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Crypto-trading Bank account in Georgia!

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Jun 7, 2019
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#1
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Hello,
So, I made an EMI account but didn't use it. After reading some horrible stories.

Now my plan is making a Company in Georgia for trading(HODL for the most part for atleast a year) Crypto-currency and may be US stock market shares; Tesla, AMD, Intel etc.

The source of funds is traced back to a single property sold 2 yerars ago; worth about US$100,000.
After 2 years after investing and selling a property and getting profit now I have US$170,000.

Initially, I would like to invest $US20,000 now in BTC and alt-coins.

Does the following work.

Buying Crypto:

Personal Home Country Foreign Currency account------------------> Georgia Business Company Foreign currency Account ---------------------> Exchange (Binance etc)


Selling Crypto:

Exchange (Binance etc) --------------------------> Georgia Business Company Foreign currency Account ------------------------------------> Personal Home Country Foreign Currency account.


Queries:

1). Do I need a Corporate business account in my home country or should my personal Bank account in home country suffice?

2). Should I show them my Documents for the source of funds or deposit them to the bank because may be from reading too much on Forums I think almost every bank account freezes your account when you try to withdraw money?

3). It might be foolish but at this point in time it seems enticing and I am thinking of investing even $100,000 in Crypto. Regarding security, should Ledger Nano X be enough if I dont trade actively and HODL for at least a year?

Sorry for my poor English, I am from Asia.
 
#2
nav said:
Hello,
So, I made an EMI account but didn't use it. After reading some horrible stories.

Now my plan is making a Company in Georgia for trading(HODL for the most part for atleast a year) Crypto-currency and may be US stock market shares; Tesla, AMD, Intel etc.

The source of funds is traced back to a single property sold 2 yerars ago; worth about US$100,000.
After 2 years after investing and selling a property and getting profit now I have US$170,000.

Initially, I would like to invest $US20,000 now in BTC and alt-coins.

Does the following work.

Buying Crypto:

Personal Home Country Foreign Currency account------------------> Georgia Business Company Foreign currency Account ---------------------> Exchange (Binance etc)


Selling Crypto:

Exchange (Binance etc) --------------------------> Georgia Business Company Foreign currency Account ------------------------------------> Personal Home Country Foreign Currency account.


Queries:

1). Do I need a Corporate business account in my home country or should my personal Bank account in home country suffice?

2). Should I show them my Documents for the source of funds or deposit them to the bank because may be from reading too much on Forums I think almost every bank account freezes your account when you try to withdraw money?

3). It might be foolish but at this point in time it seems enticing and I am thinking of investing even $100,000 in Crypto. Regarding security, should Ledger Nano X be enough if I dont trade actively and HODL for at least a year?

Sorry for my poor English, I am from Asia.
Click to expand...
Sounds extremely complicated. Just open personal bank account in Bank of Georgia with SOLO banking service (for premium clients), deposit $20k and wire them to a crypto exchange (I like CEX.IO). Nobody supposed to ask anything. Done.

$20k is a joke money for these banks.
 
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#3
Ok. Thanks for a prompt reply. As mentioned in the beginning it will be $20k then I might deposit about $100k .Once things get going I think it can be increased to $1m plus in investment. May be after a year.

Also, as with CEX.IO and other Exchanges for a high deposit and withdraw limits, the address has to be verified, should I put my homecountry address or get some Virtual office in Tblisi?
 
#4
nav said:
Ok. Thanks for a prompt reply. As mentioned in the beginning it will be $20k then I might deposit about $100k .Once things get going I think it can be increased to $1m plus in investment. May be after a year.

Also, as with CEX.IO and other Exchanges for a high deposit and withdraw limits, the address has to be verified, should I put my homecountry address or get some Virtual office in Tblisi?
Click to expand...
As long as you can show them how did you get this money you gonna be perfectly fine.
> I put my homecountry address or get some Virtual office in Tblisi?
You need to show proof of billing. Idk honestly I dont think exchanges will ever share that with your country.
 
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#7
Marie Manila said:
Is SOLO really necessary for bitcoin related transactions?
Or is it enough to have a normal account there?
Click to expand...
SOLO is the assurance that you wont have to stand in lines to talk to the bank manager. And you have a personal contact who can mediate between you and the bank. You can go without SOLO at your own risk.
 
#10
avalanche said:
SOLO is the assurance that you wont have to stand in lines to talk to the bank manager. And you have a personal contact who can mediate between you and the bank. You can go without SOLO at your own risk.
Click to expand...
What is your experience with SOLO? I was checking the annual report (for shareholders of BoG) and this SOLO is really interesting. They have 50k clients but the bank almost make more revenue from them than from the rest of 1.5M or so retail clients. I wonder what they actually do :D

Also I checked some photos and at first I was extremely confused, this SOLO seems to have some brick-and-mortar branches that kinda look like some restaurants or dance clubs or wtf, with Brazilian dancers posters outside and polstered chairs and a bar inside. I have no idea what am I supposed to do there if I banked with them.
 
#11
KJK said:
I have no idea what am I supposed to do there if I banked with them.
Click to expand...

You walk into the SOLO lounge. The visual and sound effects seem different from last week. That's because the season has changed.

You notice the custom SOLO room fragrance, sit down and enjoy the custom blended SOLO coffee. You browse the SOLO magazine. You can buy discounted gym membership, discounted management training courses, discounted high end perfume and a discounted pair of Bang & Olufsen headphones. You can book special seats at the Lenny Kravitz concert, only available to SOLO members. You can order a Range Rover Vogue at 12% discount.

You're somewhere special. And you're someone special. You're living the SOLO lifestyle. :cool:


(also you don't have to queue when you go to the bank)
 
#12
khinkali said:
You walk into the SOLO lounge. The visual and sound effects seem different from last week. That's because the season has changed.

You notice the custom SOLO room fragrance, sit down and enjoy the custom blended SOLO coffee. You browse the SOLO magazine. You can buy discounted gym membership, discounted management training courses, discounted high end perfume and a discounted pair of Bang & Olufsen headphones. You can book special seats at the Lenny Kravitz concert, only available to SOLO members. You can order a Range Rover Vogue at 12% discount.

You're somewhere special. And you're someone special. You're living the SOLO lifestyle. :cool:


(also you don't have to queue when you go to the bank)
Click to expand...
I find these things above quite cheap and unnecessary. But I'm definitely interested in faster customer service and better debit cards lol.
 
#14
khinkali said:
Admit it, you love the bespoke SOLO room fragrance. ;-)

(i've never actually been inside; i'm with TBC)
Click to expand...
TBC premium banking service never replied to me after I submitted the form.
Somehow I found BoG internet banking more reliable than TBC (which is hanging for 2 minutes every time I try to log in. Sometimes mobile app is crashing)
 
#16
khinkali said:
I've not had a problem with TBC Internet banking (better than UK banks), but I don't use the app much.
Click to expand...
Better than UK banks? Damn... What sort of buggy piece of s**t they let out on the market :D

What I can tell you straight so far I never seen any internet banking that is better than what Russian banks offer.
 
#17
avalanche said:
What I can tell you straight so far I never seen any internet banking that is better than what Russian banks offer.
Click to expand...
I don't actively use any Russian bank but from what I've seen I completely agree with this. Good thing is there are many ties in banking between Georgia and Russia (and Turkey). Some banks are direct subsidiaries (VTB) and some have connections (TBC, Cartu, Liberty)...

I also wondered about this and I think it may be related to the tradition of technology and mathematics education in Russia, all the universities in Moscow and St. Petersburg. This region imho produces some of the smartest, most intelligent and no-bulls**t people in the world. Too bad the country destroys their potential.

I don't know about UK but you can compare Russian banks/websites/apps with stuff produced by e.g. Emirati and Saudi companies which is most often just outsourced to some semi-literate Indian or Pakistani "junior developer". These are broken one third the time, abandoned one third the time and completely unintuitive the last third of the time. And on top of that they will spam you with notifications, messages and popups that cannot be turned off.
____________________________

Back to OP's question - yes, I don't see why it shouldn't work. Why exactly do you want to trade via a Georgian company? If I understand correctly it will be an active company that will be doing trading and it will have local income, so it doesn't sound very good tax-wise... Maybe I'm wrong.

1) you don't need such account in your home country imho
2) maybe the bank won't even ask for anything with this amount; if they'd ask, apartment sale is pretty good source of funds so keep the document
3) crypto security is a separate topic about which many articles were written. Of course you can have a cold storage wallet, i.e. some hardware device (Ledger, Trezor, laptop with Linux never connected to internet with glued USB ports... ;)) plus your seed phrase split between multiple places with some redundancy (read about Shamir's Secret Sharing)
 
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#18
I sent you some money from bitstamp and kraken in 2019, and asked for some docs to see from where the money from.
now send some money from bitstamp and ok, and some from kraken, and again docs and questions and refuse the transfer , and answert this

as I told you during the phone conversation, it may be necessary to confirm the source of income when transferring money.
This is provided by the internal policy of the Bank of Georgia.
The documents you send are not enough to put the transferred amount in the account.
Please note that you cannot transfer the proceeds from the sale of cryptocurrency to the Bank of Georgia account.
In case of transfer, you will need to confirm the source of income each time with an official document and not with screens. (Bank statement or other official document)

and even i asked in kraken for statement....so i understand they dont allow money from cryptos now ,at least in most of cases
 
#19
Obelix said:
In case of transfer, you will need to confirm the source of income each time with an official document and not with screens. (Bank statement or other official document)

and even i asked in kraken for statement....so i understand they dont allow money from cryptos now ,at least in most of cases
Click to expand...
it's similar to what Mister Tango ask for or did when I used them in the past.

As long as they don't pick your transaction for review you may be fine sending crypto to them, but that's not a long lasting method.
 
#20
This last time, they refuse my wire transfer, that back to kraken, even that i sent statement that i asked to kraken.
Looks they refuse money from crypto, what i undesrtood cause can know where money that bought cryptos came
 
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