How and Where a Foreigner Can Open a Bank Account in Georgia

Opening a bank account in Georgia for foreigners remains a relevant topic, especially given the growing interest in the country as a financial and investment hub. Below are the key aspects of this process.

Types of accounts available to foreigners

In Georgia, foreigners can open bank accounts under nearly the same conditions as local citizens, writes T-J. The banking system is open and relatively easy to understand.

1. Current (checking) account
Opened for everyday use: transfers, bill payments, salary deposits, and card operations.
Currency: Georgian lari (GEL), US dollar (USD), euro (EUR). Multi-currency accounts are often available.
Card: a debit card (Visa or Mastercard) is almost always issued.

2. Savings account
Intended for earning interest on stored funds. Can also be used as an accumulation account.
Feature: higher interest rate than current accounts. Funds are accessible, though sometimes with withdrawal limits.

3. Foreign currency accounts (including multi-currency)
You can open separate accounts in each currency or a single multi-currency account. The latter is especially convenient if you frequently deal with multiple currencies (e.g., income in euros, spending in lari).

4. Deposit accounts (including term deposits)
Used for placing money for a set period at a fixed interest rate.
Important: early withdrawal usually results in loss of interest.

5. Online-only accounts (digital-only)
Some banks, especially Bank of Georgia and TBC, allow account opening via app or website. This is convenient if you are in Georgia and have already passed identification with the bank.


Which accounts are most suitable in different situations?

For daily use: multi-currency current account with a debit card.
For low-risk savings: savings or deposit account.
For business: separate corporate account (requires registration of a legal entity or individual entrepreneur in Georgia).
For freelancers and self-employed: a regular multi-currency account for individuals; can be used to receive international payments.

Where to open an account

TBC Bank and Bank of Georgia are the most customer-friendly, with good mobile apps and English-speaking service.
Liberty Bank is more accessible for elderly clients but has a less convenient online banking system.
Credo Bank, Terabank, Basisbank – suitable for those seeking a more personalized approach but with a smaller branch network.

To open an account as an individual, you’ll need only a passport and a Georgian phone number. For individual entrepreneurs, proof of income (e.g., employment or lease contract), a six-month bank statement, and documents confirming your residential address may be required. In some cases, a notarized English translation of the documents may also be necessary.

While most banks require in-person presence, some allow account opening via power of attorney. For this, a notarized power of attorney and a passport copy must be provided. However, this option is limited and depends on the bank’s policy. According to accountants, the simplest way to open a remote account is with TBC Bank.


For Russian citizens

Opening a bank account in Georgia for Russian citizens in 2025 is still possible but comes with several specifics due to increased documentation requirements and client verification, reports Klerk.ru. Below is the current information on the process, bank options, and required documents.

Bank of Georgia (BoG)
Offers multi-currency Visa cards with accounts in lari, dollars, euros, and British pounds. Plastic card issuance costs from 50 GEL, digital card is issued for free. Account maintenance starts from 5 GEL per month. Russian citizens must complete a KYC online form with a copy of their passport, a six-month bank statement, and an employment contract.

TBC Bank
Account maintenance is 100 GEL per year. Opening an account requires notarization and Georgian translation of submitted documents. The bank caters to foreign clients, including Russians. Account opening requires only a passport and Georgian phone number. A non-personalized card can be issued on the same day; maintenance cost starts from 25 GEL per year.

Required documents
To open an account in a Georgian bank, Russian citizens need:
- International passport
- Georgian phone number
- Completed KYC form
- Documents confirming income source (employment contract, 2-NDFL certificate, bank statements for the last 6–12 months)
- In some cases: rental agreement and documents confirming address in Georgia

After opening an account abroad, Russian citizens are obliged to notify the Federal Tax Service (FTS) within one month. An annual report on foreign account activity must be submitted by June 1 for the previous year.

Banks may refuse account opening without explanation. It is recommended to prepare a full set of documents and be ready for additional questions. Due to changing bank policies, always check up-to-date requirements and conditions on official bank websites or by contacting them directly.


Deposit insurance

According to experts from International Wealth, since 2018 Georgia has had a bank deposit insurance system that protects the funds of both individuals and legal entities, including non-residents.

As of January 1, 2024, the maximum compensation amount is 30,000 GEL per depositor per bank. If a client has multiple accounts in one bank, their balances are combined, but the payout does not exceed the set limit.

Compensation is paid in lari. If the deposit was in foreign currency, it is converted at the exchange rate of the National Bank of Georgia on the date of the insured event.

In the event of bank insolvency, compensation is paid within 20 working days.

All deposits are automatically insured—no additional action is required by depositors.

The insurance covers all types of deposits by individuals and legal entities: term and non-term deposits, current accounts, card accounts, deposits in both national and foreign currencies.

This applies to both residents and non-residents, including foreign nationals.

Insurance does not cover:
- Deposits restricted by law (e.g., seized funds)
- Deposits of bank administrators and their close relatives
- Deposits of shareholders holding 5% or more of the bank’s capital and their families
- Deposits of financial institutions and government bodies

The system is financed by commercial bank contributions. The initial contribution is 100,000 GEL upon joining the system. Monthly contributions are 0.03% of deposits in GEL and 0.1% of deposits in foreign currency.

These funds are accumulated in the Deposit Insurance Fund, managed by the Deposit Insurance Agency of Georgia.