In Georgian banks, non-residents can obtain the following services:
- open a personal account;
- place money on fixed-term deposit or other deposit;
- issue payment cards of systems Visa, MasterCard, and American Express (the latter only in Bank of Georgia);
- use systems of remote service: Internet banking, SMS banking, Mobile Bank, or phone banking.
In banks of Georgia, there is a regular practice that together with the service agreement the client obtains the payment card and the password for accessing the account via Internet banking. Therefore, a non-resident may control operations on the accounts and may withdraw cash at any ATM worldwide. To perform cash operations remotely, without visiting a bank branch, a user will need a special device for password generation – token, but this is not a free service.
Deposits in Georgian banks can be fixed-term or demand. The difference between them is that the first do not allow early termination of contracts and cash withdrawal, while the second provides such an option. usually, deposits are used for saving money and obtaining extra passive income.
Operating accounts of non-residents are usually used to transfer assets and to pay for goods or services.
As a rule, accounts in Georgian banks are opened in Lari, US dollars, and euro. There also financial institutions that work with rubles, Swiss francs, Japanese yen, and Chinese yuan.
What do you need to open a bank account in Georgia?
Foreigners hoping to open a bank account in Georgia are likely to need the following documents, though some banks may open your account with just your passport:
- Passport and copies.
- Application form.
- Sample of signature.
- Proof of address.
Can I open a bank account abroad? What about at least online?
While an individual can’t open a bank account from abroad (even online), you can still do so by retaining a local lawyer in Georgia and granting them power of attorney. This is a pretty common practice, so you won’t have any trouble finding a firm willing to work with you to get your account open.
ATM fees
While withdrawals from your own bank’s ATMs typically won’t come with any fees (at least up to a certain number, usually 10), withdrawals from other banks will cost you. Standard ATM fees for transactions from a different bank can run from GEL 5-16.
Which bank should I choose?
There is a multitude of banks to choose from in Georgia, many of which are local. That being said, it’s possible to select a larger international institution for your banking. The most popular banks in Georgia include:
Best bank in Georgia for foreigners
TBC Bank is the leader of the Georgian banking system and the best bank in the country. A third of Georgia’s individuals and legal entities are using the services of this bank. At TBC Bank, you can not only open a private account for non-residents but also use other various banking services.
Can you open a bank account by yourself?
First, you need to make sure you’re eligible to open a bank account. You need to be at least 18 years old to open an account. However, you can open a joint account as a minor with a parent or legal guardian as an account co-owner. Some banks do offer accounts tailored for minors
Can you open a bank account without going into the bank?
There’s no need to visit a branch to open a bank account anymore. You can open a bank account, deposit money, and set up automatic payments all from the comfort of your home. Once you’ve applied, just wait for the card to be sent to you in the mail, activate the account and you’re good to go.
Does it cost money to open a checking account?
Absolutely all charges and fees are including in our service fee.
What is the best bank to open an account?
Best Checking Accounts – 2021
- TBC
- BOG
- VTB
- Liberty
What ID do I need to open a bank account?
Based on the client’s request We are offering 2 options for opening a bank account:
- By Client’s personal visit —- Passport
- Opening a bank account remotely based on Power of Attorney — Copy of the passport and Power of attorney. The client is sending us a Notarized and Apostilled (or Legalized) Power of Attorney and Notarized and Apostilled (or Legalized) copy of his/her passport
Services of Georgian banks for non-residents
In Georgian banks, non-residents can obtain the following services:
- open a personal account;
- place money on fixed-term deposit or other deposit;
- issue payment cards of systems Visa, MasterCard, and American Express (the latter only in Bank of Georgia);
- use systems of remote service: Internet banking, SMS banking, Mobile Bank, or phone banking.
In banks of Georgia, there is a regular practice that together with the service agreement the client obtains the payment card and the password for accessing the account via Internet banking. Therefore, a non-resident may control operations on the accounts and may withdraw cash at any ATM worldwide. To perform cash operations remotely, without visiting a bank branch, a user will need a special device for password generation – token, but this is not a free service.
Deposits in Georgian banks can be fixed-term or demand. The difference between them is that the first do not allow early termination of contracts and cash withdrawal, while the second provides such an option. usually, deposits are used for saving money and obtaining extra passive income.
Operating accounts of non-residents are usually used to transfer assets and to pay for goods or services.
As a rule, accounts in Georgian banks are opened in Lari, US dollars, and euro. There also financial institutions that work with rubles, Swiss francs, Japanese yen, and Chinese yuan.
