Bank guarantee

Yes, if this is the case we recommend that you submit it to us for assessment, approval, and editing to prevent yourself from signing contracts containing guarantee text that we can ultimately not accept.

When you apply for a bank guarantee, you will be charged an issuing fee. In addition to that, you will be charged a guarantee commission until expiry. This fee is charged as a percentage of the guaranteed amount. 

When you take out additional services, you will be charged additional fees for those. See our overview for all fees and charges .

• Read all the product information on our website. If you have any doubts, such as on what type of bank guarantee to choose, please contact our advisers.
• Make sure you have sufficient funds available. When we issue a bank guarantee, we will block your bank account/credit facility equal to the guaranteed amount. 
• Make sure the application form is signed by the legal representatives. 
• Make sure your application is well aligned with the underlying agreement. 
• Make sure your name and your business partner’s name are entered correctly and in full. The name of your business partner (beneficiary) must match the name listed in the company register maintained by the Chamber of Commerce or similar official body.

Send your correspondence by courier or registered mail to the following address: 

ABN AMRO Bank N.V.
Trade & Guarantees
Coolsingel 131-133
3012 AG Rotterdam
The Netherlands

All other correspondence should be sent to the following address: 

ABN AMRO Bank N.V.
Trade & Guarantees
Postbus 949
3000 DD Rotterdam
The Netherlands

When applying for a bank guarantee, it is important that you have sufficient working capital available to cover the bank guarantee. This working capital can be money in your current or savings account, or a loan or credit facility with the bank. 

We will block the guaranteed amount until the bank guarantee expires. If you have insufficient balance to cover the bank guarantee, please contact us and ask about your options. 

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Cancelling a guarantee before the expiry date or cancelling a guarantee without an expiry date

If you want to cancel a bank guarantee that does not have an expiry date or cancel a bank guarantee before the expiry date of the guarantee, ABN AMRO will need a letter of release form from the beneficiary. By signing this form, the beneficiary accepts that they can no longer exercise any rights under the bank guarantee and that we are released from our obligations. 

You can download the letter of release form for this. This form can be used in most cases; check the conditions in the bank guarantee text for details. 

The waiver must be signed by the legal representative of each beneficiary involved. The waiver can be copied on the beneficiary’s stationary and/or bear a company stamp. 

The form must also state the reference number, the amount, and the name of the beneficiary of the bank guarantee. The form must be addressed to ABN AMRO. 

As soon as we have received the confirmation, the beneficiary ceases to be able to exercise rights under the guarantee. 

Download the letter of release . 

Guarantee termination on the expiry date 

After the expiry date of the guarantee, we need approximately 10 days to settle this in our records. This can vary by country and bank, because it may be subject to guidelines and procedures we have to adhere to.

A direct or indirect guarantee issued under foreign law is often subject to a separate procedure. It is not always possible to close such a guarantee after the expiry date. A guarantee/counter-guarantee can in some cases only be released once the beneficiary has returned the guarantee to the issuing bank. 

If you have questions about cancelling a bank guarantee, please call the Guarantees Service Desk on +31 (0)10 402 37 00 (local rates apply).

We will release the blocked guaranteed amount:

• after the expiry date of the bank guarantee; or
• when we have received a letter of release from the beneficiary. With a letter of release the beneficiary cancels a bank guarantee without expiry date or cancels a bank guarantee before the expiry date.

If the bank guarantee is issued by another bank (a ‘correspondent bank’) at the request of and with a counter-guarantee issued by ABN AMRO, you will also be charged for the correspondent bank’s commission and fees. 

How much you will be charged for in correspondent bank commission and fees depends on the type of guarantee, the duration, the local bank, and the country.

Direct bank guarantee issued by ABN AMRO to the beneficiary:
ABN AMRO issues the bank guarantee. The beneficiary can, if necessary, claim the guaranteed amount from ABN AMRO.

Direct bank guarantee – Advising through another bank: 
in case of an advice guarantee, the correspondent bank verifies the authenticity of the bank guarantee issued by ABN AMRO and advises the the bank guarantee to the beneficiary without any liability towards the beneficiary.