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bank account

Discover the advantages and how to open a bank account in Georgia. Disadvantages, requirements and types of accounts.

Opening a bank account in Georgia is a straightforward and accessible process. With a formal and almost institutional tone, individuals and businesses can find various advantages in setting up an account in this country. Let’s explore the details of opening a bank account in Georgia.
Remote opening Yes
Opening difficulty Simple
Currency Georgian Lari (GEL)
Minimum deposit Varies by bank, but typically around 50 GEL
Non-residents accepted? Yes

Why choose a Bank in Georgia?

Setting up a bank account in Georgia comes with numerous benefits. The country’s banking system offers stability, efficiency, and a range of services suitable for both personal and business needs.


  • Secure and stable banking system
  • Access to a variety of banking services
  • Opportunity for non-residents to open accounts
  • Efficient remote account opening process
  • Favorable interest rates for savings accounts


  • Limited options for international banking
  • Foreign exchange restrictions may apply
  • Language barriers for non-English speakers
  • Some banks may require higher minimum deposits for specific services

Types of bank accounts in Georgia

Personal bank account

A personal bank account in Georgia functions as a standard account for individual use. It allows account holders to manage their finances, access digital banking services, and conduct transactions with ease.

Business bank account

A business bank account in Georgia is designed for companies and entrepreneurs. It offers features tailored to business needs, such as payment processing, payroll management, and international transactions.

The banking sector in Georgia

The banking sector in Georgia is well-regarded for its transparency, compliance with international standards, and overall attractiveness. Compared to similar countries, Georgia’s banking system stands out for its efficiency and accessibility to both residents and non-residents. Various commercial banks operate in Georgia, contributing to the country’s dynamic financial landscape. These banks provide a wide array of services, including personal and business accounts, loans, and investment opportunities.
  • Bank of Georgia
  • TBC Bank
  • Liberty Bank
  • VTB Bank
  • ProCredit Bank
  • Cartu Bank
  • Bank Republic
  • MFO Crystal
  • Pasha Bank
  • International Bank of Azerbaijan
  • Credo Bank
  • Finca Bank
  • Nikoil Bank
  • Terabank
  • Bank of China (Georgia)
  • Citibank Georgia

How to open a bank account in Georgia


To open a bank account in Georgia, you need to meet a few requirements:
  • Be at least 18 years old
  • Provide a valid identification document
  • Submit proof of address
  • Some banks may require a reference letter from another bank

Required documents

The necessary documents for opening a bank account in Georgia include:
  • Valid passport or national ID card
  • Proof of address (utility bill or rental agreement)
  • Residence permit (for non-residents)


  1. Choose a bank that suits your needs and preferences.
  2. Gather the required documents, ensuring they are up-to-date.
  3. Visit the bank in person or use remote opening procedures, if available.
  4. Complete the account application form and submit the necessary documents.
  5. Deposit the minimum required amount to activate the account.
  6. Receive your account details and start using your new bank account.

Frequently asked questions

Can a non-resident open a bank account in Georgia?

Yes, non-residents can open a bank account in Georgia. The country welcomes foreign investors and individuals to utilize its banking services. Non-residents may find it beneficial to open an account in Georgia to facilitate business transactions, investment activities, or personal banking needs. However, it is essential to meet the required documentation and eligibility criteria set by the chosen bank. Some banks may have specific account types tailored to non-residents, making the process even more convenient. With a stable banking system and ease of remote account opening, non-residents can confidently access Georgian banking services from abroad.

How long does it take to register a bank account in Georgia?

The duration to open a bank account in Georgia varies depending on several factors. In general, the process can be completed within a few business days to a week. The timeframe may be influenced by the bank’s internal procedures, the complexity of the account setup, and the completeness of the submitted documents. For individuals with all the necessary documents ready, the process tends to be quicker. Some banks may offer expedited services for certain account types or for existing customers. Overall, Georgia’s banking system aims to provide efficient account opening services, ensuring a smooth and timely experience for customers.

What documents are required to open a bank account in Georgia?

To open a bank account in Georgia, individuals need to submit the following essential documents: Valid Passport or National ID Card: A government-issued identification document with a clear photograph and valid expiration date is required. Proof of Address: This can be a recent utility bill, rental agreement, or any official document that confirms the applicant’s current address in Georgia. Residence Permit (For Non-Residents): Non-residents should provide a valid residence permit issued by the Georgian authorities, allowing them to stay in the country legally. These documents are vital for identity verification and complying with anti-money laundering (AML) and know-your-customer (KYC) regulations. Meeting the document requirements ensures a smooth and compliant account opening process.

Can I open a joint bank account with a Georgian resident?

Yes, it is possible for an individual to open a joint bank account with a Georgian resident. A joint account allows multiple account holders to manage funds collectively. To open a joint account, all applicants, including the Georgian resident and the non-resident, must meet the bank’s eligibility criteria and provide the required documents. The bank will verify the identities and assess the creditworthiness of all account holders. It’s essential for joint account holders to have mutual trust and understanding, as they will share equal access to funds and financial responsibilities.

Are there any fees associated with opening a bank account in Georgia?

Yes, certain fees may be associated with opening a bank account in Georgia. However, the specific fees can vary depending on the bank and the type of account being opened. Common fees may include: Account Opening Fee: Some banks may charge a one-time fee when a new account is opened. Maintenance Fee: This fee is typically charged periodically to cover the cost of account maintenance and services provided. Transaction Fees: Banks may apply charges for specific transactions, such as wire transfers or international transactions. Overdraft Fees: In case of overdrawing from the account, banks may apply overdraft fees. Minimum Balance Requirement: Some accounts may have a minimum balance requirement, and failure to maintain this balance may result in a fee. It is essential to review the fee schedule of the chosen bank and account type before opening an account to understand the applicable charges fully.

What are the interest rates for savings accounts in Georgia?

The interest rates for savings accounts in Georgia can vary among banks and account types. Savings account interest rates are influenced by various factors, including market conditions, the bank’s policies, and the account balance. In Georgia, savings account interest rates may range from relatively low to more competitive rates depending on the bank. Customers should consider comparing the interest rates offered by different banks to find the best option that aligns with their financial goals. Additionally, some banks may offer promotional interest rates for new customers or for accounts with higher balances.

Can I open an online-only bank account in Georgia?

Yes, it is possible to open an online-only bank account in Georgia. Many banks in Georgia offer digital banking services, allowing customers to open and manage accounts entirely online. Online-only bank accounts provide convenience and flexibility for individuals who prefer to handle their banking needs electronically. Through internet banking platforms, customers can access account information, conduct transactions, pay bills, and manage finances conveniently from any location with internet access.

What is the process for closing a bank account in Georgia?

To close a bank account in Georgia, customers typically need to follow these steps: Visit the Bank: Account holders should visit the bank branch where the account was opened. Account Closure Request: Submit a formal request for account closure to the bank. This request may be in writing or through a designated form provided by the bank. Settle Outstanding Balances: Ensure that all outstanding balances, including any pending transactions, fees, or charges, are settled before closing the account. Return Bank Cards and Documents: Return any bank cards, checkbooks, or other documents associated with the account to the bank. Confirm Account Closure: After processing the account closure request, the bank will confirm the closure in writing or via email. It is essential to keep track of the account closure process and ensure that all necessary steps are completed to avoid any complications or future liabilities.

What are the benefits of opening a bank account in Georgia as a non-resident?

Opening a bank account in Georgia as a non-resident offers several advantages: Access to a Stable Banking System: Georgia’s banking sector is known for its stability and adherence to international standards, providing a secure environment for financial transactions. Diverse Banking Services: Non-residents can access a wide range of banking services, including multi-currency accounts, international transfers, and investment options. Favorable Interest Rates: Some banks may offer competitive interest rates on deposits, potentially generating returns on savings. Facilitating Business Activities: Non-residents can use their Georgian bank account to conduct business transactions, receive payments, and manage finances related to their business activities in the country. Digital Banking Convenience: Many banks in Georgia offer internet banking services, allowing non-residents to manage their accounts remotely from anywhere in the world. By opening a bank account in Georgia, non-residents can benefit from a well-established financial system that caters to diverse banking needs.

Are there any age restrictions for opening a bank account in Georgia?

Yes, to open a bank account in Georgia, individuals must meet a minimum age requirement. Generally, the minimum age for opening a bank account in the country is 18 years old. This requirement ensures that account holders have the legal capacity to enter into financial agreements and manage their finances responsibly. For individuals under the age of 18, some banks may offer specialized accounts designed for minors, often requiring a parent or guardian to act as a joint account holder. These accounts may have certain limitations or restrictions to ensure the appropriate management of funds for younger account holders. It’s essential for individuals of legal age to provide valid identification documents and meet other necessary requirements when applying for a bank account. Meeting the minimum age requirement grants individuals access to various banking services, enabling them to make use of financial tools and resources to manage their money effectively.

Are foreign exchange restrictions applicable to Georgian bank accounts?

Yes, Georgian bank accounts may be subject to certain foreign exchange restrictions. While the country promotes a liberalized foreign exchange regime, some limitations and regulations exist to maintain monetary stability and control capital flows. Individuals and businesses with Georgian bank accounts may encounter restrictions when conducting certain international transactions or converting currencies. These restrictions are in line with the country’s monetary policy and compliance with international standards. Before engaging in foreign exchange transactions, account holders should be aware of any applicable restrictions and consider consulting with their bank to understand the specific regulations and fees involved.

Are foreign exchange restrictions applicable to Georgian bank accounts?

Yes, Georgian bank accounts may be subject to certain foreign exchange restrictions, especially for international transactions. It is advisable to check with the bank and relevant authorities for specific details on such restrictions.

What are the options for international banking in Georgia?

Georgia offers a variety of international banking options for both residents and non-residents. International banking services cater to the needs of customers who engage in cross-border transactions, international trade, and investment activities. Some of the key international banking services available in Georgia include: Foreign Currency Accounts: Georgian banks provide accounts denominated in major foreign currencies, allowing customers to hold funds in different currencies and conduct international transactions. International Wire Transfers: Banks facilitate secure and efficient wire transfers to destinations worldwide, enabling seamless movement of funds across borders. Trade Finance Services: Georgian banks offer trade finance solutions, such as letters of credit and documentary collections, to facilitate international trade transactions. International Investment Services: Non-residents can access investment opportunities in Georgia, including investment funds and capital market products. International Debit and Credit Cards: Banks issue debit and credit cards that can be used internationally, providing ease of access to funds while traveling or making online purchases. By utilizing these international banking services, customers can efficiently manage their global financial activities and capitalize on opportunities in the international market.

Can I transfer money from a Georgian bank account to a foreign account?

Yes, account holders in Georgian banks can transfer money from their Georgian bank accounts to foreign accounts. However, international transfers may be subject to specific restrictions and fees, depending on the banks involved and the nature of the transaction. To initiate a foreign transfer, account holders typically provide the recipient’s bank details, including the account number, the recipient’s name, and the bank’s SWIFT code or routing number. Some banks may also request additional information to ensure compliance with international regulations. It is essential for account holders to be aware of any applicable fees and foreign exchange rates that may apply to international transfers. Additionally, account holders should consider factors such as processing time and potential intermediary bank fees when planning international transactions.

How safe and stable is the banking system in Georgia?

Georgia’s banking system is considered safe and stable, providing a secure environment for depositors and investors. The country’s banks are subject to strict regulatory oversight by the National Bank of Georgia, ensuring compliance with prudential and anti-money laundering regulations. The country’s banking sector has shown resilience over the years, even during global economic challenges. Georgia’s prudent fiscal policies and proactive regulatory measures have contributed to maintaining stability and confidence in the financial system. Additionally, deposit insurance is in place to protect depositors’ funds. The Deposit Insurance Agency of Georgia provides coverage for eligible deposits in the event of bank insolvency, up to a specified limit per depositor. Overall, Georgia’s banking system is well-regarded for its transparency, soundness, and commitment to international standards, providing customers with a secure and reliable platform for their financial needs.

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