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Georgia is located in the Caucasus region of Eurasia. The small nation has had a history riddled with conflict, being absorbed by the Soviet Union in 1921 after having declared its independence only four years prior.
Georgia is a member of the United Nations, the Council of Europe, and the GUAM Organisation for Democracy and Economic Development. There are currently between 10,000 and 15,000 Georgians living in the UK, primarily in London.
Mikheil Beridze moved to the UK because of work, while his wife and children continue living in Georgia. Since they depend on him financially, he’ll have to send them money on a regular basis. He feels around £1,000 per month is good to keep them going.
While Mikheil opened an account with a bank in the UK upon arriving in London, it does not let him transfer funds to Georgia, given that the Georgian Lari (GEL) is an exotic currency. While he can turn to other banks, he decides to compare money transfer companies instead. He takes to the Internet and this is what he finds.
|Money transfer service 1||Money transfer service 2|
|Exchange rate||£1 = GEL3.013||£1 = GEL2.931|
|Amount received for £1,000||GEL 3,013.00||GEL 2,931.00|
|Transfer time||1-3 days||1 day|
|Transfer options||Bank account||Bank account|
|Difference of||GEL 82|
Mikheil opts to go with the second money transfer company even though it charges him a fee. This is because his wife stands to receive more money through this service provider, and he can be sure the money will get to her bank account within a day. After his first transfer, he decides to compare his options every time thereon.
A range of factors require your attention when sending money to Georgia from the UK.
You get multiple options when sending money to Georgia from the UK.
When receiving money from Georgia in the UK, you get to choose from different methods.
If you end up losing your wallet in Georgia, the first thing you should do is report your debit and credit cards as lost or stolen. Consider filing a police complaint as well. Next, you can think about getting emergency money in these ways.
Incidences of serious crime have reduced in Georgia, especially in Tbilisi. However, there have been instances of violent crimes committed against foreigners, which include robberies, carjacking, assaults and home invasions, so it’s best to err on the side of caution. When travelling after dark, exercise due vigilance, especially in residential areas and around hotels.
Instances of public demonstrations are not uncommon. Avoid them because they can turn violent.
While merchants often quote prices in US dollars or Euros, Georgian law requires that you pay for all products and services in Georgian lari. You can use credit cards in Tbilisi easily, but this is not the case with other regions. You can find ATMs in major towns. Acceptance of traveller’s cheques is limited.Back to top
The method you choose has a bearing on the steps involved in sending money to Georgia.
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