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Management of Promissory Notes in Spain

Advance your receivables from Spain and reduce admin work

Learn more
Cybele Palace and fountain in Madrid with Spanish flags under a blue sky
Cybele Palace and fountain in Madrid with Spanish flags under a blue sky
Management of Promissory Notes in Spain
How it work How much is it How to subscribe Contacts

What is it and how does it work

Promissory note management explained

What is a Promissory Note? It is a widely used payment method in commercial transactions with Spain. It’s a written promise to pay a specified amount on a fixed date, where the issuer assumes the same obligations as the acceptor of a bill of exchange.
Requirements Promissory Notes must include a magnetic ink character recognition (MICR) line and be drawn on a bank in Spain.
Discount option We advance the amount due before maturity. On the maturity date, we settle the advance and present the Promissory Note under standard conditions or with immediate credit.
Millennium management We handle the management of post-dated promissory notes from Spain, including processing them at maturity and collecting the payment. We manage all due dates, freeing your company from administrative work.
Management option We handle the promissory note until maturity and carry out its collection, under standard conditions or with immediate credit, depositing the funds into the current account you provided us.
Benefits This product allows companies to optimize short-term cash flow management by anticipating revenues from exports.
What is a Promissory Note? It is a widely used payment method in commercial transactions with Spain. It’s a written promise to pay a specified amount on a fixed date, where the issuer assumes the same obligations as the acceptor of a bill of exchange.
Millennium management We handle the management of post-dated promissory notes from Spain, including processing them at maturity and collecting the payment. We manage all due dates, freeing your company from administrative work.
Requirements Promissory Notes must include a magnetic ink character recognition (MICR) line and be drawn on a bank in Spain.
Management option We handle the promissory note until maturity and carry out its collection, under standard conditions or with immediate credit, depositing the funds into the current account you provided us.
Discount option We advance the amount due before maturity. On the maturity date, we settle the advance and present the Promissory Note under standard conditions or with immediate credit.
Benefits This product allows companies to optimize short-term cash flow management by anticipating revenues from exports.

Rates and charges

Now the numbers

Annual Effective Rate (TAE)
8.589% 8.589%

TAE calculated based on a TAN (Nominal Annual Rate) of 10.432% - 6-month Euribor (the benchmark results from the simple arithmetic average of daily quotations in the month prior to each interest calculation period, rounded to the nearest thousandth; for this example, May 2023 was considered, corresponding to 3.682%, on a 360-day basis), plus a spread of 6.75%, assuming a new transaction of €50,000 for 90 days. The calculation considers interest paid in advance and includes fees and charges associated with the collection service of the instruments.

TAE are calculated with all charges included, namely mandatory insurance (in accordance with Decree-Law no. 220/94).
Check price list

How to request

Just 3 steps

Fill out the form
Fill out the form
to request Promissory Note management.
to request Promissory Note management.
Fill in
Print and have it signed
Print and have it signed
by the authorized company signatories.
by the authorized company signatories.
Send us
Send us
and you're all set!
and you're all set!

How to request

Just 3 steps

Fill out the form
Fill out the form
to request Promissory Note management.
to request Promissory Note management.
Print and have it signed
Print and have it signed
by the authorized company signatories.
by the authorized company signatories.
Send us
Send us
and you're all set!
and you're all set!

Contacts

Need help or have questions?

Trade Line hotline: provides personalized support on business days from 8:30 a.m. to 6:00 p.m.

Exclusive Trade Line email: Tradeline@millenniumbcp.pt

Millennium Trade Solutions Offers solutions designed to meet the needs of your business activity and international strategy.

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Legal documents and other information

Promissory Notes Management Proposal for Spain

Download
Note: The granting of credit and availability of the amount of the promissory note(s) in the current account does not necessarily mean that the respective note(s) have been successfully collected; a future return of the instrument(s) may occur, which will result in a corresponding debit to the account.
The contracting of the credit operations advertised herein is subject to prior assessment and approval within the scope of credit risk, as well as the possible provision of guarantees deemed necessary by Millennium bcp.

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Looking for a branch?
Find the nearest branch
Find the nearest branch
Find a branch
Need to call us?
Call 21 004 24 24 (call to national landline)
Call 21 004 24 24 (call to national landline)
View contacts