SOLO Bank: Everything You Need to Know About BOG’s Premium Branch

It’s such a relief having a bank with a reliable and convenient operating system! It’s such a relief having a bank account opened in Georgia. In Georgia, one of the most popular choices of personal bank account is SOLO. SOLO is not a separate bank but rather a premium branch of the country’s largest bank – Bank of Georgia (BOG).  

The idea behind SOLO is to create a product, each part of which meets the premium standards, whether it is services provided, design of the offices, or additional benefits the clients get. However, despite positioning itself as a premium-class bank, SOLO has a relatively liberal price policy, providing top-tier services for a third-tier price range. SOLO doesn’t even require a minimum deposit, and it is possible to open an account from 0 GEL. 

In this article, we will compare 2 types of SOLO accounts: SOLO Premium and SOLO International (Also known as SOLO CLUB), so you can easily choose which one better fits your needs in case you’re looking for a bank in Georgia. 

SOLO Premium VS SOLO International

SOLO Premium and SOLO International accounts both provide customers a wide range of benefits and privileges. Some of them are similar, and some widely differ. We prepared an outline to demonstrate the similarities and differences between the two, and then we will dig deeper into each service. 

Annual Cost

The annual costs for SOLO Premium and SOLO International are 105 USD and 260 USD, respectively. The fees can be paid both on an annual and on a monthly basis. Compared to the major European banks, the prices for the cards are relatively low, taking into account the number and variety of services each card provides. 

HSBC, one of the top banks in Europe, for example, requires a fee of 195 GBP for their Premier World Elite Mastercard, which also gives you access to 1000+ airport lounges worldwide, but still lacks in other benefits compared to either account of SOLO.

Visa Platinum Card

Both account packages – Premium and International – come with 2 types of cards – Mastercard and Visa. Both cards give you, as a holder, the additional benefits. Among many others, the Visa Platinum Card gives you:

1. Global Emergency Assistance Services – wherever you are in the world, in case you lose the card or it is stolen, you will get online emergency assistance that can block your card within 30 minutes to protect it from fraudulent activities, bring you the replacement within 3 days, and even provide you with emergency cash in 270 000 locations worldwide.
2. International Airport Escort in more than 500 airports worldwide for you to bypass the queues, get help with luggage transportation, arrange transfers, etc.
3. 3 GB of free internet roaming, valid in more than 120 countries.

You can find more services for Visa Platinum Card holders by following the link.

Mastercard World Elite Card

Another card SOLO Premium and International clients have access to is the Mastercard World Elite Card. Just like the Visa, the Mastercard card has strong card protection and many other benefits, such as:

1. Mastercard’s Priceless Experiences Program: Mastercard sponsors numerous cultural and entertainment events worldwide. The Mastercard World Elite Card holders have special discounts and offers for most of these events.
2. HealthLock Service: Mastercard provides a free healthcare monitoring service for 90 days at no charge for their World Elite Card holders.

The complete list of Mastercard offers is available here. 

Airport Lounge Access

The holders of SOLO Premium and SOLO International accounts have access to LoungeKey. LoungeKey is the service that opens entry to 1200 lounges worldwide, besides many other benefits, such as car rental discounts and airport transfer discounts.

What do you need to access lounges:

1. You need to have a Visa Platinum, Signature, or MasterCard World Elite card.
2. Your boarding card.
3. Identity document.

Your name on all 3 should match. Visa/Mastercard cards are considered universal keys, so you don’t need any additional keys to enter the lounge zones. All accessible lounges are marked by the LoungeKey logo, so you can easily find them in the airports. You can also check the airport addresses that support LoungeKey for each corresponding card type. 

Commission for an international wire transfer

The commissions for international wire transfers vary widely from bank to bank and country to country. Often, they are linked to the transfer amount, constituting a specific percent of the transferable sum. For the convenience of their client, SOLO fixed the fee for transfers. Hence, despite the amount you wish to transfer, the commission will be set without the obligation to pay more if you transfer a larger amount. 

Personal Bank Manager

Every SOLO client has a personal banker who is competent in helping you resolve any bank-related issues and is available 24/7. The SOLO Banker can ” take care of your financial well-being, manage your expenses, save money, wisely take a loan, distribute your assets, determine your immediate and distant plans, and much more.” 

They are available online 24/7, and if necessary, it is possible to arrange a personal meeting in one of SOLO Lounges. 

Private Concierge

For their SOLO International account holders, SOLO provides a 24/7 concierge service. Concierge services go beyond banking or financial matters. It is a private assistance ready to help you 24/7, not only within Georgia but anywhere in the world, from booking flights, theater tickets, and buying flowers to planning your vacations and helping you with real estate questions. 

SOLO offers to take care of the organizational matters of your private life and give you whatever assistance you need. 

Cash withdrawal commission from any ATM worldwide

SOLO International Card allows holders to withdraw any amount with 0% commission, while Premium account holders must pay a fee of 2%. It means that wherever you are if you need cash, you are not paying extra and losing your money on fees.

Note: SOLO does provide 0% commission. However, the foreign bank may still require additional fees for the withdrawal.  

Daily limits for cash withdrawal

The typical withdrawal amounts range between USD 500 and USD 3000. In this sense, SOLO provides an unprecedented service, allowing its Premium clients to withdraw 50000 GEL (approx. 17500 USD) and its International Card holders – 100000 GEL (approx. 35000 USD).

Wrapping Up 

Bank of Georgia’s SOLO branch proposes premium services for relatively moderate costs. Both SOLO Premium and SOLO International are similar in what they can suggest to their holders. However, International expands your possibilities even more with the concierge service that will assist you 24/7 on any matter, 0% fee for withdrawal in foreign banks, making your travel more comfortable, and with the higher daily withdrawal limit, so you can more efficiently operate your cash.

Of course, it’s up to you to decide which type of SOLO account better fits your needs, and if you already did, let PB Services help you to open a SOLO account. At PB Services, we specialize in organizing all necessary legal documents for you to open an account smoothly. Contact us today!