If you're a foreigner looking to live, work, or invest in Georgia (the country), one of the first things you’ll likely need is a local bank account. Whether you're staying for a short-term visit or planning a longer stay, understanding how to open a bank account in Georgia is crucial. In this comprehensive guide, we'll walk you through the process, requirements, and best practices for foreigners wishing to open a bank account in Georgia.
Why Open a Bank Account in Georgia?
Before we delve into the process, it’s important to understand why having a local bank account in Georgia is beneficial:
- Ease of Transactions: Opening a bank account allows you to make payments, transfer money, pay utility bills, insurance just with one click and access your funds easily. This is especially important if you're working or living in Georgia for an extended period.
- Business & Investment Opportunities: If you're an investor, having a local bank account is essential for conducting transactions, and investing in Georgian assets.
- Tourism and Digital Nomad Life: For tourists, digital nomads, or remote workers, a Georgian bank account can help you manage your finances more effectively during your stay.
Can a Foreigner Open a Bank Account in Georgia?
Yes, foreigners can open a bank account in Georgia. The process is fairly simple and accessible for individuals from most countries. In fact, Georgia has one of the most welcoming banking systems for foreigners in the region. Whether you’re on a tourist visa, residence permit, or are just in the country for business, you can easily open a bank account.
Types of Bank Accounts for Foreigners
There are different types of bank accounts you can open as a foreigner in Georgia, depending on your needs:
- Personal Account: This is the most common type of bank account for foreigners. It can be used for daily banking activities such as deposits, withdrawals, and making payments.
- Business Account: If you're planning to run a business in Georgia, a business bank account will be required. This type of account is used for handling business transactions, paying employees, and receiving payments from clients.
Steps to Open a Bank Account in Georgia as a Foreigner
While the exact process may vary slightly from bank to bank, here are the general steps to follow when opening a bank account in Georgia:
- Choose a Bank
Georgia has a well-developed banking sector, with several major banks offering services to foreigners. Some of the most popular banks for foreigners include:
- TBC Bank
- Bank of Georgia
- ProCredit Bank
Most of these banks have English-speaking staff and provide online banking services, making them accessible to foreigners.
- Prepare the Required Documents
For personal bank account:
To open a bank account in Georgia as a foreigner, you’ll typically need the following documents:
- Valid Passport: A passport is the primary form of identification for foreigners in Georgia.
- Phone Number: banks may require you to provide a Georgian phone number for security purposes and account notifications.
For business account:
- Proof of Address: Most banks require proof of your address in Georgia. This can be a rental agreement, utility bill, or official letter from your landlord.
- Tax Identification Number: a Georgian tax identification number. You can obtain this from the Revenue Service of Georgia. (business bank accounts are available only for businesses registered in Georgia)
- Visit the Bank in Person
Once you’ve selected a bank and gathered the necessary documents, visit the bank in person to open the account.
During the visit, a bank officer will ask you to fill out an application form and provide your documents for verification. The bank may also ask you a few questions regarding the purpose of the account and your planned activities in Georgia.
- Deposit Initial Funds
There is no minimum deposit requirement, and monthly service/card fee starts from 5 GEL/month.
- Receive Your Bank Card and Online Banking Access
Once your application is approved, you will receive a debit card linked to your account, as well as online banking credentials. Online banking will allow you to manage your account, transfer money, pay bills, and more. Online banking includes both internet and mobile bank. There are physical / digital cards available.
Benefits of Opening a Bank Account in Georgia
- Convenience: A local bank account allows you to make payments, receive money, pay utilities directly from internet/mobile bank, and conduct financial transactions quickly and efficiently.
- Low Fees: Compared to many Western countries, Georgian banks offer competitive fees for foreigners, making banking affordable.
3. International Transfers: Georgian banks are compatible with some of international payment services: Wise, Paypal, Skrill, Payoneer.
Can a bank account be opened without in-person visit?
Yes. Foreigners can open a bank account with support of a trustee with proper documentation who fills the application on their behalf on site.
There is no online option for foreign clients, since the document validation is mandatory.
Here BAUER GROUP comes in, our representation service can prepare the required documents and complete the full procedure until your account is registered and operational.