The National Bank of Georgia (NBG) has launched a platform on its website for comparing payment service tariffs and deposit interest rates. The new functionality enables financial sector consumers to access information on the service tariffs of various commercial banks and payment service providers in one place, compare their offerings, and make more informed decisions.

Previously, consumers had to search each bank's website individually to compare payment service tariffs, currency exchange rates, and deposit interest rates, requiring additional time and effort.

Through the new functionality, consumers can:

•  Compare tariffs for services related to payment accounts offered by different commercial banks;
•  Use various filters to select services based on their preferred criteria and easily compare offers from different banks;
•  Access up-to-date information on the current exchange rates offered by commercial banks;
•  Use simple, complex, card, and currency exchange calculators to estimate in advance the costs associated with using various services;
•  Compare the effective interest rates on deposits offered by commercial banks and choose the most suitable savings option.

According to Natia Turnava, Governor of the National Bank of Georgia, the new functionality represents another important step toward improving access to information on banking services and supporting informed consumer decision-making.

"The new functionality enables consumers to compare the terms offered by different banks in one place and make informed decisions. This initiative will contribute both to improving access to information for consumers and to strengthening transparency and healthy competition in the banking sector," said the Governor of the NBG at the presentation of the new platform, attended by the heads of commercial banks, microbanks, microfinance organizations, payment service providers, project stakeholders, and invited guests.

The payment service tariff and deposit interest rate comparison platform allows consumers to compare both individual payment service tariffs and tariff packages. In addition to the commission fee for a specific service, users can also view the cost of related services. The total amount of recurring commission fees is presented separately, making it easier to understand and evaluate the components of the overall cost of the service.

The platform also enables users to search for information using various parameters. Consumers can select the service they are interested in, the service delivery channel - branch, internet banking, or mobile banking - and the relevant currency, then easily compare the available results. The functionality is designed to meet the needs of both individuals and legal entities.

The calculators available on the website help consumers estimate in advance the costs associated with using banking services. The simple calculator calculates the commission fee for a specific transaction, while the complex calculator estimates the total annual cost of using various banking services based on the parameters selected by the consumer. It takes into account both individual service tariffs and the conditions applicable to tariff packages.

A dedicated card operations calculator enables consumers to estimate the expected cost of making card payments abroad. The calculator takes into account both currency conversion carried out abroad - including the applicable exchange rate and commissions - and currency conversion performed by the servicing bank, helping consumers choose the most cost-effective bank card.

Consumers can also compare the current exchange rates offered by commercial banks. On the exchange rates page, users can enter the desired amount and compare the conditions offered by different banks. The currency calculator displays the conversion result in advance and helps consumers identify the most favorable exchange rate.

The website also provides information on the effective interest rates offered on commercial bank deposits, including both the interest payable on deposits and all associated mandatory costs. Using various filters, consumers can compare the terms that best meet their needs and choose the most suitable option.

Please note that the information and terms presented on the website reflect the data provided by commercial banks to the National Bank of Georgia and may be updated at any time. Therefore, before carrying out a transaction, consumers should verify the applicable exchange rate and the relevant service terms with their chosen commercial bank.