Often forgotten nestled in between Turkey, Russia, and Iran, Georgia is usually viewed as a post-soviet country struggling to regain its footing. That categorization, however, is far from the truth.
Luckily, with our Georgian legal attorney, the process is pretty straight forward and you’ll have plenty of options for where and how to open your bank account in Georgia. This guide and our Georgian legal advisors will help you through everything you need to know about opening a bank account in Georgia.
Can I open a bank account as a non-resident of Georgia?
Yes, opening a bank account in Georgia is a simple process regardless of where you’re a resident. It’s worth noting, however, that foreigners wishing to open a bank account will occasionally need more proof of identity than native Georgian residents.
What’s the process? How long does it usually take?
The process of opening an account takes about 30 minutes because our open a personal account lawyer in Georgia has in advance prepared your documents (For more details regarding the open bank account in Georgia, we invite you to contact our specialists in company formation – open bank account, who can offer further information on any aspect concerning the registration procedure); all you’ll need to do is visit a bank with our Georgian lawyers. If your Georgian isn’t up to snuff, however, we will translate everything to you. We can make an appointment at the bank of your choice and for your visiting and organizational procedural issues, will be done in advance. What documents are necessary for a foreigner to open a bank account?
Can I open a bank account abroad? What about at least online?
While it’s not possible for an individual to open a bank account from abroad (even online), you can still do so by retaining our local lawyer in Georgia and granting us power of attorney. This is a pretty common practice, so you can contact us we will handle work with you to get your account open.
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.
Foreign ATM fees, on the other hand, can be exorbitant. You may have a debit card from your home country that does not incur fees, however, these are less common, especially in the US. More often you’ll pay a straight fee of $1-$5, plus 1-4% of the transaction.
Normal bank fees
While checking accounts usually come with a pretty nominal fee structure, you should expect to see some kind of account maintenance charge, usually about 5 GEL per month.
Fees for international transfers
Most banks charge high fees for international transfers and tend to inflate the exchange rate without disclosing it. If you’re making international transfers often, it’s a good idea to use Transferwise, PayPal to ensure you’re always getting the mid-market rate, and to cut back on charges.
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 personal banking. The most popular banks in Georgia include:
Account-holders at the Bank of Georgia have access to:
- The choice between a standard or universal account (four currencies: GEL, USD, EUR, GBP)
- Debit card
- Free account opening
- Cash deposits and withdrawals
- Incoming and outgoing transfers
- Internet banking
- Mobile banking
- Currency conversion
All in all, banking in Georgia is pretty simple. Having financial freedom means enjoying all the country has to offer – from unique Georgian cuisine to breathtaking countryside excursions. This is just one of the steps required to open a bank account in Georgia. If you would like to know more about what are the requirements to open a bank account in Georgia you can contact our open a bank accounts agents in Georgia. Good luck opening your bank account in Georgia!