Foreigners are welcome in all banks in Georgia. The process of opening a bank account is quick and easy. No minimum deposit is required, you only need a valid passport, and that's all. There is no need for proof of address.
Opening a bank account in Hong Kong and Singapore was just as easy a few years ago. Currently, many jurisdictions have become very picky. Going through their approval process is very long, even if you leave tens of thousands of dollars for an initial deposit. In Tbilisi, opening a bank account is a breath of fresh air after facing so much reluctance.
Georgian banks automatically offer the possibility of opening a multi-currency account in USD, EUR, GBP, and GEL. The fees applied to its exchange rates are low (around 0.10-0.15%), as well as its significantly reduced fees for most banking services.
Currently, interest rates on bank deposits are attractive and offer good short and long-term returns, up to 11% for one-year deposits in local GEL currency but 3% for deposits in US dollars.
In Georgia, It is possible to open a remote bank account by giving a Power of Attorney to the person of your choice. This person can carry out the entire opening procedure on your behalf.
