GEIGGE21

Payment Instructions

General instructions for international payments to banks in GEORGIA:

Please ensure that you have all the necessary bank information from the Beneficiary, including SWIFT BIC, IBAN, and the beneficiary bank's address.

Payment Restrictions:

Local regulatory reporting is required for all foreign currency payments. FX GEL payments for tax purposes are now supported.

Account Restrictions:

Residents can maintain FX accounts both domestically and abroad. Non-resident accounts are permitted.

Payment Formatting Rules for GEL:

• Ordering Customer (SWIFT MT103 F50): Include account number, full name (no initials), and address. Avoid using initials to prevent delays.
• Beneficiary Customer (SWIFT MT103 F59): Include account number (IBAN), full name (no initials), and address. Avoid initials to prevent fund receipt delays.
• IBAN numbers must be included in the payment instructions for beneficiaries with accounts in Georgia.
• Beneficiary Bank (SWIFT MT103 F57): Must include SWIFT BIC with branch identifier (where required), full name, and address of the beneficiary bank. The SWIFT BIC is 8 or 11 alphanumeric characters - xxxxGExx or xxxxGExxxxx.
• Reason for Payment (SWIFT MT103 F70): Clearly identify the purpose of payment (e.g., rent, salary, medical expenses).

IBAN: In Georgia, the IBAN consists of 22 characters. It includes a country code 'GE', followed by a 2-digit check number, a 2-letter bank code, and a 16-digit account number. Example: GE98 AB12 3456 7891 2345 67.

Correspondent Banks

Standard Settlement Instructions (SSI) contain the list of correspondent banks of GEORGIAN INVESTMENT GROUP for each currency.

Payment Tracking

To track a SWIFT cross-border payment to or from GEORGIAN INVESTMENT GROUP, you need a UETR code, reference number, amount, payment date, and currency. This information is typically found in an MT103 form.

Disclaimers

We are doing our best to demystify cross-border payments, however TrackMySwift is not responsible for any delays or losses related to usage of the information and services from our web site. Please contact your banks to receive a safe advise. Country-specific payment instructions have been prepared based on Global Wires Payments Formatting Requirements Guide from J.P.Morgan.