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Open a personal account in Georgia in 2020

Personal account in Georgia in 2020: benefits and procedure for opening a personal account

2020-01-08
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No Georgian bank has gone bankrupt in the last decade. The credit and payment systems of this country are considered one of the most stable and at the same time dynamically developing in the world. Opening a personal account in Georgia to a foreigner in 2020 is to simplify domestic settlements and reduce commissions for non-cash transactions.

Benefits of personal account in Georgian bank

  • Simplified client identification and account opening procedure.
  • Ability to conclude a service contract remotely with the help of an intermediary.
  • Loyal rates for servicing individual accounts, compared to CIS countries and the European Union.
  • High level of confidentiality (Georgia does not support CRS protocol and does not disclose personal data of clients) and no sanctions.
  • Opportunity to open a multi-currency account, connect a mobile (Internet) bank and take advantage of premium services.
  • Developed system of compulsory insurance of deposits of individuals (maximum amount 5000 GEL).
  • Account opened in Georgia has international format IBAN and is suitable for international transfers.
  • No minimum balance requirement on the part of banks.

Personal account in Georgia will be useful not only for tourists and individuals planning to buy real estate in the country, but also for business owners. The National Banking System provides for the issuance of a payment card to each individual who has opened a current or deposit account. It will be useful for international settlements, receiving dividends or fees, money transfers or profits from the sale of cryptocurrency.

Top 3 banks in Georgia for individuals

  • JSC "Bank of Georgia" is 26 years old, assets of about 4.8 billion US dollars.
  • JSC "TBC Bank", existing 28 years, the size of assets 5.6 billion U.S. dollars.
  • JSC "Liberty Bank" was founded in 1994, the amount of assets is $680.9 million.

The procedure for opening an account for a non-resident

In order to open a personal account in Georgia in 2020 a foreigner will need a foreign passport, a detailed questionnaire in the form of a bank, documents confirming the place of residence, a signature sample card and about an hour of free time. If an account needs to be opened remotely, a notary power of attorney is added to these documents, allowing the intermediary to carry out such type of transactions and copies of the trustee's foreign passport, also certified by a notary.

After opening a personal account, a bank employee issues a service agreement to the client, specifying all tariffs and nuances, and at the client's request, connects him or her to the remote banking system. IT-OFFSHORE experts can help to choose the best of the 15 largest banks in Georgia, prepare a package of documents, fill out questionnaires in Georgian, or open an account remotely.

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