It needs to be mentioned that until 1997 the clearance of credit cards was mostly conducted through Russian Banks, correspondingly the tariffs on this service were high. At present the same procedure is done through various banks from all over the world. Despite the fact that the credit card system has been working in Georgia for over five years, it should be mentioned that the culture of widespread use of credit cards does not exist in the country. Visa and Mastercard are the only credit cards served by Georgian banks. Another type of service, which might be essential for a person involved in international export-import operations, is a letter of credit.
Most Georgian banks are able to issue documentary letters of credit.
Also, at a customer's request, banks are able to issue international guarantees, essential for international business transactions. International wire transfers are conducted through corresponding accounts in the banks of the first category-worldwide, therefore, there are less problems with delays. If necessary, a customer can rent a personal safe deposit box or valuables depository. In addition, Georgian banks can sell American Express Traveler's Checks, Deutsche Bank Checks, and accept checks issued by other banks. The preliminary annual exchange rate for 1999 was 11.0 percent and the real figure was 10.9 percent.