Opening a private bank account
Modification date: 2023-03-27 / View count: 2235

Opening a private bank account

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.

  • If you prefer to travel, we can accompany you to any branch of banks in Tbilisi. 
  • Most Georgian banks offer a highly developed online banking service allowing you to carry out your transactions remotely without any problems.
  • Notice that Georgia participates in the FATCA (Foreign Account Tax Compliance Act) but is not involved in the Automatic Exchange of Information of the OECD and has not concluded any TIEA agreement.

Our services

  • Thanks to your Power of Attorney, we represent you to open your bank account in Tbilisi. 
  • We advise you on the best banking options in Georgia according to your needs.
  • If you prefer to travel to Georgia, we will assist you in opening an account with the bank of your choice.
  • We prepare the required documents for the procedure.  
  • We send the originals of your bank account access, e-banking and credit card via UPS or DHL.
Get in touch with us

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