As a traveler, you must always consider what you will take to a new country. Think about the places you want to visit, where you will sleep, and what you will eat. This planning can make the preparation process exciting and add a bit of adrenaline to your trip. One important aspect is the currency you need and how much money you must bring.
Understanding of Georgian Currency
The Georgian Lari (GEL) has been the national currency and the only legal tender in Georgia since October 2, 1995, when it replaced the transitional coupon currency at a 1:1 rate. The word “lari” comes from an old Georgian word meaning “hoard” or “property,” reflecting the nation’s heritage.
As the sole legal tender currency, the Lari must be used for all financial transactions within the country, ensuring compliance with local laws on financial matters.
The National Bank of Georgia issues and regulates the Lari, the official currency.
Denominations and Structure
Lari is subdivided into 100 tetri, a word used in ancient Colchis to mean “white,” referring to silver coins.
There are coins and banknotes:
Coins: 5, 10, 20, 50 tetri, 1, 2 lari
Banknotes: 1, 2, 5, 10, 20, 50, 100, and 200 lari
Design and Security Features
Georgian lari banknotes feature national heroes and cultural symbols, and advanced security elements protect them to prevent counterfeiting. The National Bank of Georgia designs and issues the currency to ensure its integrity and stability.
After the collapse of the Soviet Union, Georgia introduced the Lari to achieve monetary independence and stabilize the economy by exchanging foreign currencies. Since then, the Lari has been a relatively stable currency.
Usage and Acceptance
The Georgian national currency, the Lari (GEL), is the only legal tender in Georgia. All transactions, including those of goods and services, must be in the national currency.
Common currencies like the US Dollar and Euro are sometimes accepted in tourist areas. Still, to comply with Georgian law and avoid bad exchange rates, it is recommended that tourists use Lari (GEL).
For instance, exchanging USD Dollar or Euro for GEL at various locations, such as banks and specialized offices, is common, ensuring that you have the local currency for transactions.
Currency Exchange
Travelers can exchange their home country money at banks and exchange offices all over the country.
The US dollar and euro are the most common foreign currencies exchanged, often at good rates.
Compare currency exchange rates and know the service fee when exchanging money.
Be mindful of the exchange rate, as it can significantly impact the amount of local currency you receive. Rates can vary between different exchange spots.
Payment Practices
Hotels, restaurants, and large shopping malls in major cities such as Tbilisi, Batumi, and Kutaisi accept credit and debit cards (Visa and MasterCard). However, cash is more common in rural areas. So, when traveling outside of urban areas, it’s recommended that you carry enough local currency with you.
Changing Currency in Georgia
You must know the best ways to exchange your foreign currency into Georgian Lari (GEL) in Georgia. Here are your options:
Banking Services
Many banks in Georgia are safe places to change currency. Main banks like TBC Bank and Bank of Georgia have branches nationwide, so you can easily find one.
While Georgian banks may not offer the best current rates as exchange offices, they are transparent and reliable in financial transactions. Check the current exchange rates in advance to get the best deal.
Banks' operating hours are from 9:00 AM to 6:00 PM on weekdays and limited hours on Saturdays.
Currency Exchange Offices
Specialized currency exchange offices are everywhere in major cities like Tbilisi, Batumi, and Kutaisi.
These specialized exchange offices are near metro stations, shopping centers, and major hotels.
They offer better exchange rates than banks. Many are open long hours, some 24/7, so you have more flexibility.
They exchange many foreign currencies for local currency. However, exchange rates can vary between offices, sometimes by several tetri.
Ensure the displayed rate is the same as the official rate, and be aware of any service fees. And if you’re changing a large amount, comparing rates at multiple exchange offices is good to get the best deal.
Street Money Changers
In some areas, especially in markets and main streets, you might find people offering currency exchange at what seems to be a good rate.
Despite the good deal, it’s highly recommended not to change with street money changers, as there is a high risk of fraud and counterfeit currency.
To ensure the safety of your transactions, it’s best to use official channels, such as banks or main currency exchange offices.
Tips for Exchanging Currency
Exchanging currency in Georgia can be a straightforward process if you’re prepared. Here are some tips to help you change money safely and efficiently:
Compare exchange rates. Before changing your money, compare the exchange rates offered by different currency exchange offices and banks to ensure you get the best rate. This can save you significant money, especially when changing a large sum.
Use reputable exchange offices and banks to avoid scams and ensure a smooth transaction.
Avoid changing money at airports or nearby hotels. Exchange rates at these places tend to be less favorable, so it's best to change money in the city or at a reputable office.
Have your ID ready: You may need to show it when exchanging money, so make sure you have it with you to avoid delays.
Be aware of fees: Some exchange offices may charge fees for exchanging money of other currencies, so be sure to ask about any fees before making a transaction. This will help you avoid any unexpected costs.
Using ATMs and Credit Cards
Georgia's only currency is the Georgian Lari (GEL), so understanding ATMs and credit cards is important for smooth transactions.
ATM Accessibility and Usage
ATMs are available in major cities like Tbilisi and Batumi and in smaller towns. They usually accept international cards like Visa and MasterCard.
Before using an ATM, check that it has your card's logo to ensure compatibility. While chip and PIN cards are common in Europe, magnetic stripe cards are accepted in Georgian ATMs.
Be aware of your home bank’s limits.
Fees and Dispensed Currency
Some ATMs charge a fee for withdrawals, usually 1-2% of the amount. Your home bank may also charge you for international withdrawals.
To minimize the costs, larger amounts should be withdrawn less often. ATMs dispense GEL, but some may dispense USD.
It’s better to withdraw and use GEL for transactions as it’s the local currency.
ATM's Tips
Preferred Currencies: USD and EUR are Georgia's most widely accepted currencies. Turkish Lira or Armenian Dram may be less accepted and have worse rates.
Bring Small Bills: When you bring foreign currency to exchange, bring small bills to make it easier.
Small Denominations: It is best to change your currency into small denominations of 1-10 GEL. This will avoid problems with change during your trip.
Carrying and Exchanging Cash Safely
Carrying and exchanging cash safely is essential when traveling to Georgia and other countries. Here are some tips to help you keep your money safe:
Consider wearing a money belt to keep your cash and valuables safe while exploring. This can help prevent theft and give you peace of mind.
Keep your cash separate from your credit cards and passport to minimize losses from theft. This way, you won’t lose everything if one item is stolen.
Use ATMs wisely. They should be located in secure areas like banks or well-lit public places. Avoid using them in the late evening or isolated areas. This reduces the risk of theft or fraud.
Avoid carrying large amounts of cash. Instead, use credit cards or traveler’s checks. This reduces the risk of loss and makes it easier to manage your finances.
Alternative Payment Methods
In addition to cash, several alternative payment methods are available in Georgia. Here are a few options:
Credit cards. Major credit cards such as Visa, Mastercard, Maestro Credit Cards, and American Express are accepted in Georgia, especially in urban areas. They are convenient for larger purchases and can be used in hotels, restaurants, and shops.
Debit cards: Debit cards are also accepted and can be used to withdraw cash from ATMs. This can be a convenient way to access your money without carrying large amounts of cash.
Traveler’s checks: Traveler’s checks are a safe and secure way to carry money, but they may not be as widely accepted as credit cards. It’s best to check in advance if the places you plan to visit accept them.
Mobile payments: Mobile payments such as Apple Pay and Google Pay are becoming increasingly popular in Georgia. They offer a convenient and secure way to pay for goods and services without carrying cash or cards.
How to Pay for Car Rental at Getmancar
Car rental services and additional extras at Getmancar are paid in Georgian national currency – Georgian Lari. Prices on the website are in USD, paid by TBC Bank Georgia rate on the day of service order.
However, if you have cash, our staff will help you exchange it and show you the nearest point with the best rate.
