TBC Bank
Bank of Georgia
Liberty Bank
Valuto
Rico Group
INTELIEXPRESS
Crystal
Giro Credit
Fin Credit
Currency Exchange rate in Georgian Banks
Commercial banks take an active part in setting the currency exchange rate. Commercial banks together with the National Bank, microfinance organizations and international investment funds, Bloomberg BMatch platform and at the end of the day the official exchange rate is already published by the National Bank.
The exchange rate in banks is formed according to the demand of legal entities. Mainly, representatives of medium and large businesses exchange currency in banks. Also, legal entities under public law are guided by banks' courses.
Exchange Rates in Kiosks is very favorable for small businesses and individuals. It is much more profitable for them to exchange currency in booths, and often, the difference even reaches 7-8 whites. Therefore, when the amount is not so small, the difference is quite large.
There is a perception among the population that there is practically no currency exchange in banks. This does not correspond to reality. Banks offer special conditions to large businesses and interested parties. Currency exchange offices have relatively lower limits and less ability to provide full service. It means various types of transfers, including international ones. Also, through internet and mobile banking, users can convert faster.
For example, in small banks, specific offers and special rates start even from 5000 thousand dollars.
How many banks can you exchange currency at?
15 licensed commercial banks operate on the territory of Georgia. According to the law on the activities of commercial banks, the National Bank issues a license, which allows the start of activities.
There are specific requirements for this:
- Amount of cashed capital
- Group, Management and Ownership Structures
- Environmental stability and transparency
- adequacy of the business plan to enable sustainable operation in the future
The last bank to which the license was issued is "Peysera Bank Georgia". Peysera is the first digital bank in Georgia, and when SEB gave the license, it had quite a few restrictions. But it was not about currency exchange.
The remaining 14 banks where you can buy and sell currency.
- JSC "Credo Bank"
- JSC "ISH Bank Georgia"
- JSC "Pasha Bank Georgia"
- JSC "Khalik Bank Georgia"
- JSC "Tera Bank"
- JSC "Silk Bank"
- JSC "Procredit Bank"
- JSC "Ziraat Bank Georgia"
- JSC "Bank Kartu"
- JSC "VTB Bank Georgia"
- JSC "Bank of Georgia"
- JSC "Basisbank"
- JSC "Liberty Bank"
- JSC "TBS Bank"
The first bank that received a license in independent Georgia (in 1993) was TBC Bank. As you can see, "JSC" is written before the name of each company, which means joint stock company.
Conditionally, if you are interested in the exchange rate at Liberty Bank, you will find out about it freely on Myvaluta.ge. The advantage of our platform is that when there are so many banks, it is difficult to access all the banks' websites and find out where the highest exchange rate is. Therefore, with us you will find everything in one space.
In addition, with the help of a multi-currency converter on the website, you will simplify the process even more.
Profit of commercial banks and the role of the National Bank
According to the data of the past years out of 15 banks, 10-11 banks always make a net profit. Among them, two of them are outstanding. Of course, Georgia and TBC.
Therefore, the population is more interested, for example, what is the current exchange rate at TBC Bank or the dollar rate at the Bank of Georgia.
When financial journalists write about the profits of commercial banks, less attention is paid to the income from currency derivatives.
Income from foreign currency derivative instruments, foreign currency operation and conversion is considered as net commission income. It is true that the banks do not see a particularly big profit from this, however, when they present the report, certain places refer to this topic as well.
In general, compared to other businesses, the banking system is a different case. There are risks and responsibilities in any business, which are less characteristic of the banking sector. The risk is insured by the state. The National Bank can transfer large sums of money through subsidies. If you look closely, today the most popular form of entrepreneurial activity is the limited liability company, the same LLC. In the case of banks, it is a joint-stock company - JSC. This is also one of the distinguishing marks.
The banking system in Georgia is one of the most developed and powerful. After the 90s, the main challenge was created in 2008, when during the August war, the population actively began withdrawing deposits and there was a threat of complete bankruptcy.
Soon after the end of the war, when the state received monetary aid from its partners, a large part went back to the banking sector to save themselves from bankruptcy and maintain liquidity.
So, the National Bank is the guarantor of the stability and success of the sector. If you have any kind of disagreement with any bank or you are dissatisfied with the service, you can contact Er.Bank. The National Bank carries out banking supervision. As well as non-bank, microfinance organizations and currency exchange points.TBC Bank and its subsidiaries
As we mentioned, small businesses and individuals are more interested in currency exchange booths. "TBS Bank" decided to enter this market as well and founded one of its subsidiary companies, "Valuto".
"Valuto" has been operating since 2019 and is represented in more than 40 cities of Georgia. In addition to currency exchange, it is possible to take a loan secured by gold, receive fast remittances and service fast loans.
It is this multifunctionality that sets Valuto apart from other exchange points. "Valuta" exchange rate is also presented on Myvaluta.ge.
Another subsidiary of "TBS" - "TBS Capital". "TBS Capital" is a brokerage, research and investment company. In its weekly update, "TBS Capital" discusses the reasons for the stability/volatility of the GEL exchange rate and makes a forecast of what the GEL exchange rate will be in the next 1 week.
On Myvaluta.ge you will get reliable and quick information about the exchange rate in banks. Also, you will find out the rate of the National Bank, the exchange rate in the booths, the cryptocurrency rate - all this together in one space.
