Georgia is located in the Caucasus region of Eurasia, which is a sovereign state, and it is located precisely at the crossroads of the European continent from the east with western Asia.
The steps to open a bank account in Georgia are an important stage for everyone who intends to invest in the Republic of Georgia and the investment that is required from transferring funds from the investor’s country to Georgia to pay the value of his investments.
Keep in mind that Georgia is one of the countries that tries to the extreme to keep all financial operations within the banking system, to achieve this, important barriers and incentives have been established that you must know.
Through the upcoming paragraphs York Towers is going to give you the most useful and vital information that you ever need to open a bank account in Georgia Country.
9 benefits of opening a bank account in Georgia
Once the account is successfully opened in a Georgian bank, you will get the following banking benefits:
- Georgian law prohibits the traveler from carrying amounts of cash in excess of 30,000 lari, equivalent to $ 12,500. And in case you have to do so, you must report the amount to the customs department at the border crossing.
- A global account i.e. accepts all bank financial transactions for four currencies and not one currency, the same account accepts transactions in Georgian lari, English pound, euro, and US dollars.
- A debit card to authorize you to withdraw, deposit, and balance inquiries from anywhere in the world.
- A network bank account that enables you to perform all operations using the Internet.
- you can easily get a credit card for 50 dollars.
- Availability of safety and privacy in Georgian banks.
- Georgian law prohibits companies from receiving cash from customers for expensive goods, such as real estate.
- the high profits of Georgian banks as the profits of the bank in Georgia on the dollar is from 6 to 8%, and for lari, it may reach 15% on deposits.
- Everyone in Georgia, whether citizens, residents, or tourists, has the right to open a bank account using passport information.
TOP 12 Georgian banks.
York Towers always cares about establishing the accuracy in providing the information to you, thus we are ready to provide you with the names of the most trusted banks in Georgia.
- HSBC Bank Georgia
- Silk Road Bank
- TBC Bank
- National Bank of Georgia
- Cartu Bank
- First British Bank
- Procredit Bank
- Standard Bank
- Bank of Georgia
- Transcaucasus Development Bank Tbilisi Branch
- Ziraat Bank Tbilisi Branch
Some notes you should know before opening an account in Georgia.
- The account opening fee with all its one-time subscriptions is only 38 lari.
- Commission withdrawal fee in US dollars from the ATM is 2%.
- Commission for withdrawing in US dollars from the bank’s counter is 6%.
- Commission for the transfer of another account within the same bank 0%.
- All commissions above become 0% if the amount is linked as a deposit for three months before the start of the withdrawal.
- The daily ATM withdrawal limit is $ 600 or equivalent in other currencies.
- Automated teller machine allows you to withdraw dollars as lari.
- Bank text messages require a Georgian mobile number, the bank system does not send messages to international numbers.
- Annual interest on deposits in dollars is 7%.
- There are no restrictions on transferring funds to and from Georgia.
- When transferring large sums to your account there, if the source is not your personal account in your country, you must bring proof of the source of the amount in order to avoid any obstacles.
Steps to open your bank account.
- The original passport.
- A translated copy of the passport into the Georgian language.
- Visiting the bank
- Getting a waiting number.
- Sign the account opening documents and pay an amount of up to 38 lari, and you will be provided with bank account details for your account.
- Receiving the ATM card the next day.
Can you open a Georgian bank account remotely?
Georgia allows you to open your bank account remotely, you only need to follow the next steps.
Steps to open an georgian offshore account bank:
- Present your name, cell phone number and email for online banking
- Choose your bank and the services
- then you get the prepares Power of Attorney (POA)
- you should sign up POA
- After receiving the response from the bank, your account will be ready within 3 days.
Steps to open your bank account in Georgia with no deposit
- Pick up a Bank or Credit Union with $0 Deposit Reqs,For example, you can start opening your bank account through online banks (chime & discover).
- Fill Out the Online Application
- Your legal name
- Your physical address
- Your phone number
- Your email address
The official currency of Georgia.
Georgian lari or (GEL), is the official currency in Georgia.
If you are a tourist who does not have this currency, you will find a lot of difficulty dealing with almost everything as every supermarket, shop, and restaurants are only accepting this currency.
the Paper currencies for lari: one lari, two larian, five, ten, twenty, fifty lari, one hundred lari, two hundred lari.
the coin lari : one lari, two larian, one tartar, two liters, five, ten liters, twenty, and fifty liters.
Currency exchange and exchange shops in Georgia.
- something you should put in mind before going to Georgia, the Georgians are always proud of their currency and will not accept to deal in dollars or euros in shops and markets so that you have to deal with the official currency in Georgia.
- The first thing you should do is to withdraw bank cards with your ATM or non-dollar / euro cards at the exchange shops. You will find it available everywhere in the main streets of the capital, Tbilisi, or the big cities.
- You will find red flags on the street with numbers and coins written on it and that means these are the places you can exchange your money in, You have not changed from the first one that met you on your way because the prices vary from one store to the other.
- Make sure before you change any currency with you that there is no change fee.
- In small cities and villages, you can find ATMs but these will be offering the lowest exchanges.
- If you withdraw/change a lot of money while you are there and your flight is saved and there is a lot of Larry with you, you can return them to dollars again from the money exchange stores.
- Exchange rates: two numbers are written side by side, the higher is the dollar selling price and the lower the dollar buying price.
Georgia allows you to open a bank account through simple steps. There are many ways in which a bank account can be opened, either remotely or without a deposit. we in York Towers can help you step by step in opening your bank account, you only need to connect with it through the live chat or the mail.