Opening a non-resident bank account in the country of Georgia

Opening a non-resident bank account in the country of Georgia

Georgia is one of the most digital nomad-friendly countries I’ve visited. Did you know that as a digital nomad you can visit Georgia for one year completely visa-free, for up to 95 different countries around the world?

You can also open a bank account in Georgia quite easily as a foreigner.

In this guide, we will walk you through why having a bank account as a non-resident in Georgia is beneficial, the different banking options, and how to do this process remotely or on the ground in Georgia.

This is your ultimate resource for opening a non-resident bank account in country of Georgia.

Why Open a Bank Account in Georgia?

As a global citizen or digital nomad, it’s good practice to ensure you have different bank accounts and financial institutions working for you around the world. As we have discussed in previous articles, its important that as a part of the Flag Theory, you have diversified options around the globe, and banking is one of these important pillars.

You never want to rely on one country’s banking system, and therefore we assist our clients in becoming globally diversified with banking options around the globe.

Reach out to us for more information on how we can design a solution for you.   

Who Can Open a Bank Account in Georgia?

Next, let’s talk about who can open a bank account. Any person who is a foreigner or a non-resident of Georgia is able to open a bank account with one of the many different banking institutions in Georgia.

Many of the banks will allow foreigners to open an account, so don’t think you’re only limited to one or two of the biggest banks in Georgia. I’ll touch on the best banks to open a bank account with later in this article.

It is important to note that we see the criteria and requirements needed from banks in Georgia getting stricter over the years.

In past years, it was quite simple to walk into a bank in Georgia with your foreign passport and open a standard chequing account. However, in recent years, we have seen a large influx of foreigners using Georgia as a banking hub, and this has made the government ask for additional documents and scrutinize the client more before opening an account.

Its important to note that as of 2024, Georgia has joined the CRS, meaning that Georgia is now obligated to report your holdings back to most countries if requested.

Which Banks Should You Open With?

Bank of Georgia

The Bank of Georgia is highly recommended for non-residents due to its simplicity, reliability, and accessibility. The account setup process is straightforward, and their customer service team is experienced in assisting foreigners.

The bank offers multi-currency accounts, allowing you to hold funds in Georgian Lari (GEL), U.S. Dollars (USD), and British Pounds (GBP). This feature makes it an excellent option for managing global transactions and currency exchanges.

The monthly account maintenance fee is just 2.5 GEL, and their app is user-friendly, enabling seamless online banking. This makes the Bank of Georgia a convenient choice for both personal and business banking.

Another perk of the Bank of Georgia account is that you have access to obtaining a credit card, even an Amex if you qualify.

Reach out to us for full service assistance in opening a bank account along with other services in Georgia.

TBC Bank

TBC Bank, the second-largest bank in Georgia, is another solid option for non-resident banking. While the account setup process is similar to the Bank of Georgia, TBC’s tiered pricing plans can be confusing. Non-residents may be assigned higher-cost plans, which may not always be necessary.

A key limitation of TBC Bank is its reliance on Georgian phone numbers for app login and account management. This means you must keep your Georgian SIM card active to access your account online, which could be inconvenient for non-residents living outside Georgia.

Despite these drawbacks, TBC Bank is a good backup option if you’re looking to diversify further within the Georgian banking system.

Different Bank Plans

Georgian banks offer straightforward account tiers, with the Bank of Georgia being the most transparent. For just a few GEL per month, you can access a multi-currency account with full online banking capabilities.

TBC Bank, on the other hand, may assign you to a higher-tier plan by default, costing up to 10 EUR per month. It’s crucial to clarify your plan during the account setup process to avoid unnecessary charges.

Both banks allow you to manage GEL, USD, and GBP accounts simultaneously, making them highly functional for international transactions. However, the Bank of Georgia stands out for its more user-friendly approach and flexible login options.

Depending on your goals, we recommend each bank to different clients seeking different banking purposes. Reach out to us for guided assistance in this process.

Steps To Opening an Account

If you are physically present in Georgia, you are able to open an account with the proper documentation on the ground.

1. In-Person Setup:
   To open an account in person, visit your chosen bank branch with your passport, proof of address, and contact information. U.S. citizens will also need to fill out a W-8BEN form if accepted by the bank.

2. Digital Banking Access:
   Ensure that you set up online banking and download the bank’s app during the account creation process. The Bank of Georgia provides easy login options via email or phone, while TBC Bank relies on Georgian phone numbers.

3. Currency Management:
   During the setup, confirm that your account supports multi-currency transactions. This feature is standard with most Georgian banks and is particularly useful for digital nomads and global citizens.

4. Maintenance:
   Be mindful of monthly fees and any requirements to maintain the account. The Bank of Georgia’s minimal fees make it a hassle-free option, while TBC Bank may require additional monitoring due to their more complex plans.

If you are seeking to open an account remotely, we will need additional documentation from you to start the process, and our team in Georgia will complete the process for you on the ground.

Alternative Banking Options

While the Bank of Georgia and TBC Bank are the top recommendations for foreigners, there are other smaller banks in Georgia that cater to non-residents. However, these institutions may lack the robust online banking features and multi-currency support offered by the major banks. Keep in mind that smaller banks may have more limited services for international clients.

Final Thoughts on opening a non-resident bank account in the country of Georgia

Opening a non-resident bank account in Georgia is an excellent step for diversifying your financial portfolio as a global citizen. With its multi-currency accounts, low fees, and foreigner-friendly banking system, Georgia offers a strategic advantage for those seeking financial flexibility and security.

The Bank of Georgia is the top choice for its simplicity and ease of use, while TBC Bank serves as a solid backup option. When selecting a bank, consider your long-term needs, such as ease of access, multi-currency support, and account maintenance requirements.

For more tailored advice on setting up international bank accounts, reach out to us at Worldwise Capital. We’re here to guide you every step of the way!