When traveling to another country, it's important to ensure you have enough money for all your planned activities. In this article, you will learn about the currency of Georgia, how to budget for your trip to this country, where to exchange currency, and more.
Georgian Currency
The national currency of Georgia is the GEL (lari). It was officially established as the national currency in the late 1990s. The lari is used for payments for transportation, accommodation, purchases in stores, and so on.
It is prohibited to use any other currency in the country. This requirement is legally enforced, and violators may face penalties. Another currency may be used in some cases, such as when paying directly to a landlord for accommodation.
When entering the country with more than 2000 USD, you need to fill out a declaration. It is prohibited to export more than 25,000 GEL from Georgia.
How Much Money to Bring
The budget for your trip will depend on your individual circumstances and the type of vacation you're planning. However, there are essential expenses that should be included in your budget. Among them are:
- Accommodation
Whether you choose to stay in a hotel, hostel, or rent an apartment, you should consider the approximate cost of accommodation:
- Hostel: starting from 20 GEL (lari) per person per day;
- Apartment: starting from 100-150 GEL (lari) per day.
- Meals
If meals are not included in your hotel room rate, budget around 40 GEL per person per day for dining expenses.
- Transportation
Even if you plan to visit free attractions, you will still need to budget for public transportation. Within cities, you can use minibusses or call a taxi. Between cities, there are buses and trains available. The cost of transportation will depend on the city and the duration of your trip.
Based on these three categories, the minimum budget is around 400-500 USD per person for one week.
Features of the Monetary System in Georgia
In Georgia, tourists can exchange currency at banks, exchange offices, or with currency exchangers. However, the latter option is risky as you may not be able to quickly determine if you have received genuine or counterfeit money.
Exchange Offices
Currency can be obtained at exchange offices (Exchange) located in various cities throughout the country. Exchange offices are available at all airports in Georgia, but it is not recommended to exchange money there as the rates are usually not favorable.
Here are some features of exchange offices:
- Commission-free exchange: Many exchange offices offer this service. However, it is advisable to confirm with the staff whether there are any hidden fees or charges for the exchange.
- Exchange rate: The exchange rates may vary slightly among different exchange offices (with a difference of no more than 0.2 GEL). If a particular exchange office offers a significantly higher rate compared to others, it may indicate the selling rate rather than the exchange rate. Confirm this with the staff.
- Operating hours: Exchange offices usually operate from 9:00 AM to 8:00 PM. In larger cities, you may find some exchange offices that are open until midnight.
- Passport requirement: You do not need a passport for currency exchange transactions.
Banks
There are many banks in Georgia, but the most popular ones that have gained tourists' trust are the National Bank Bank of Georgia and TBC Bank. With their assistance, you can:
- Exchange currency (the rates may be slightly less favorable, but it ensures the safety of your finances).
- Conduct money transfers.
To perform any banking transaction in Georgia, you will need to present your passport.
The working hours of banks are typically from 9:00 AM to 6:00 PM on weekdays. Some branches may also operate on Saturdays, depending on the city and branch status.
Payment: Cash or Card
Many purchases can be made with a credit card, but to pay at markets or small shops, it is necessary to have sufficient cash on hand.
In small towns (such as Akhaltsikhe and others), it can be quite difficult to find exchange offices or banks. It is better to travel to these places with the necessary amount of cash in lari.
In larger cities, there are ATMs where you can withdraw cash. However, the bank charges a commission for each transaction (typically around 2% of the withdrawn amount).
The commission fee depends on the conditions of your bank. Therefore, it is advisable to clarify all the details (such as the size of the commission and the ability to withdraw cash abroad) at your bank branch before traveling to Georgia.
Lastly, bargaining is acceptable in most places in Georgia. This allows you to save some money on your purchases.
