Banking in Georgia
- Thread starter catpower
- Start date
- Status
Stay away from Georgian banks. You can find plenty of info in the forum in older threads.
Toggle signature
Toggle signature
@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
They are ok if you are actually in Georgia but if you start having too many wires / are crypto related then you have to maneuver around a lot
What do you want the account for?
What do you want the account for?
If it comes from accounts in your name then I think youre good.
As Johnny said, use the search button and make up your own mind.
As Johnny said, use the search button and make up your own mind.
As soon as I am allowed I will share my full experience with TeraBank. Currently in litigation so must stay silent.
Toggle signature
Toggle signature
@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
Can you share why you decided to go with Tera and not wit TBC concept or BoG solo?
Last edited: Nov 17, 2022
With BoG I had issues, but they were solved by lawyers without the need to go to court.
Both banks were recommended by the local agent.
Toggle signature
Both banks were recommended by the local agent.
Toggle signature
@JohnnyDoe ”“ Your #1 Source for Guidance in Different Offshore Fields
Georgia is more EU than many EU member states. Read the local news which is full of praise for the European Union and a government which fulfills every demand that Bruxelles comes up with.
If you really want to put your feet in any bank in the Caucasus, choose Armenia instead of Georgia.
However, monthly transfers in the amount you mentioned are a bad idea due to high wire costs. You should deposit a lump sum and then pray you will get it back in full.
I think it would be helpful to add that wire costs are max $30 per transfer as per my experience. Doesn't seem too high for 3-5k a month.
If I remember right ProCredit Bank doesn't exist in Armenia anymore. It had been acquired by Inecobank.
None of these banks is suitable for non-resident banking. Fees are high and interest rates on USD deposits lower than in Singapore. It is also difficult to do SWIFT transfers. So, from an economic standpoint it is nonsense to even consider Armenia or Georgia for banking.
However, since the OP picked the Caucasus with the intention to bank outside the EU, this purpose is better fulfilled in Armenia because Armenia has no ambitions to please Bruxelles.
.... which is a bank headquartered in an EU-jurisdiction.
I doubt the OP Iikes that idea.
Last edited: Nov 17, 2022
Silk Road Bank is owned by Silk Road Group and serves the group's purpose. Other than that, it is a tiny Georgian bank without any relevance in the retail market.
Why?
- Status