Why and how opening a bank account in Georgia

pict_Why and how opening a bank account in Georgia

Georgia, a former republic of the Soviet Union often forgotten between Turkey, Russia and Iran, after two difficult decades, has become a brilliant example of strength and resilience, as witnessed by its flourishing artistic and cultural scene, its multitude of new tourists and culinary destinations, the massive arrival of visitors attracted by skiing, hiking, potholing, the exploration of a thousand-year-old historical heritage and a truly exceptional and various nature, and all this, concentrated in such a small country. The pearl of the Caucasus has become a secret less and less well kept, today many business leaders, consultants, expatriates choose this Eurasian country as a place for business creation, work and family education. One of the first things to do is opening a bank account.

Can I open a bank account as a non-resident?

Yes, opening a bank account in Georgia is a simple process and you will have many options. No matter where you live, you can open a bank account in Georgia. How do I open a bank account? In which bank? What are the procedures?...Here are some answers about opening a bank account in Georgia.

Which documents are necessary for opening an account?

All you need to do is go to one of Georgia's many banks, show your identity documents, fill out a form, your signature and that's it. Some banks can open your account with only your passport. It should be noted that English is very widely spoken in Georgia and a fortiori in the banks of Georgia.

How long does it usually take?

The process of opening a bank account takes about 30 minutes;

Can I open a bank account from abroad? 

Although it is not possible for an individual to open a bank account from abroad (even Online), you can always do so by taking the services of a lawyer in Georgia, or a company specialised in this field, by granting him a Power of Attorney. This is a common practice, so you will have no difficulty finding a company willing to work with you to open your account.

What are the bank fees?

Wherever you do your banking, you will have to pay fees for everything, maintenance fees, account management fees, withdrawal fees in Georgia or elsewhere by credit card, international transfer fees, etc. Each bank in Georgia operates with its own offers, rules and regulations. According to your needs, it is always interesting to establish a comparative of the fees applied by each bank, for each desired service according to your needs. But most banking services are cheap in Georgia!

Which bank should I choose?

There are a multitude of banks in Georgia, most of which are local. That being said, it is possible to select a larger international institution for your personal banking transactions. The most popular banks in Georgia are the Bank of Georgia (it is, despite its misleading name, a private bank), TBC, Liberty Bank and Basis Bank.

BOG, with approximately 250 locations throughout the country, is one of the largest banks. Account holders at BOG have access to:

  • The choice between a standard or universal account in four currencies (GEL, USD, EUR, GBP)
  • Debit card
  • Free account opening
  • Cash deposits and withdrawals
  • Incoming and outgoing transfers
  • Internet Banking
  • Mobile Banking
  • Currency Conversion

TBC is another major Georgian bank, with over 455 branches and ATMs available throughout the country. Current account holders appreciate it:

  • An annual fee of only GEL 90
  • Multi-currency account capacity
  • Easy access to funds
  • Online Banking Services
  • Unlimited withdrawals and transfers

Liberty Bank. With over 100 branches, Liberty is another popular bank in Georgia. People with current accounts have:

  • The possibility of having an account in several currencies
  • Debit card
  • eMoney VISA Virtual Card
  • eMoney Portfolio
  • Mobile banking services
  • Smartly

Basis Bank. Georgia's fourth largest bank, Basis Bank, is much smaller than its counterparts, with 21 branches throughout the country. The small size of Basis means a lot of personalized services and attention. Customers with bank accounts at Basis can access:

  • Debit card
  • Online Banking Services
  • Mobile banking services
  • No service fee for the first year

Overall, banking operations in Georgia are simple. Opening a bank account in Georgia will allow you to diversify your money and secure it in a well capitalized bank.
Having financial freedom means enjoying everything the country has to offer - from unique Georgian cuisine to breathtaking excursions into Georgian nature. A country overflowing with investment opportunities.