Bank Guarantees

We help you meet your company's commitments and handle debts if you are unable to pay them at the time. You can choose between a digital guarantee or one with a handwritten signature. We'll explain it to you!

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Our Vote of Confidence

At ABANCA, we can help you guarantee the fulfillment of your obligations as a self-employed professional or company to third parties and pay any debts that may arise if you fail to meet them at any time. That’s why we offer you our bank guarantees.

A bank guarantee is a commitment document that we at ABANCA assume to secure the legal and commercial relationships you enter into with third parties, so that we will be responsible for paying the beneficiary the amount and obligations specified in the guarantee letter issued.

We guarantee both financial obligations (leases, payments to suppliers, tax payments, requests for debt deferral or installment payments, grants, etc.) and technical obligations (filing appeals with public administrations, participation and awarding of contracts, successful completion of works, equipment operation, etc.).

The most common bank guarantees we provide are:

To public bodies for requests for debt deferrals or installment payments, filing appeals, participation and awarding of contracts, grants…
To suppliers.
To guarantee amounts paid on account for the purchase of a home.
For leases.

How does it work?
It is a bank guarantee that ensures the fulfillment of an obligation undertaken with a third party: the beneficiary of the guarantee.
How much does it cost?
Its cost varies depending on the guaranteed amount, the guarantee you choose, and the risk of the guarantee.
What's the best part?
If you request guarantees frequently, you have access to guarantee lines to speed up their issuance.
Anything else?
You can choose between a digital guarantee or one with a handwritten signature.

We Back Your Obligations

Depending on the type of obligations you are going to assume with other companies or with the public administration, you can choose between two types of guarantees:

Guarantee with expiry of coverage or enforceability period. This guarantee has a set duration. That is, ABANCA will cover your obligations only during the period specified in the guarantee, and the beneficiary (for example, the owner of the commercial premises you have rented) must also make their claims within that same period. Otherwise, they would not be covered.
Guarantee without expiry of coverage. This guarantee allows the beneficiary to claim payment of the debt at any time, after the guarantee has expired and during the general statute of limitations for personal actions as set out in current legal regulations. ABANCA will continue to cover your company’s debt regardless of how much time has passed, as long as the general statute of limitations has not expired.
Indefinite guarantee. This guarantee has an indefinite duration, so the beneficiary may claim the associated debt at any time unless they have expressly authorized the cancellation of this guarantee and/or have returned the original guarantee letter.

Also in Digital Format

At ABANCA, we are at the forefront of financial digitalization, which is why we also offer the bank guarantee you need in digital format.

This format strictly complies with all regulatory requirements and has the same validity and security as the traditional format. Our digital guarantee letters are centrally signed by authorized representatives. And you’ll have the advantage of presenting your digital guarantees with the features required by each beneficiary!

Guarantee to the Public Administration: we provide a personalized service when the beneficiary body requires the Financial Entity to deposit the guarantee directly, by electronic means, in its Electronic Register, such as the Electronic Service of the General Deposit Box of the General Secretariat of the Treasury and Financial Policy (SECAD) or the Electronic Service of the General Deposit Box of the Xunta de Galicia (GARANTA).

For all cases where direct submission of the guarantee by the financial entity is not required, we will provide you with the digitally signed guarantee letter so you can send it yourself to the beneficiary.

Guarantee to the private sector: we will provide you with the digitally signed guarantee letter, which you can send to the beneficiary by the electronic means you have agreed upon.

Zero Cancellation Fees

To cancel your bank guarantee, you only need to return the original guarantee letter and, in cases where it is required in the issued document, the beneficiary’s authorization to ABANCA, provided there are no claims for non-fulfillment of your obligations and regardless of the period specified in the guarantee letter.

If yours is a guarantee with expiry of coverage, it will be canceled when the expiry period ends, provided that no payment claim has been made by the beneficiary beforehand.

Early cancellation of your guarantee will not incur any charges or commissions for you.

If the original guarantee letter has been lost or misplaced, we will provide you with a document authorizing the cancellation of the guarantee, which must be signed by the beneficiary.