Georgian USD Account... Converting USD to GEL

[Jea]

Hello, do Georgian banks offer USD and EUR accounts? How to convert EUR/USD in the bank account to GEL at the best rate?

 

[ontherun]

they do. also CNY/JPY/CHF. but you can't wire USD and then see USD in your‌ balance. you wire USD, it appears in your balance as GEL, and then you yourself‍ need to convert it into the USD sub account

 

[blackeric]

but the rate is bad.

 

[Jea]

You mean I can't receive USD directly and it gets converted twice?

 

[ontherun]

Right. After all, the US Dollar is not the national currency.

What you‌ can do, is personally bring physical US Dollar notes to a branch and have those‍ deposited in your USD sub account directly

 

[Flatworld]

I’m quite sure I get⁠ US dollar bank wire with BOG and they won't converted into GEL automatically...

I think⁤ you're misunderstand something~

 

[Flatworld]

they offer‍ USD & EUR sub-account...you can wire USD to your USD sub-account...
you may see the⁠ balance as GEL, but actually the money is in USD 🙂

 

[ontherun]

Does your‍ USD sub account have a dedicated IBAN?

 

[Flatworld]

All currency with one IBAN number~

 

[Flatworld]

like this, show total balance only in GEL, but actually you have different currencies in‌ your account:

 

[Jea]

BTW which bank are you talking about?

How much do you pay for transfers outside of Georgia?

 

[ontherun]

USD wires sent to that‍ IBAN will arrive in your account as GEL. They will not bypass the GEL balance⁠ and go straight into your USD balance. From what I've seen the only way to⁤ bypass the initial GEL conversion is to physically bring physical USD notes into a branch⁣ inside Georgia with your own hands.

 

[Flatworld]

But I get USD bank wire for few times few months ago...I'm 100% sure⁣ you're wrong~

maybe because your account type is not "universal account" with different currencies ?⁢

 

[ontherun]

I just checked. you are correct. hmm. important thing to consider⁠ when doing the initial opening...