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
- 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
Georgian banking system has earned the trust of depositors from all over the world due to its stability and reliability.
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.