فارسی | Friday18 August 2017
 

Guarantees in foreign currency
All kinds of services regarding the issuance of bid bond, Good performance bond, advance payment and retention money guarantees, requested by individuals and legal entities are issued in Refah Bank forex branches, considering the rules and regulations, passed by Central Bank of Iran.
Letter of guarantee is the document, in which bank guarantee the performance of individuals and legal entities under the subject of the letter of guarantee. If the beneficiaries declared that the applicants are in breach to fulfill their obligations under the guarantees, the Bank will pay the amount of the guarantee to the beneficiaries.

Guarantees, issued based on the counter guarantees of foreign banks
This kind of guarantee is issued in foreign currencies in favor of Iranian buyers, on behalf of the foreign sellers and against the counter-guarantees of the main foreign banks. Refah Bank International Department will issue the guarantee and the related branch will advise it to the beneficiary.
Foreign applicant requests his bank to issue a guarantee in favor of the Iranian beneficiary. The correspondent bank, therefore, issues a counter guarantee in favor of Refah Bank, sending it through swift.
Upon receiving the swift message, Refah Bank checks its compliance with its standard format and sends the copy of the message together with the specific form to the Central Bank of Iran in order to get their approval on the correspondent bank. Upon receiving their approval, Refah Bank will issue the requested guarantee in favor of the Iranian beneficiary and send to his address, while claiming its issuance commissions and charges from the correspondent bank.
Upon receiving the first written request of the beneficiary regarding the confiscation of the guarantee amount, Refah Bank will inform the correspondent bank of the beneficiary's request through swift. After remitting the guarantee amount to Refah Bank's account by the correspondent bank, the amount will be transferred to the beneficiary's account, based on the governing rules and regulations.

Guarantees, issued based on the request of Iranian applicants
The Iranian applicant asks his bank to issue a guarantee in favor of the beneficiary. The bank will investigate the request and send the request together with other necessary documents to the Central Bank of Iran to get their authorization. Upon receiving CBI approval, Refah Bank will issue the requested guarantee in favor of the beneficiary and sent to his address, while receiving his related commissions and charges.
Upon receiving the first written request of the beneficiary regarding the confiscation of the guarantee amount, Refah Bank will inform the applicant of the beneficiary's request. After remitting the guarantee amount to Refah Bank's account by the applicant, or debiting his cash deposit with Refah Bank, the amount in foreign currency or its equivalent in I.R.Rials will be transferred to the beneficiary's account, based on the governing rules and regulations.