It’s relatively easy for foreigners to open a bank account in the country of Georgia. And it is easy enough to register a legal entity (a company). Opening an account takes around 15 minutes. Banks issue a debit card in 1-3 days. It’s even possible to open an account remotely. In order find out how to open an account remotely, you can contact us.
Many international financial companies work with Georgian banks, including PayPal, Payoneer and Transferwise.
Presumably, one of the benefits of opening a bank account in the country of Georgia is that local banks do not report your bank account balance to the EU countries. Many Germans used to come specifically to open a bank account in Georgia.
There are few banks in Georgia. But which bank is better for you? Which bank offers financial services that meet your requirements? We tried to figure that out.
Individuals (non-business accounts)
Bank Of Georgia (BoG) – quick account opening, mobile banking, online banking.
Pros: Unlimited number of multicurrency accounts. For each multi-account they offer an unlimited number of cards. Reliable 3D-Secured debit card. Card service fee is 50 GEL per year for Visa and 10 GEL for Mastercard.
Many branches available throughout the country. The option to deposit to your account through terminals in GEL simply by entering the account number. Premium Solo program 23 GEL per month (turnover requirement from 3000 GEL per month). Solo has a many special offers (promotions, discounts on tickets, etc.). A cashback system in the form of points that can be spent, for example, on a mobile phone account. You can bind Paypal to your Visa card. In your personal account there is a system of international transfers (receiving and sending).
Cons: Some US services do not accept BoG cards. Sophisticated online banking interface. Commission for withdrawals from ATMs (except Solo).
TBC Bank: Quick account opening, mobile banking, online banking.
You can keep only one kind of currency in your account. They only planning to introduce 3D-Secure feature, therefore, it is not safe to keep money on the card.
Visa Gold Payroll – free cash withdrawal at ATMs. Card service – from 1 GEL per month. Possibility of issuing a pin generator. You can bind PayPal to your Visa card.
If you do not have a residence permit, you can only deposit cash to your account in a bank branch, not an ATM. There are many bank branches available through the country.
Bank of Georgia (BoG): They offer corporate business cards, which are linked to the main business account. These corporate business cards do not have a separate account. It is possible to set limits for withdrawals and transactions.
The often refuse to open a business accounts for non-residents.
TBS Bank: Allows to open accounts for non-residents (for the companies and individual entrepreneurs). The online banking interface for legal entities is more convenient and has more features (for example, sending statements to another person). They offer corporate cards (personalized with a separate account). If you register in the program for Startup companies, you can significantly reduce your expenses.
Liberty Bank – opens an account only for those who have a residence permit. The main specialization of the bank is pension fund services.
Basisbank – opens accounts for individuals and legal entities, requires a large number of documents. A small number of branches.
Often requires a personal presence, and sometimes even only in the central branch.
If you need any help or advice while opening an account, please contact us.