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Get more value with access to great rates and no hidden fees or charges.
The table below demonstrates how bank guarantee with Assuro offer outstanding value relative to similar guarantee products advertised4 by traditional banks. The scenario is based on a $150,000 guarantee being required for 24 months with no expiry date and serves as a guide only with figures subject to change.
Facilitator, not a bank
The Assuro platform enables the bank guarantee application process to be completed online which also streamlines the ongoing management of established bank guarantees.
But Assuro is not a bank and does not issue bank guarantees. Instead, we partner with Australian banks that issue the guarantee and hold the security.
Simple digital experience
Our platform offers a seamless, digital experience for business. While the bank guarantee is still issued on paper, our application process means no more trips to the bank.
Dedicated support
Your assigned relationship manager will guide you through the process and be on hand to answer any questions you may have.
The relationship
Assuro collaborates with trusted, authorised deposit-taking institutions that issue the guarantee and hold the security. To do this, Assuro holds an Australian Financial Services Licence (AFSL 527890).
Exceptional service
By working closely with our banking partners, we can assist you throughout the process, ensuring the application is processed smoothly and that you receive the best possible service from the bank.
Cash security & issuance
The applicant sends the cash security directly to the bank. The bank will assign the funds to your account and send you the account details as part of the finalisation process.
The bank guarantee issued will be from the nominated bank and with the bank's logo on the guarantee. Assuro will not feature on the guarantee itself in any way.
Award-winning
Our award-winning digital application offers businesses and banks an alternative to traditional, often complex and time-consuming paper-based processes by providing a faster, more transparent and cost-effective solution.
Ongoing management
Creating an account is free and all users get unrestricted access to a suite of tools that streamline the ongoing management and administration of your financial securities.
Tighter control
Features like our custom alerts, custodian tracker and time-stamped communication panels all assist you in maintaining control of your financial securities.
From application to return, we've got you covered.
Get in touch for a personalised walk through the platform.
Get in touch for a personalised
walk through the platform.
1. Register & Apply
Create an Assuro account and follow the prompts to start your bank guarantee application.
Provide the details for the bank guarantee, including parties, value and purpose.
2. Payment & Verification
Complete payment of the establishment fees and the verification process.
Your relationship manager can assist if required.
3. Submit to the Bank
Assuro will submit the bank guarantee application to the bank on your behalf.
The bank will contact you to confirm receipt of the application and seek approval from the applicant.
4. Draft Bank Guarantee
The bank will email a draft bank guarantee for review and approval by the parties.
Once the draft has been approved, the bank requires the cash security.
5. Finalisation & Dispatch
Cash security: The applicant sends the cash security directly to the bank. Once received, the bank will assign the funds to your account and send you the account details as part of the finalisation process.
Physical document: With the funds transferred, the bank guarantee will be sent by registered post to the nominated delivery address.
A bank guarantee is a form of 'security' that enables you to grow your business by giving your customers and suppliers confidence that you can fulfil your obligations. Bank guarantees are used in a wide range of circumstances but are commonly used to secure commercial leases and construction contracts.
Save time, reduce costs and experience unmatched service.
At Assuro, we provide bank guarantee solutions designed to simplify business, not complicate it.
With thousands of registered users and over $50 million in bank guarantees established through our platform, you can move forward with confidence.
Our dedicated bank guarantee specialists will get to know you and your business to provide personalised solutions and guide you through the process.
We pride ourselves on having lightning fast turnaround times with the ability to expedite your bank guarantee when time is of the essence.
Manage your financial securities with ease. Our platform helps you forecast capacity, keep track of existing documents and apply for new guarantees – all in one place.
Let us take you through the platform and show you what Assuro can do for your business.
While the bank guarantee is still issued on paper direct from the bank, the Assuro experience is 100% digital on our multi-award winning platform, saving you time and money.
A bank guarantee is an unconditional and irrevocable undertaking issued by a bank to a beneficiary to pay an amount of money if requested to do so by the beneficiary. A bank guarantee is provided by the bank on behalf of the issuing party who has generally deposited an amount of money equivalent to the bank guarantee with the bank. Bank guarantees are used in a wide range of different circumstances but are commonly used to secure:
Bank guarantees are a form of ‘security’ and provide the beneficiary with confidence that the issuer is capable of fulfilling its obligations and is an indicator of the issuer’s financial stability. From the issuer’s perspective, a bank guarantee demonstrates its willingness to perform its obligations whilst at the same time retaining its cash.
Yes, all guarantees through Assuro are 100% cash secured (min. value: $15,000). This means that if you need a $100,000 bank guarantee you will need to deposit $100,000. The security is deposited directly with and held by the bank. Under the FCS, deposits up to $250,000 are protected by the Australian Government’s guarantee on deposits.
Don't want to tie down the cash?
Assuro can connect you with a specialist, business to business lender who may be able to finance your next bank guarantee. For more information on Bank Guarantee Finance, click here.
The beneficiary or favouree is the party who receives the bank guarantee and can 'call' on it if payment of the money is required or contractual obligations are not being performed.
In addition to the security being deposited directly with the bank issuing the bank guarantee, Assuro will charge fees based on the bank guarantee product that is selected. Our lowest cost bank guarantee product has a one-off $399 establishment fee and no ongoing fees. Custom pricing may be offered to members of our channel partners or individual users of the Assuro platform depending on the size or volume of bank guarantees being applied for. There is no cost to set up an account with Assuro. Simply follow the prompts on our website to register as a user. Once registered, you can apply for a bank guarantee.
No. The application process is entirely digital. However, we may need some physical documents to be emailed in order to complete our AML/KYC checks on individuals associated with the application.
The bank guarantee will be sent by express post to the nominated delivery address. It can either be sent to the issuer or directly to the beneficiary.
Simply contact your relationship manager at Assuro and complete a form. Alternatively contact Assuro at info@assuro.com.au or call us on 1300 134 315.
In addition to Assuro’s competitive fees, bank guarantees established through the Assuro platform will automatically integrate with Assuro Cloud, our market leading management platform. Assuro Cloud will allow you to set reminders, track the custodian, generate reports and utilise cost calculators to ensure that your business has tighter control over its bank guarantees and streamlined administration processes.
You can nominate whether the bank guarantee will have an expiry date. Generally, this is a matter dictated either by the applicable contract or the beneficiary. Even if the bank guarantee doesn’t have an expiry date on it, Assuro Cloud will allow you to set an expected return date so you can be reminded to follow up the beneficiary once the bank guarantee should have been returned.
Yes. You can do this by creating a new bank guarantee and then using it to replace the existing bank guarantee but this will mean that for a short period of time you will have paid two security deposits.
The physical paper-based document will be sent via registered post to the nominated address. Only the application process is digital.
The bank guarantee issued will be from the nominated bank and with the bank’s logo on the guarantee. Assuro will not feature on the guarantee itself in any way.
Applications can be submitted online in minutes, and the bank guarantee can be finalised and dispatched within days.
Assuro can connect you with our specialist business-to-business lending partners who offer a range of financing options, including unsecured loans, secured loans and lines of credit.
