Escrow account

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IEFW offers its customers a new service for the delivery/sale of goods subject or not to customs duties (alcohol, beer …) between European countries but also and especially outside of Europe.

This service is called “Escrow account”.

What is the Escrow account?

Escrow is a legal arrangement between different parties in which a third party temporarily holds large sums of money or property until a particular condition has been met (e.g., the fulfillment of a purchase agreement)

Of Anglo-Saxon origin, escrow is a method of payment which seeks to reduce the risk inherent in a transaction between two parties who distrust each other. It certainly has advantages, such as the sharing of risks between the buyer and the seller. As a means of payment, it resembles to the documentary letter of credit. The difference is that in the escrow, the third party involved in the exchange between the buyer and the seller is not necessarily a bank. According to the postulate of contractual freedom, any person can be designated and exercise as the trusted third party. This method of payment is increasingly used in e-commerce.

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