Table of Contents
Introduction
Transitioning to a new country can be challenging, especially when you need to understand the financial systems and procedures. This blog post aims to simplify this process by discussing the best bank account options for students relocating to Georgia. By getting a clear understanding of the local banking system, you can avoid unnecessary fees and inconvenience, making your transition smoother.
Why Consider Neobanks First
Before diving into the local banks in Georgia, it’s worth considering digital banks, or neobanks, such as Revolut and Monzo. These digital banks offer unique advantages to international students including saving on international fees and making it easier for parents to send money. They also offer local banking details for their home country and free transactions in Georgia, making them a convenient choice for students studying abroad.
Revolut
Revolut is a digital banking option highly favored by residents of the UK or EU. It offers free transactions in Georgia, as well as local banking details for their home country, thus making it easier for parents to send money to students studying in Georgia. Besides, Revolut provides an option for budgeting and saving within the app, making it a good choice for students who want to manage their finances effectively.
Monzo
Monzo is another digital bank that offers similar features to Revolut. While it also provides free transactions in Georgia and local banking details for the UK, one of its unique features is the ‘Pots’ function, which allows users to separate their money into different pots for different purposes, such as saving for a trip or managing monthly budgets.
Importance of a Local Bank Account in Georgia
While neobanks provide several benefits, having a local bank account in Georgia also offers its own advantages. One of the main benefits is the ability to have an account in the local currency, GEL, which can save on currency conversion fees and make daily transactions smoother. Additionally, having a local bank account can assist in establishing your residency status and offer perks such as access to local services and discounts that are exclusive to residents.
TBC Bank
TBC Bank is one of the largest and most reputable banks in Georgia. It offers a range of accounts tailored to meet student needs, such as the “Student Package”. This package includes a debit card, free internet banking, and the ability to receive money from abroad without any charges. It is an attractive option due to its extensive network of ATMs and branches throughout the country.
Bank of Georgia
Bank of Georgia is another leading bank with a strong presence across the country. Their “Solo Student” account is specifically designed for students, and offers several benefits. These include free cash withdrawals from Bank of Georgia ATMs, free online banking, and a 24/7 support service. What sets it apart is its ‘Solo Lounge’ service that offers a dedicated space for studying, free Wi-Fi, and even free coffee.
Liberty Bank
Despite being a smaller player in the Georgian banking sector, Liberty Bank offers competitive services for students. Their “Liberty Youth” account is cost-effective with relatively low fees for transactions and a simple online banking system. An additional advantage of Liberty Bank is its partnership with the government for the distribution of various social benefits, which may be beneficial for students eligible for such programs.
Conclusion
Choosing the right bank account as a student moving to Georgia can significantly ease your financial management. Revolut, Monzo, TBC Bank, Bank of Georgia, and Liberty Bank each offer unique benefits and services tailored to students’ needs. It’s recommended to thoroughly research each bank’s offerings and choose the one that best fits your financial habits and requirements when embarking on your educational journey to Georgia.
