How to obtain a bank guarantee for my company

Now you can request, submit and consult your online guarantees with AvalBox.
Sometimes a company needs to submit solvency guarantees to suppliers or other entities; in other words, the company needs a bank guarantee to ensure that if it cannot meet a payment or obligation, the bank will take care of it. Read on to find out how to obtain a bank guarantee for your company quickly and easily.
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Manages your endorsements online in a fast way, comfortable and sure.

What is a bank guarantee for a company?

A bank guarantee is a commitment agreement through which a bank guarantees that it will respond to the beneficiary in the event that the applicant of said guarantee (known as guaranteed party) cannot pay the guaranteed amount or cannot cover an obligation contracted with the beneficiary. Guarantees are generally granted for the purpose of guaranteeing the repayment of a loan, although they are often used to ensure compliance with other obligations, such as participation in a tendering or the supply of a specific merchandise or service. In general, when a supplier or beneficiary entity requires a guarantee from a company, it prefers that it comes from a bank. The reason why many companies choose this type of endorsement is that the latter offers greater guarantees than other endorsements, given that banks have the liquidity to cover debt.

Acquiring a guarantee through a financial institution carries with it a series of expenses for the endorsed party. These usually include a study fee, commitment fee, risk fee, and notarial expenses. Furthermore, if the bank is obliged to intervene in one of the payments, the customer must repay this amount in accordance with the interest and terms agreed at the time of signing the guarantee.

AvalBox: guarantees at the click of a mouse

Requesting a bank guarantee can be key if a company wants to conclude a contract that requires meeting certain guarantees. However, it is not always easy for a company to obtain a guarantee from its bank. Many entities are making it difficult for companies of a certain size or with other unsuitable characteristics to receive a guarantee.

At BBVA, we are acutely aware that our support can be essential for your company. To do this we have created AvalBox, a digital tool that allows you to obtain your bank guarantee quickly and easily in one click, avoiding the long waits typical of this type of request. The streamlined use of this new product is a result of the digitalization of the whole process: from when the customer requests the guarantee to when it is submitted.

However, this tool also allows you to carry out said procedures on paper by requesting through AvalBox and collecting them at a branch later. This product also offers absolute security, as the Spanish Royal Mint acts as a trusted third party and notifies the interested parties of the issuance of the guarantee, safeguards the document, and offers a verification service.

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The world of guarantees has changed
Now can request, present and consult endorsements in an online way with AvalBox

Who can request AvalBox and what advantages does it offer?

To request a company guarantee through BBVA's AvalBox, you only need to meet two requirements: be registered in BBVA Net Cash with module of endorsements and have a line of endorsement in force with limit available.

The advantages of AvalBox are many:

  • Fast: the entire process is digitalized, from the time the guarantee is requested until it is submitted.
  • Easy: say goodbye to paper and consult the status of your guarantees whenever you want.
  • Security: the Spanish Royal Mint acts as a trusted third party and also offers a verification service.

All these advantages make AvalBox a novel, convenient, and useful tool for companies to reduce the times it takes to obtain their guarantee. If you need a bank guarantee for your company, request it through AvalBox, the new BBVA digital tool that gives you the necessary guarantees with very fast turnaround and the convenience of online management. If you need more information about the process or the requirements and conditions for receiving a bank guarantee for your company, contact our advisers.

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