'Bank Republic' Georgia Offers Check Redemption

Time ago I made a post of how Amazon Associates are getting paid in Republic of Georgia, I was wise enough to call that article "Part 1" because of I knew there will be a long and probably complicated procedure of  "cashing" a check sent by Amazon Associates here in Georgia.

Again, some time ago I wrote a post how to open a banking account in Republic of Georgia for foreigners, in that post I suggested to stick with ProCredit bank.

Recently I finally received my first Amazon Associates check, so I went straight to my bank - ProCredit bank. Unfortunately clerks there had no idea what to do with a check, I got really interesting, and pardon me strange answers - like the minimum check sum must be no less, than $1,000, I cannot redeem a check because of I'm a natural person and finally "best of all answers"  - I cannot redeem a check in Georgia at all. I asked - can my beloved bank suggest me what should I do then - and got a answer like - they do not care, it's not their problem. I can agree this is not their problem, but it would be polite to give me at least some suggestion what to do, right?

I will wrap another post, how I dealt with few banks that day, but for ease of this article I will stick with it's topic - there is one bank, were I believe it's possible to redeem a check - and it's Bank Republic I'm talking about.

And here is my story in brief

I just went into one of the Bank Republic branche on Marjanashvilli, Tbilisi (right next to ProCredit bank) - showed my check to a bank employee - and got a victorious answer - sure, it's not a problem to redeem your check buddy, in matter of 14 days you will receive your funds. And our conversation started.

I was told that I can have a free check account at Bank Republic for redeeming my checks, but I would need to pay then some additional money for actual withdrawing any money from that checking account, I was offered to open a bank account for 37 Lari, which includes Visa Classic card, internet banking, 3 multi currency accounts (GEL/EUR and USD). I agreed on to open a 37 Lari account.

It took some 1 hour to do all paperwork, including opening a bank account, getting done to write my surname correct and to apply for a check redemption.

I was informed about check redemption prices, which are something as following:

  • 0.8% or minimum $35.00 

Which I believe is pretty fair amount!

And I was told that I will receive that money on my bank account in 14 days.

In overall - I'm pretty happy with my "new" bank, and hope that everything will go smoothly right now (I'm still waiting for money to be transferred to my new bank account at Bank Republic)

I hope a precedent will be set, and those few Amazon Associates here in Georgia, looking for ways to get their checks cashed will learn that Bank Republic might be their choice.

About Bank Republic

Holding a leading position in the retail and corporate banking services market, the Bank Republic Société Générale Group enjoys the status as one of the most successful financial institutions in Georgia. Thanks to its universal business model, Bank Republic Société Générale Group remains a reliable long-term financial partner for individuals, micro, small and medium enterprises, organizations, and large corporations.

Established in 1991, Bank Republic is one of the first privately owned banks in Georgia. In 2006, the French international financial group Société Générale purchased 60% of the bank’s shares. In 2009, the group increased its share participation to 80%. The European Bank for Reconstruction and Development (EBRD) has also been a bank shareholder since 2006.

Currently, Société Générale owns 93.64% of Bank Republic’s stock, with the European Bank for Reconstruction and Development holding 6.36% of shares.

Official website: www.br.ge