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We are asking for advice. Is anyone had experience with the Bank Guarantee instead of Guarantor to rent apartment?
How is it can be done and how much it costs?
Thank you.
Hi @Dance -
I just did a Google search on this because, though I have no direct experience, I'll need to know some details about this come September. Anyway, it looks like each bank has their own processes and procedures (no surprise there). I've provided one link (below) to get you started.
I'm hoping someone that has navigated the process can share their experiences with us.
Best of luck!
https://bancobpi.pt/en/corporate/financing/guarantees/bank-guarantee
@lowellmk Thank you very much. I will look into it. let me know if you find more about it.
I just did some checking on some Facebook groups....here is some additional information that may help....but it should also be verified.
1. You may be able to get around the guarantee requirement by offering a few months of security deposit
2. The Guarantee acts like an escrow account held by the bank. You'll have to negotiate the terms with the bank and pay attention to how to recover your funds when the lease terminates.
Looking forward to the comments of others.
