Georgia: Georgian Bank Accounts Opening For Expats

How to open a bank account in Georgia and what Expats need to consider?

There are no legal restrictions for non-residents to open bank accounts in Georgia. However, when it comes to dealing with expats and foreigners, in some cases local banks are reluctant to open a bank account or receive money from overseas. Every bank in Georgia has the right to refuse in account opening without disclosing the reason. Nevertheless, opening a bank account in Georgia for non-residents is easier than in most other jurisdictions.

The required documents are:

• Application form
• Local mobile phone number
• Passport
• Documents that prove your sources of wealth and satisfy anti-money laundering laws. For example, a foreign bank statement or employment contract.

Should the bank find the documents satisfactory, the account will be opened on the same day and plastic cards prepared within the next 2-3 working days.

Some important factors that influence the account opening decision are:

• Legitimate sources of wealth
• The origination of incoming payments – less chances if they are outside of Georgia
• Currency of funds

It consists of 15 commercial banks and a regulator, the National Bank of Georgia.
All these banks in Georgia provide a wide range of banking services, including the ability to manage accounts remotely.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.