Lawyer
Expert in financial and international corporate law. Extensive experience advising FinTech and licensed companies across the EU, UAE, US, and East Asia. Focused on AML/KYC compliance, M&A transactions, company registration and licensing, and regulatory and banking interactions.
Opening a bank account in Georgia
A bank account in Georgia may be needed for everyday payments, receiving income, holding funds in different currencies and settlements with counterparties. For a foreigner, the procedure depends on the selected bank, the purpose of the account and the results of the review. A personal account for expenses while living in the country and a corporate account for international trade require different preparation.
Prikhodko & Partners helps determine the requirements applicable to the applicant, select a bank and prepare documents for opening a personal or business account in Georgia. The scope of support is agreed taking into account the client’s future transactions and individual circumstances.
How can a non-resident open an account in Georgia?
Foreigners may apply to Georgian banks to open accounts. In particular, on its page for foreign clients, TBC provides for an application at a branch with the original international passport and a telephone number. At the same time, the bank states that additional verification may be required in certain cases. Therefore, the simplified procedure should not be treated as a guarantee that an account will be opened for every applicant. TBC terms for foreigners.
Before applying, it is advisable to prepare information and documents that may be required to clarify the client’s profile:
- a valid international passport and contact details;
- information about the place of residence and tax residence;
- an explanation of the purpose of opening an account in Georgia;
- evidence of employment, income or the source of savings;
- information about expected incoming payments, transfers and the parties involved.
This is a list for preliminary preparation rather than a uniform mandatory package for all banks. Before travelling, it is advisable to clarify the requirements applicable to your particular situation, including the language of the documents and their certification.
Can an account be opened online in Georgia?
Online account management and initial account opening are different procedures. A mobile application allows banking services to be used after identification, but does not in itself confirm that a person can become a client from abroad.
For example, TBC’s published procedure for foreigners provides for an initial visit to a branch. The bank subsequently allows internet banking to be used outside Georgia. TBC service procedure.
For a business account, TBC separately describes the possibility of an authorised representative applying with a power of attorney and a certified copy of the director’s document. This is an application through a representative at a branch rather than a fully online process. The acceptability of this option and the document requirements should be agreed in advance. TBC business account opening terms.
Which bank is best for opening an account in Georgia?
The choice depends on how the account will be used. For personal expenses, card use and cash withdrawals are important; for a business, international transfers, employee access and payment acceptance may be more relevant.
| Bank | What can be considered | What to clarify before applying |
|---|---|---|
| TBC Bank | Multi-currency account, mobile and internet banking | Procedure for reviewing foreign clients, available currencies and fees |
| Bank of Georgia | Personal banking services and digital services | Conditions for non-residents, required documents and method of initial identification |
| Liberty Bank | Accounts and cards for personal use | Availability of the product for the specific applicant, fees and transfer conditions |
The table helps create a list of banks for comparison. It does not mean that every institution will accept every non-resident or offer identical conditions.
Account in Georgia for an individual
A personal account may be selected for everyday settlements, receiving personal income and holding savings. Before opening one, it is advisable to compare package fees, card issuance, cash withdrawals and transfers. It is also important to clarify the procedure for restoring access to banking services if the account holder is abroad.
If a significant incoming payment is expected, it is advisable to prepare documents explaining its source. For example, for funds from the sale of real estate — the agreement and evidence of settlement; for accumulated income — relevant statements and employment documents.
The account should also be selected taking into account the regularity of transactions. If incoming payments are related to entrepreneurial activities, this should be disclosed to the bank and the appropriate product agreed.
Account in Georgia for a business or company
When preparing, it is important to distinguish between a Georgian company with foreign owners and a company registered outside Georgia. The terms of a programme for local businesses cannot automatically be applied to a foreign legal entity.
For example, for a company’s first account under the relevant programme, TBC states that the following are required:
- an extract relating to the company and its articles of association;
- a KYC questionnaire — information for customer verification;
- information about ultimate beneficial owners;
- a banking agreement and documents required to activate products;
- where necessary — a resolution, power of attorney and additional documents.
The bank also sets requirements for identifying the director, beneficial owner and controlling person. The final package depends on the company’s structure. Documents for a TBC business account.
When preparing for the review, it is advisable to separately describe the activities, countries of counterparties, expected turnover and source of funding. A newly established business may benefit from preparing existing agreements or other materials that explain its future transactions.
Foreign currency account in Georgia
A foreign currency account allows funds to be held and transactions to be carried out in the relevant currency. In particular, TBC offers a multi-currency current account for everyday banking.
When comparing terms, it is important to consider exchange rates, international transfer fees and possible correspondent bank charges. For a card, it is worth clarifying which currency balance will be debited and when currency conversion will apply.
The ability to open a foreign currency account does not mean automatic approval of every transfer. Liberty, for example, expressly states that it monitors unusual transactions and performs sanctions screening. Therefore, the planned directions of international payments should preferably be discussed with the bank before the account is opened. Liberty financial monitoring policy.
What is included in legal support?
Prikhodko & Partners helps prepare the application taking into account the client’s status and the requirements of the selected bank. Support may include:
- analysis of the client’s objectives and comparison of banking offers;
- review of the completeness and consistency of the documents;
- preparation of explanations regarding business activities and source of funds;
- assistance with questionnaires and responses to additional requests;
- coordination of requirements relating to representation, translations and certification.
The lawyers’ task is to make the information clear to the bank and reduce the risk of resubmission due to deficiencies in preparation. The final decision on opening the account remains with the bank.
How we support the opening of an account in Georgia
- We determine the need. We clarify the type of account, currencies, expected payments and the applicant’s status.
- We review the options. We determine the banks’ requirements and the possible application method.
- We prepare the package. We review the documents, questionnaires and explanations for the bank’s assessment.
- We support the review. We help handle additional requests and clarifications until a decision is received.
The timeframe and cost of legal work are determined after assessing the situation. Bank fees and the costs of translations or certification of documents are clarified separately.
Advantages of legal support
- The application procedure is clarified before travelling or executing a power of attorney.
- The documents are reviewed for completeness and inconsistencies.
- The banking product is selected according to the planned transactions.
- Responses to requests are prepared consistently and supported by evidence.
Are you planning to open a personal or corporate account in Georgia? Contact Prikhodko & Partners to determine the available application procedure, required documents and scope of legal support for your situation.
Calculate the cost of services
1 question
Do you need to open an account without travelling to Georgia in person?
2 question
Do you need an account for entrepreneurial activities or a company?
3 question
Has a Georgian bank previously refused to open an account for you?
4 question
Are there any other legal entities among the owners of your company?
Does legal support guarantee the opening of an account in Georgia?
No. Lawyers help prepare the documents and guide the application process, but they cannot replace the bank’s decision or waive its requirements for the client.
Do all documents need to be translated into Georgian?
It is impossible to define a universal list of translations for all banks and applicants. Before ordering a translation, the language, form of certification and list of documents concerned should be agreed with the selected bank.
Can a Georgian account continue to be used after leaving the country?
Yes, provided this is allowed under the bank’s terms and the account remains active. In particular, TBC confirms that internet banking can be used abroad. Before leaving, it is advisable to check access to authentication tools and the procedure for updating personal data. TBC guidance.
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