How to Withdraw Crypto To GEL bank account in Georgia

Updated: 19 December, 2022 seen 24

For most of my crypto ventures, I have been dealing with Coinbase and my bank account in the EU, which supports SEPA payments. Most of the time, I've been happy with the existing setup.

When dealing with crypto in Georgia in GEL currency I have been skeptical or simply not in a real need for it - I know there exist a few crypto ATMs across the city, but the slippage seems too high (5-12%)  for me, also - crypto and GEL didn't sound very appealing to me.

A few months ago, for my partner's company, I helped to set up a route for receiving payments in stablecoins from a Chinese partner. As I had already established a very reliable Coinbase - SEPA route. I suggested following this route, but there was another issue - this money is not a pure profit, but has to be used to pay expenses, salaries, etc., and actually needed to be paid in GEL.

Additionally, I have started to work with my poor man's hedge fund, where I have minted 10,000 TerraM tokens, selling them for USDC,  which then are used for Ethereum Covered call writing.

Also, together with another partner, we are buying real estate in Tbilisi, and I have the plan to put this deal on the blockchain. 

it was time to pay my monthly bills in GEL for real estate investment in Tbilisi, but I didn't have enough lari, I was looking for ways how could I take out some TerraM coin, convert, send it to Georgia and get to my Georgian bank account (Bank of Georgia)

And then I found Coinmania.ge- service which seems to answer all my needs - I was able to set up an account with a Facebook login, verify my account with my passport, add a Georgian bank account, deposit some lari for test purposes, and lastly sending USDC (erc-20) to sell them against GEL, and withdraw GEL. The slippage could be better, but as long as he route is working - I'm quite OKay.

I was able to exchange USDC to GEL at the rate of 1 USDC ERC20 = 2.587378 GEL (when the actual bank rate was about 2.65), in theory, I was losing about 7 tetri per USDC. That is about 2.7% slippage. Not ideal, but much better than dealing with crytopATM's and hard cash. 

All trasnfers from Coinmania.ge transfers are sent to a bank account in Georgia almost instantly (at least with Bank of Georgia)

Additionally, I started a chat with Coinmania.ge support team - to learn is it possible to register on the platform as a business entity - and turns out - it is.

Currently Coinmania.ge supports BTC, ETC, LTC, MANA, TRX, MATIC, BNB, BUSD, BCH, USDT, nGEL, DOGE, SHIP, DASH, GEL, USDC. ERC 20 and BEP 20 protocols are supported, unfortunately Solana network is not yet supported - I had to send USDC over the Ethereum network and pay a bit higher fee. 

Here you go - working crypto to GEL route. Check out at Coinmania.ge

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