'Bank Republic' Georgia Offers Check Redemption

Some time ago I made a post about how Amazon Associates are getting paid in the Republic of Georgia, I was wise enough to call that article "Part 1" because 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 about how to open a banking account in the Republic of Georgia for foreigners, in that post I suggested sticking with ProCredit bank.

Update: TBC bank took over the Bank Republic a few years ago. I currently do not hold an account with the Bank Republic or TBC. For the time I was using Bank Republic - one of the best banking experiences here in Georgia.

If you need consultancy or help with opening a bank account in Georgia, visit the Terramatris website: Opening Bank Account in Georgia

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 interested, and pardon me strange answers - like the minimum checksum must be no less, than $1,000, I cannot redeem a check because 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 to me what should I do then - and got an answer - 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 suggestions on what to do, right?

I will wrap up another post, about how I dealt with a few banks that day, but for ease of this article I will stick with its topic - there is one bank, where 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 branches 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 a 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 the Bank Republic for redeeming my checks, but I would need to pay then some additional money for actually 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 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 correctly, and applying for a check redemption.

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

  • 0.8% or a minimum of $35.00 

Which I believe is a pretty fair amount!

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

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 the 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

If you need consultancy or help with opening a bank account in Georgia, visit the Terramatris website: Opening Bank Account in Georgia