My last transfer from a Georgian bank (TBC) to US broker (Interactive Brokers) was $80k and cleared in a few hours. Never heard any questions about this transfers. The bank is annoying on incoming wires though. They send me a questionnaire for all the larger ones. They all are from the same sender, same reason etc. Still I have to explain it every time. As far as I understand they have a flawed process that requires them to get answers / docs from me personally for larger transfers every time, they cannot use what they have on file. Sigh...
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Tired of Georgian banks
- Thread starter lisic
- Start date
Finally a positive review for this bank.
Do you opened the account long time ago for an foreign owned Georgia company?
It's a personal account which I've opened in 2021. I got another one for a foreign owned Georgia company since very recently, but not much operations yet, so no experience.
Just wanted to hint the topicstarter that such transfers are very possible and there may be other reasons for scrutiny.
SEPA? Yeah. Here I've seen some ridiculous overcompliance from correspondent banks. A 50 EUR (fifty euro) transfer was questioned and returned. Some go through without any problems though.
I also once had a TBC bank account, no problems with transfers either. Easiest country where I ever opened an account by the way. The only thing that bothered me in Georgia was that the power went out almost every day and the water didn't always work. Otherwise it's quite a nice country to be in.
steam pricing for a SEPA transfer! You may consider to collect payments to not have too many of them.
They have IBAN but are not part of SEPA
https://www.ecb.europa.eu/paym/integration/retail/sepa/html/index.en.html
Hence all is swift, even domestic transfers in foreign currency have fees going up to 500 USD for higher amounts as the swift frees typically are not a fixed fee as for most ex soviet countries:
https://www.tbcbank.ge/web/en/fees-for-legal-entitiesCollecting payments hence only works for amounts above 25k.
What nice did you find about Georgia? I haven't found anything personally, real estate prices I think
Honestly, the nature is great. Food is delicious and the people are friendly.
Yeah, Georgian cuisine is probably my fav. Nature is cool, right
Somehow I met lots of rude people, especially at the airport, and the airport sucks in general.
Getting any services is a headache. Georgians just wanna chill and drink wine.
I wouldn't say it's cheap either. GEL is linked to the USD, and everything costs like in the EU except the accommodation. Not really my place, but can't judge.
Such things are of course always a matter of personal preferences. In my experience I found it safe, very cheap (especially rent/real estate). Local restaurants or street food are almost for free, at least that's what it feels like if you're coming from Europe/U.S. And despite it being a developing country you have good facilities such as modern shopping malls, large supermarkets etc. Not everything works smoothly such as their government or utilities but they have good private healthcare as well. So best of both worlds. The people were also very friendly to me. This can be a hit or miss. If you run into one person who is having a bad day (and yes they do have a temperament) you might think they aren't friendly people, but in my experience they are in general. Like genuinely interested in you as a person. There's actual great wine, might be one of the best in the world regarding that. Owner of boutique hotel I stayed in brought my fresh wine from his fields as a gift and it was the best I've ever had. The city of Tbilisi is also just beautiful in most places. I was impressed by it's nature and architecture. But again, this is all a matter of personal preferences and taste. I wouldn't want to live there myself, but I do spend a few weeks there every now and then. It you don't like being in Eastern Europe it won't suit you. Don't go there and expect American standards for anything service related obviously. Lower your expectations. I always say it's the tropical version of Russia (although most might not like hearing that), not climate-wise (although Batumi has nice weather) but lifestyle-wise.
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If we stick to their banking and company formation in Georgia it may be fine, you don't need to visit the country for this.
After I have seen how public and easy for everyone online to access their company register (with all data visable) is, I'll never register a company there there.
Welcome to the new world
Companies in almost every country are required to publicize beneficial owners.
Haha, true. You can even download their passport picture!
Yes I proved this on another thread. I can download their passport copy, driving license or whatever they used as ID to open company. Big security risk and no no if you ask me.
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