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]

ontherun said:
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
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but the rate is bad.

 

[Jea]

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

 

[ontherun]

Jea said:
You mean I can't receive USD directly and it gets converted twice?
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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]

ontherun said:
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
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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]

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

Flatworld said:
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~
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Does your USD sub account have a dedicated IBAN?

 

[Flatworld]

ontherun said:
Does your USD sub account have a dedicated IBAN?
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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]

ontherun said:
Right. After all, the US Dollar is not the national currency.
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BTW which bank are you talking about?

Flatworld said:
All currency with one IBAN number~
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How much do you pay for transfers outside of Georgia?

 

[ontherun]

Flatworld said:
like this, show total balance only in GEL, but actually you have different currencies in your account: View attachment 899
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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]

ontherun said:
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.
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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]

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