronically. The written form of guarantees will be treated as an additional form to the electronic one, and as of 1 April 2019, it will be issued against an additional fee. Until 30 March 2019, the issuance of written guarantees will be free of charge, irrespective of whether the written form be an additional or an exclusive form of the guarantee.

• Applications for a guarantee in electronic form can be submitted via Citi Trade Portal. For submitting an application in the written form, an extra fee is charged.
• We encourage you to use the Citi Trade Portal to submit application for guarantee with simultaneous order for a guarantee in electronic form.
• Citi Trade Portal is an electronic banking module CitiDirect BE, which enables filling various applications on the CTP platform and sending them to Citi Handlowy in electronic form (eApplication)
• Information on the Citi Trade Portal can be found in the "Finance Management" tab - Electronic Banking - Citi Trade Portal
• eGwarance is an electronic delivery of a guarantee document via Citi Secure Email and with a qualified electronic signature
• Information on eGwarance can be found in the eGarantee tab.
• A full electronization of the proces of Guarantees issuance means:
  • elimination of the time needed for delivering – written form of application to Citi Handlowy and of the guarantee issued on written form to addressee
  • when the revolving agreement for guarantee issuance is conducted and the guarantee wording agreed with Citi Handlowy – the time of guarantee issuance from time of submitting an electronic application to the delivery of the electronic guarantee will be 2 days at maximum.
  • lower transaction costs – elimination of the costs connected with the delivery of written applications and the courier costs for delivery of guarantee to addressee, and from 1 April 2019 – the costs of Citi Handlowy for the issuance of Guarantees in written form.

• Promotional leaflet – Electronization of the process of issuing bank guarantees

The most important features of the product

• a bank guarantee is granted to ensure that the creditor (beneficiary) will receive a determined amount if the obligor (applicant) fails to perform his obligations
• payment is made by the bank which has issued the bank guarantee
• payment is made based on beneficiary’s payment demand containing the statement that the applicant has failed to perform his obligations
• certain additional documents can be attached to the payment demand , e.g. a copy of the unpaid invoice, a copy of the transport document, if they are required under the terms and conditions of the guarantee

Are you interested in our offer?

Please contact your Relationship Manager. Detailed information can be also obtained from: