How to Open a Bank Account in Georgia (as a Foreigner)

Georgia has become a banking hotspot for foreigners thanks to its straightforward requirements and foreigner-friendly policies.

Unlike most European countries where opening an account requires residency proof, tax documents, and weeks of waiting, Georgian banks typically ask for just your passport.

The process takes about 30 minutes, and you walk out with an IBAN the same day.

Quick Summary:

• You only need a valid passport to open an account

• No residency permit or proof of address required

• Bank of Georgia and TBC Bank are the top choices for foreigners

• Account opening takes 30 minutes, debit card arrives in 1-3 days

• Multi-currency accounts (GEL, USD, EUR) are standard

Why Open a Georgian Bank Account?

A local account makes life in Georgia simpler and cheaper. You can pay rent, utilities, and everyday expenses in Georgian Lari without foreign transaction fees. If you receive income from Georgian clients or employers, you'll need a local account.

Multi-currency accounts let you hold GEL, USD, and EUR simultaneously - useful if you earn in foreign currencies. Georgian banks also integrate with Wise, PayPal, and Payoneer for international transfers. And while Georgia is becoming more cashless, you'll still need Lari for rural areas and smaller shops. Withdrawing from your own bank's ATM is free, compared to the fees foreign cards charge.

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Documents You Need

The requirements are refreshingly minimal:

• Valid passport (the only essential document)

• Georgian phone number (most banks require this for SMS verification)

• Home address (can be your home country address or hotel)

• Proof of income (occasionally requested, depends on the branch)

Some branches ask for additional documentation, but this varies by location and staff. Central branches in Tbilisi and Batumi rarely request extras.

Step-by-Step: Opening Your Account

1. Choose a bank - TBC Bank or Bank of Georgia are the safest bets

2. Visit a central branch in Tbilisi (Rustaveli Avenue area) or Batumi (near Europe Square)

3. Tell the staff you want to open a personal account

4. Present your passport and fill out the application form

5. Complete the KYC questionnaire about your income source

6. Receive your IBAN immediately

7. Return in 1-3 business days to collect your debit card

The whole process typically takes 20-30 minutes. You can access online banking right away.

Best Banks for Foreigners

• Bank of Georgia (BoG) - Largest bank with the widest ATM network. Reliable mobile app. SOLO premium service available for higher deposits. The safe, established choice.

• TBC Bank - Best digital experience and most popular among digital nomads. No minimum deposit required. Excellent mobile app. Slightly more modern interface than BoG.

• Credo Bank - Smaller bank that's reportedly more welcoming to foreigners. Can open a multi-currency account in about 25 minutes. Fewer ATMs but growing in popularity among expats.

• Liberty Bank - Lower fees than competitors but limited online banking features. Better for locals or those who prioritize cost over convenience.

For most foreigners, TBC or Bank of Georgia is the right choice. Both have English-speaking staff at central branches and solid mobile apps.

Fees to Expect

Georgian banking is affordable compared to Western Europe:

• Account opening: Free to 50 GEL depending on the bank

• Monthly maintenance: 1-5 GEL (often waived with regular use)

• Debit card: 5-15 GEL per year

• ATM withdrawal (own bank): Free

• ATM withdrawal (other banks): Usually free domestically

• International transfers: Around 0.5% with 15-500 USD min/max fees

For international transfers, Wise offers better rates than Georgian banks. Link your Georgian account to Wise for cheaper cross-border payments.

Tips for Success

• Go to central branches. Staff at downtown Tbilisi and Batumi locations speak English and handle foreign clients regularly. Avoid rural or suburban branches.

• Ask younger staff for help. They're more familiar with mobile banking features and speak better English.

• Don't accept fake minimum deposits. Some staff quote arbitrary amounts like 100 or 500 GEL. Official policy at most banks requires no minimum. If pushed, try another branch.

• Get a Georgian SIM first. You'll need a local number for SMS verification. Magti and Silknet SIMs are available at the airport or any phone shop for a few Lari.

• Set up Wise before you arrive. If you become a Georgian tax resident, you may have trouble getting a Wise card later. Apply while you're still abroad.

Opening a Business Account

Business accounts are trickier. Banks require more documentation - typically your company registration, a business plan, and proof of funds. TBC charges around 500 GEL for corporate account opening versus 50 GEL for personal accounts.

Rejections happen without explanation, especially for newly registered companies. If you're setting up an Individual Entrepreneur (IE) or LLC, consider using a service like Gegidze that handles both company registration and bank account opening together.

Can You Open an Account Remotely?

Technically yes, but it's complicated. You'll need to grant someone Power of Attorney (with apostille) to act on your behalf. Some services facilitate this, but it adds cost and complexity.

For most people, visiting Georgia to open the account in person is faster and cheaper. The process is quick enough that you can handle it on a short trip.

FAQ

Can tourists open a bank account in Georgia?

Yes. Georgia doesn't restrict account opening to residents. Tourists can open accounts with just a passport. Some banks like Credo are particularly welcoming to short-term visitors. Your hotel address works fine as proof of address if asked.

Do I need a residence permit?

No. Georgian banks don't require residence permits, work visas, or proof of local ties. This makes Georgia one of the easiest countries in Europe for foreigners to access banking services.

How long until I get my debit card?

You receive your IBAN and account access immediately. The physical debit card is ready for pickup at your branch within 1-3 business days. Cards aren't mailed due to postal service issues - you collect them in person.

Do I need to speak Georgian?

Not at central branches. Staff at downtown Tbilisi and Batumi locations typically speak English. If you visit a smaller branch, bring a Georgian friend or use Google Translate. Younger employees generally have better English skills.

Is there a minimum deposit requirement?

Officially, most banks have no minimum or require just 1 GEL. Some staff incorrectly quote higher amounts. TBC Bank explicitly has no minimum deposit policy. If someone insists on 100+ GEL, visit a different branch.

Can I open an account online from abroad?

It's possible through Power of Attorney arrangements, but not straightforward. Most foreigners find it easier to open accounts during a visit to Georgia. The in-person process takes under an hour total.

What currencies can I hold?

Standard accounts are multi-currency, supporting Georgian Lari (GEL), US Dollars (USD), and Euros (EUR). Funds stay in whichever currency you deposit until you choose to convert. TBC ATMs even dispense dollars.

Can I link my Georgian account to Wise?

Yes. Many expats link their Georgian bank to Wise for cheaper international transfers. You can receive money via Wise and transfer it to your Georgian account, or vice versa. This combination offers the best of both worlds.

Are Georgian banks safe?

The major banks are stable and reputable. Bank of Georgia and TBC are both listed on the London Stock Exchange. However, deposit insurance only covers up to 15,000 GEL (about 5,500 USD) per account - lower than EU standards. Stick with the larger banks for peace of mind.

What if my account goes inactive?

Banks charge small inactivity fees - typically 2-3 USD monthly - after about a year of no activity. To avoid this, make occasional transactions or keep a small balance moving. You can also close the account remotely through online banking if you leave Georgia permanently.

Wrapping Up

Opening a bank account in Georgia is one of the easiest banking experiences you'll find anywhere. Bring your passport to a TBC or Bank of Georgia branch in central Tbilisi, spend 30 minutes on paperwork, and leave with a working multi-currency account. Pick up your debit card a day or two later. For international transfers, pair your Georgian account with Wise for the best rates. The combination gives you local banking convenience with global money movement.