While there are dozens of banks in Georgia three biggest banks are Bank of Georgia, TBC Bank and Liberty Bank which have correspondent banking relationships with the United States through Citibank. They are included in the London Stock Exchange’s top 250 largest companies list and their shares are traded on the London Stock Exchange. It is worth to note that it is not required by law to open bank account in Georgia for running you business.
Opening a bank account in Georgia for foreigners is a remarkably simple process compared to most countries in the world and takes about 30 minutes. Bank accounts for newly registered entities can be opened as soon as the entity registration is completed and a unique identification number is given. All you need to do is visit a bank, show your international passport, fill out a forms and typically your account is open for the next business day. While English is fairly commonly spoken in the country Foreign citizens need to bring a translator with them. You can also make an appointment at the bank of your choice and ask for an English-speaking banker. It is important that opening bank account can be done from distance, remotely by Power of Attorney (POA).
Opening a bank account in Georgia for foreigners is a remarkably simple process compared to most countries in the world and takes about 30 minutes. It can be done remotely by Power of Attorney (POA).
Unlike most international accounts for foreigners, Georgian banks do not require a minimum deposit in order to open the account. Fees for operating the bank account are very low and the exact amount depends on which particular bank you decide to use and the level of service offered by the account. The only payment that you need to make at the time that you open the account is a small payment (about 70 Gel) in order to obtain a debit card, which can also be used to withdraw funds from ATMs both inside Georgia and around the world. The bank offers a choice of either a Visa or Mastercard. All the three banks offer mobile apps for mobile banking as well as internet banking – so you can track your funds from anywhere in the world.
Bank accounts opened are three currencies in one – one each for GEL, USD and EUR, which means that if you wire funds into your account in either USD or EUR, then the funds will remain in that currency until you want to convert them. All bank accounts in Georgia use the international IBAN format, which makes it simple to transfer funds between the accounts without difficulties of working out the SWIFT/BIC Codes. Funds sent to the account arrive quickly, no later than the next working day.
Although it is easy to open a bank account in Georgia, it can be closed easily by bank in the future according to the analysis of your transactions and the bank’s domestic policy. Also, opening an incorrect account can lead to additional costs in the future. Therefore, it is important to correctly identify the type of account and the banking institution from the outset. Our experience will help you to properly select a bank account and a banking institution that matches your business operations and eliminates additional costs and commissions.
We also offer to open an corporate or personal bank account in Georgian banks remotely on the basis of your Power Of Attorney (POA). Foreigners intending to open a bank account in Georgia are likely to need the following documents:
With us you can register your company and open a bank account in just 1 day so that you can start your business quickly.
After opening bank account in order to manage your funds quickly and easily you will get the following types of banking services immediately: