Exchange Rates In Kiosks

Exchange Rates In Kiosks Today

The exchange rate in Kiosks is much cheaper than in commercial banks. The fluctuation of the exchange rate is determined by the demand of the population in the Kiosks. It is individuals and small entrepreneurs who benefit from the services of exchange offices. Instead, medium and large business representatives in banks have special conditions and higher limits.

The difference usually reaches 2-7 whites. When the amount is large, the difference is quite large.

According to the information of the National Bank, there are currently 724 Kiosks operating in the market. In 2019, the number of facilities was more than 925, but after the pandemic, the number slowly decreased.

The National Bank supervises currency exchange offices and largely uses fines as a sanction. It has a special reference to the requirements of the law "On promoting the prevention of money laundering and financing of terrorism". Also, by means of a special software (electronic) system on the facts of non-payment.

Banks close at 18:00, work half a day on Saturday and rest on Sunday. In contrast, points are available every day and some of them are open 24 hours a day. Moreover, the exchange rate is more profitable for the population in the booth.

National Bank requirements and customer rights

In 2018 by order of the President of the National Bank, currency exchange points Registration and regulation rules were approved. According to the rules, the interested person applies to the ER Bank for registration.

The interested person must meet certain requirements, including elementary, have an office and the area must consist of at least 4 square meters.

The National Bank makes a decision on registration within 45 working days. If the booth does not meet the established requirements, it is authorized to cancel the registration.

In addition, the Central Bank has developed various rules to protect consumers.

For example, after buying/selling currency, within 30 minutes after receiving the receipt, you can still present this receipt and request cancellation of the transaction, if the transaction amount does not exceed 5000 GEL.

The currency exchange point is obliged to place an electronic board about the exchange rate and fees in a visible place.

It is important that the so-called Noteworthy course too. The rate at which the difference between the buying and selling rates of the currency exceeds 3% or when the buying and/or selling rate of the currency deviates by 3% or more from the official exchange rate of the lari against the currencies of other countries for that day is called a noteworthy rate.

As we mentioned, in case of non-fulfillment of the conditions, the National Bank applies a fine or cancels the registration.

Why was there a need for such intervention by the National Bank?

There were various fraud schemes. For example, an unknowing user entered one of the facilities where the exchange rate was 2.06. However, in general, the dollar exchange rate in the booths was 2.36.

If you were not observant enough, you would face a big loss. Despite the fact that the booth had the right to set a margin of only 5% compared to the official exchange rate, similar facts still happened often.

Later, the legislation, rules, and supervision were tightened, and today the rights of consumers are more protected.

Two key tips that are important to keep in mind:

• At the time of currency exchange/conversion, pay attention to the published exchange rates.
• Ask if there will be an additional service fee to pay as well.

If you want to see a complete and accurate list of currency exchange points registered in Georgia.

• Registration number of each
• Status (head office/branch)
• brand name
• Legal form (Ltd/entrepreneur)
• Region/City
• exact address
• identification code

You will find on the website of the National Bank - On the page of non-banking institutions registered in Georgia.

Riko Credit

Perhaps, at night, you have visited a branch of "Rico Credit" on the street and met a long queue. What is the reason? Rico's course is one of the best in the country. When foreigners come to Georgia to live or for tourist purposes, they recommend Rico to exchange currency.

"Rico" has opened branches in almost all regions of Georgia and has 24-hour service. In addition, you can use a pawn loan and receive remittances.

The exchange rate of the euro in Rico is noticeably higher compared to other exchange points. The advice of Rico representatives is to first check the exchange rate in Rico and compare it with any booth, and then make an informed choice.

In addition to the main currencies, you can also buy and sell the following currencies in Ricoh:

• Israeli Shekel
• British pound sterling
• Russian ruble
• Turkish lira
• Swiss Franc
• Canadian Dollar
• United Arab Emirates Dirham
• Armenian dram
• Azerbaijani manat

Rico's course today is really outstanding.

Valuto

"Valuto" is a subsidiary of "TBS Bank", which was founded in 2019 and is represented by more than 40 branches in 21 cities.

Deriving from the fact that commercial banks do not have favorable currency exchange conditions for the population and small entrepreneurs, "TBS Bank" decided to enter this market as well.

"Valuto" operates 24 hours a day and is not limited to currency conversion. You can take a gold-backed pawn loan or fast money transfers, as in Ricoh. In addition, you can get a fast loan of up to 80,000 GEL.

In "Riko", "Valuto", "Crystal", "Giro Credit" and "Fin Credit", unlike ordinary booths, it is possible to receive a wide variety of services. This is what sets them apart from the rest.

Myvaluta.ge - your trusted partner

The advantage of our platform is that you can find the exchange rate of all named companies at Myvaluta.ge together in one space. You will compare where there is a better option to cover the money.

In addition, you will find out what the exchange rate in banks is. Among them, in "TBS Bank", "Bank of Georgia", "Liberty Bank", "Tera Bank", "Cartu Bank" and "Procredit Bank".

Cryptocurrency usage is also growing and you can get information about more than 100 cryptocurrency rates with their 24 hour changes, volume and market capital from us.

Finally, if you are an individual or a small entrepreneur, we recommend that you change the currency rate at the booths and before that, check on Myvaluta.ge to see reliable and accurate data.