Georgia: How to Open a Bank Account

Georgia is becoming an increasingly popular country among expatriates thanks to its visa-free regime (you can stay here for an entire year without a visa!), low taxes, and the ease of doing business. One of the important tasks after arriving in Georgia is opening a bank account. This is necessary to reduce fees on payments and conduct financial transactions smoothly. In this article, I share my personal experience—how to open a bank account in a Georgian bank, which banks to choose, and what to pay attention to.

Why It’s Convenient to Open a Bank Account in Georgia

• Simplicity of Opening an Account:
  You do not need a residence permit to open an account. Many banks offer accounts for non-resident expatriates with minimal requirements.

• Minimizing Currency Conversions:
  Using foreign cards can lead to double currency conversions, significantly increasing the cost of purchases.

• Low Maintenance Costs:
  Bank cards in Georgia are cheaper than in most other countries, and debit cards are the standard, providing additional financial security.

• Convenience of International Transfers:
  Georgian banks support multi-currency accounts and SWIFT transfers, making it convenient to work with clients and partners abroad.

Main Banks in Georgia for Expats

• TBC Bank
• Bank of Georgia
• Credo Bank

Start by choosing a bank that aligns with your preferences. For example, opening an account with Credo Bank is relatively straightforward, whereas Bank of Georgia has much stricter requirements:
— They may request additional documents to verify the source of your income, such as an employment contract or bank statements.
— They may refuse your application without providing reasons.

What to Pay Attention to When Choosing a Bank:

• Language Support:
  If you do not speak Georgian, choose banks that offer quality service in English or Russian. Bank of Georgia, TBC Bank, and Credo are often mentioned as the most convenient for foreigners.

• Types of Accounts:
  Find out what types of accounts are available, especially if you need multi-currency services. Most banks allow you to open accounts in Georgian Lari, US Dollars, or Euros.

• Convenience and Accessibility:
  Consider the number of branches and ATMs in your city, as well as the availability of a mobile app and support chat on Telegram.

I attempted to open an account with Bank of Georgia, and despite being an Israeli citizen, my application was denied without explanation. Therefore, like 99% of expatriates, I turned to Credo Bank, where almost no one is refused. TBC Bank is also good, but their maintenance fees are very high.

How to Open an Account

Opening an Account with Bank of Georgia: You can start the process of opening an account with Bank of Georgia even while you are still abroad. Simply fill out the online application form on their website, attach the necessary documents, and wait for your application to be reviewed.

Opening an Account with Credo Bank: For Credo Bank, the process is much simpler. First, identify which city and specific branch of the chosen bank caters to expatriates (there are many such branches, for example, in Batumi and Tbilisi). Visit the bank with your documents and take a ticket at the entrance (electronic queue). Note that some banks have dedicated staff for expatriates, which means you might not have to wait in the general queue at all. Make sure to confirm this with the staff member who assists you in taking a queue ticket upon your arrival.

2. Documents

To open an account, a non-resident usually needs to be present in the bank both when opening the account and when receiving the bank card, as well as the following:

• Foreign Passport: A valid passport from your home country.
• Georgian Mobile Phone Number: An active Georgian phone number is required. An eSim, which can be activated in advance, is acceptable.
• Address of Residence in Georgia: You need to provide a local address in Georgia. This information is entered in the application form. Personal postal addresses may not always be accepted, so even a tourist-rented accommodation can suffice.
• Minimum Deposit: Some banks require a minimum deposit to open an account, typically ranging from 50 to 100 lari.

Additional Documents: While most banks do not require extra documentation, some may ask for additional papers such as proof of income or a letter from your employer. However, these requests are uncommon and usually not necessary for most account openings.

3. The Account Opening Process Using Credo Bank as an Example

1. Submitting the Application:
   Clarify in advance whether insurance is necessary—it is not mandatory, although staff may insist on its purchase. If you do not want to pay extra money for this insurance, you must firmly decline it. For example, opening a card (Mastercard) at Credo Bank costs 45 lari, but staff will try to sell you insurance for 12 lari per year using various truths and half-truths, threatening that it is “mandatory.” This is not the case; tell them that you read about this on Credo Bank’s official Telegram channel. If you have already arranged for insurance, getting out of it later will cost you a lot of nerves and time.

2. Receiving the Bank Card:
   Cards are issued immediately or within a few days. Usually, an SMS is sent to your Georgian number indicating that the card is ready. You receive it at the same office where you submitted the application.

How Much is the Maintenance Fee at Credo Bank?

Approximate Expenses:

• Card Maintenance: 45 lari/year (approximately $15)
• Account Maintenance: 2 lari/month for non-residents
• Insurance (optional!): 12 lari/year
• Additional Commissions (e.g., for transfers): Check with the bank

Here are examples of commissions you might encounter in Georgian banks (but in your specific case, amounts may vary significantly, so verify the current conditions):

• Account Maintenance: Free or from 1 to 5 lari per month, depending on the type of account.
• Cash Withdrawal: Free at your bank’s ATMs, but up to 2% for withdrawals at other banks.
• International Transfers: From 0.2% to 1% of the transfer amount, with a minimum commission of about $10.

Life Hacks for Opening an Account

• • Avoid Queues: In branches for expatriates, you can bypass the queue by approaching a staff member who works with foreigners.
  • Check Services: Before signing the agreement, clarify the presence of hidden fees, such as for insurance.
  • Choose the Right Time: Opening an account in smaller towns, for example, in a village, may take less time than in large branches.
  • Support for Foreign Cards: If you plan to use your Georgian account for online purchases, confirm with the bank whether it supports services like PayPal.

Important Considerations

1. Multi-Currency Accounts: Most banks offer the opening of accounts in multiple currencies simultaneously (lari, dollars, euros). However, opening an account in dollars or euros will take more time than in lari, so keep this in mind when planning your visit.
2. SWIFT Operations: International transfers are possible, but before sending large amounts, check the current status of the SWIFT system at your bank. Using a Telegram support chat is convenient for this.
3. Money Transfers: You can use Wise or Revolut to transfer large sums to a Georgian account, as their fees are often lower than standard international transfers via SWIFT.
4. Telegram Channels: Banks usually have a Telegram channel for prompt support, where you can quickly and conveniently obtain up-to-date information.