Bank of Georgia for Personal Account?

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Silvio

Silvio

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Thinking of opening a personal account at BoG, anybody with experience with them wants to share?

Basically the point is to keep some money there, and spend using a debit card (I don't intend to wire too often to\from the account)

My concern is stability of the country, and if wires TO the account would be flagged as shady. Also, I'm hearing from Georgian friends bad things about BoG, saying that TBC is a lot better.
 
maxmmm said:
maxmmm said:
I'm hearing from Georgian friends bad things about BoG, saying that TBC is a lot better.
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I wonder why you then ask here on the forum?

maxmmm said:
maxmmm said:
My concern is stability of the country,
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Why do you want to pick Georgia as a country then?

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I wonder why you reply to my questions with more questions... If you have nothing to add you don't have to join the thread.

The point of the thread is very clear, I share what I've heard and ask if anybody else has any experience they can share.
 
I assume you are going for Georgia because they did not sign CRS? If that is the case, go for Serbia, you have a few big (foreign) banks in Serbia (Sparkasse, Unicredit, Societe, Intesa) that open private non-resident accounts in 10 minutes. You would need to visit tho.

I have been in touch with one banker in Bank of Georgie who asked for 400k EUR deposit for a corporate account. I kindly thanked him for the feedback xD
 
darkster said:
darkster said:
Why do you want to pick Georgia as a country then?
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What is it with you and Georgia FUD?
I'll just leave Georgia Heritage review here - Georgia Economy: Population, GDP, Inflation, Business, Trade, FDI, Corruption so anyone could decide for themselves
TBC bank is admittedly better than BOG for regular customer, it has lower fees and better trained staff. If you are looking for personal manager kind of banking (TBC Status / BOG Solo) - no considerable difference.
TBC however, unlike other banks, does not under any circumstances allow remote account opening with Power of Attorney.
 
7889 said:
7889 said:
That is 100% BS
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I am copying below a quote from the banker from BoG. This was related to account opening for Belize IBC

"When our back office will receive all needed documents, the minimum amount to be deposit is USD 400,000. Of course the client will be receiving interest"

I know it sounds crazy, but that is what they sent me. Maybe they just wanted to get rid of me. If that was the case, then they are very unprofessional.
 
maxmmm said:
maxmmm said:
Thinking of opening a personal account at BoG, anybody with experience with them wants to share?
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Been with them for years since I used to live in Georgia. No bad experiences with them in over 5 years. BOG is listed on UK stock exchange so is transparent.

maxmmm said:
maxmmm said:
My concern is stability of the country, and if wires TO the account would be flagged as shady. Also, I'm hearing from Georgian friends bad things about BoG, saying that TBC is a lot better.
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I also bank with TBC another UK stock exchanged listed bank and VTB and a few other banks 😉. However a TBC exec fell out with a certain wealthy political elite in Georgia and a witch hunt has damaged their reputation with accusations of management involved in money laundering. I had to move my funds to ProCredit as a precaution as this person went after TBC in a big way.

Saying which is better is like saying which is better between Barclays or HSBC. Your gonna find cheerleaders of each bank and critics of each. Georgia like Kazakhstan is a growth story. Their currency is stable. They have de-dollarized their domestic property loan market. I have had only good experience with Georgia in general but like any country there is a shady side that most don't see.

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sialala said:
sialala said:
So keeping a money in Georgia's banks is safe ? hi%#
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Georgia as a whole has a poor sovereign rating and hence its banks ratings can never be above that of the country itself no matter how good the banks are. Ask the rating agencies. If things go wrong in Georgia your money is all gone like......poof!!!

Georgia is a developing country having come out of a conflict. It is no Switzerland or even remotely close. It is just a country in the east you can use for diversification.

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Georgia in general sounds interesting the same for banking. I just wonder why there isn't any professional company around that provide services to open company and bank account.

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Martin Everson said:
Martin Everson said:
Been with them for years since I used to live in Georgia. No bad experiences with them in over 5 years. BOG is listed on UK stock exchange so is transparent.



I also bank with TBC another UK stock exchanged listed bank and VTB and a few other banks 😉. However a TBC exec fell out with a certain wealthy political elite in Georgia and a witch hunt has damaged their reputation with accusations of management involved in money laundering. I had to move my funds to ProCredit as a precaution as this person went after TBC in a big way.

Saying which is better is like saying which is better between Barclays or HSBC. Your gonna find cheerleaders of each bank and critics of each. Georgia like Kazakhstan is a growth story. Their currency is stable. They have de-dollarized their domestic property loan market. I have had only good experience with Georgia in general but like any country there is a shady side that most don't see.
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the BOG told me their internet banking has error...and I can't transfer money to other people...and it may take one week to fix this error....

one week.....!
 
Flatworld said:
Flatworld said:
the BOG told me their internet banking has error...and I can't transfer money to other people...and it may take one week to fix this error....

one week.....!
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Is this really true! OMG that can't be true.

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Flatworld said:
Flatworld said:
the BOG told me their internet banking has error...and I can't transfer money to other people...and it may take one week to fix this error....

one week.....!
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One week is that all? smi(&% Remember TSB Bank in UK IT outage last year? That went on for weeks. See time line below...lol.

https://www.theguardian.com/busines...e-of-trouble-how-the-tsb-it-meltdown-unfolded

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