Banking in Georgia: The Complete Guide to Business and Personal Banking in 2025
- Tinatin Tolordava
- Apr 14
- 10 min read
Table of contents
Introduction
Georgia’s banking system continues to offer a rare mix: local access with international standards. Whether you’re setting up a company, relocating as a remote professional, or managing cross-border investments, Georgian banks allow you to operate efficiently without unnecessary red tape.
The country has built a reputation as one of the most accessible banking destinations in the region. Foreign nationals can open accounts in just a few days. Businesses enjoy modern infrastructure, competitive fees, and account options tailored for startups and larger operations. And unlike many jurisdictions, Georgia still allows non-residents to open personal or business accounts, often with only a short visit or even remotely, depending on the bank.
As of 2025, most leading banks in Georgia have shifted further toward digital-first onboarding, improved multi-currency account access, and simplified compliance procedures. But ease of access doesn’t mean lack of oversight. The National Bank of Georgia enforces strict AML/KYC protocols, and banking compliance is non-negotiable for both local and foreign account holders.
This guide covers everything you need to know, how to open an account, what documents are required, which banks serve foreign clients best, and how to manage currency, transfers, and monthly operations. If you’re considering banking in Georgia this year, start here.
Why Bank in Georgia?
Georgia offers practical advantages, making it one of the most straightforward jurisdictions for personal and business banking. The system is built for accessibility, and the regulatory environment supports efficiency without unnecessary bureaucracy.
What sets Georgia apart?
Full banking access for foreigners: Non-residents can open personal and corporate accounts without local citizenship or residence permits. Most banks welcome international clients, especially those involved in business, investment, or remote work.
Fast onboarding: In most cases, corporate accounts can be opened in under a week. Personal accounts often take a day or less, provided the documentation is complete.
Modern digital infrastructure: Internet and mobile banking services are available in Georgian and English. Remote access to accounts is reliable, and online transfers, local or international, are usually processed within one business day.
Stable regulatory framework: The National Bank of Georgia maintains a consistent and well-enforced regulatory environment. It’s not overly restrictive, but it does expect compliance. This creates predictability for businesses and security for account holders.
Attractive for business structuring: Many international entrepreneurs use Georgia as a base for tax-efficient operations. A reliable banking setup is a key part of that, and Georgian banks cooperate closely with the local business registration process.
Banking here is functional. Accounts are multi-currency by default, cards are issued quickly, and most institutions understand the needs of international clients. Georgia delivers on both if your business or personal finances depend on stability and speed.
Types of Bank Accounts in Georgia
Georgia offers a straightforward account structure that meets both local and international needs. Whether you’re opening an account as an individual or on behalf of a company, the process is clearly defined, and the available account types are practical for cross-border use.
Business Bank Accounts
Corporate accounts are required for all registered legal entities in Georgia. These accounts allow companies to receive payments, pay suppliers, manage payroll, and operate across multiple currencies.
Most banks offer:
Multi-currency support (GEL, USD, EUR, GBP, etc.)
Access to corporate cards (Visa, Mastercard)
Online banking in English
Batch payment tools for regular transfers or salary payments
Foreign-owned companies are treated the same as locally owned ones. A director or legal representative must be present for the application, though some banks now offer remote onboarding under specific conditions.
Personal Bank Accounts
Georgia also makes it easy for individuals to open personal accounts, even as non-residents. No local address or residence card is required at most banks. You’ll need to provide ID, and in some cases, explain the source of incoming funds.
Personal accounts typically include:
GEL and foreign currency wallets
Online and mobile banking
Fast issuance of debit cards
International transfer capability
These accounts are widely used by freelancers, digital nomads, and new residents awaiting residence status. Georgia offers stable FX access and competitive rates for those paid in foreign currencies or managing income from abroad.
Non-Resident and Multi-Currency Accounts
One of Georgia’s most bankable features is its openness to non-residents. Almost every major bank allows foreigners to open accounts without prior ties to the country. Multi-currency features are standard.
For those managing funds across borders, this simplifies everything from receiving payments to converting currencies.
How to Open a Business Bank Account in Georgia
Opening a corporate bank account in Georgia is a direct process, provided your documents are in order and your company is properly registered. Banks are accustomed to working with foreign-owned entities, and most have clear internal procedures for non-resident clients.
Step-by-Step Process
Register your company in Georgia.
A registered legal entity is required before opening a corporate account. Most banks will ask for your company extract from the Business Registry, shareholder structure, and proof of tax registration. If you’re not yet incorporated, this step comes first.
Choose a bank that fits your business model.
Not all banks offer the same account features. Some are better suited for international transfers, while others are more responsive to startups or small businesses. Foreign clients often choose Bank of Georgia, TBC, or Liberty due to their English-language service and digital banking platforms. See Top Banks in Georgia for comparisons for foreigners and businesses.
Prepare your documents
Required documents vary slightly by bank, but typically include:
Company registration extract
Shareholder and director ID copies
Proof of address for the director or legal representative
Power of attorney (if applying through an authorized person)
Company charter or articles of association
Brief business activity description
Visit the bank (or apply remotely, if eligible)
Most banks still require a physical presence by the director or legal representative. A few allow remote onboarding with a notarized power of attorney and video verification, though this is not guaranteed.
Undergo a compliance review.
Banks in Georgia conduct internal AML and KYC screening. If your business involves high-risk sectors or operates in sanctioned jurisdictions, expect additional questions or possible rejection.
Account approval and activation.
Once approved, account details and access credentials are issued. In most cases, the full process takes 2–5 business days. Corporate cards can be issued shortly after activation.
If you’re unfamiliar with the local banking landscape, working with a local partner can save time and reduce the risk of application delays. Gegidze can assist with full account setup, document review, and in-bank representation.
Opening a Personal Bank Account in Georgia
Georgia makes personal banking accessible, even for individuals without local residency. Whether relocating, working remotely, or managing income from abroad, you can open a Georgian bank account with minimal paperwork and no citizenship requirement.
Who Can Open an Account?
Georgian citizens
Foreign nationals with or without residence permits
Temporary visitors, provided they present valid ID and a reason for account use (e.g., rental, investment, income management)
Unlike in many jurisdictions, Georgia does not require a local address or a long-term visa to open a personal account. It remains popular among digital nomads, freelancers, and investors.
Required Documents
Banks may have slight differences in policy, but generally request the following:
Valid passport (for foreigners)
Local phone number (required for mobile banking setup)
Personal TIN (tax ID), which can be issued during the process
Optional: Proof of address, depending on the bank's internal KYC policy
Some banks will ask for a short explanation of why the account is being opened. This can be as simple as “salary payments,” “personal savings,” or “investment income.”
Can You Open an Account Remotely?
Some banks allow remote account opening under limited conditions. This usually requires:
A notarized power of attorney
Remote identity verification via video call
A local representative handling the bank visit
While not every bank supports this, it’s possible with the right setup.
Personal Banking Use Cases
Receiving foreign income
Holding savings in USD or EUR
Managing local living expenses
Investing or participating in a local business
Opening a personal account in Georgia is a practical first step for anyone looking to engage with the country, whether as a resident, part-time visitor, or business operator.
If you need help navigating the bank’s process or preparing documents, Gegidze can support you from first contact through full account activation.
Banking Compliance and Regulation in Georgia
Georgia offers accessible banking, but that doesn’t mean it’s unregulated. The system is governed by the National Bank of Georgia (NBG), which enforces strict standards on anti-money laundering (AML), counter-terrorism financing (CTF), and customer due diligence.
Whether you open a personal or corporate account, you’re entering a regulated environment that expects transparency, especially from foreign account holders and newly registered businesses.
Key Compliance Areas to Understand
1. Know Your Customer (KYC)
All banks must verify your identity, source of funds, and business activity (if applicable). Expect to provide:
A valid passport
Tax ID (TIN)
Address and contact details
For companies: registration documents, shareholder structure, and a short business description
Additional questions may be asked during onboarding, especially if the structure is international or the business operates in a high-risk sector.
2. Source of Funds
You should be ready to explain where your money is coming from. This could be salary income, dividends, freelance work, or investment proceeds. Sometimes, banks may ask for supporting documents such as contracts, invoices, or bank statements from your country of origin.
3. Ongoing Monitoring
Compliance doesn’t stop once the account is open. Banks in Georgia monitor transactions continuously. Large international transfers, frequent foreign currency exchanges, or high-volume activity may trigger review requests.
If your account is used strictly for business purposes, make sure it's opened as a corporate account, not a personal one. Using the wrong type of account can lead to account freezes or closures.
4. Sanctions and Restricted Jurisdictions
Georgia complies with international sanctions lists. Clients with ties to sanctioned countries may face delays or rejections, and transactions to or from flagged jurisdictions are often blocked.
5. Tax Reporting
Georgia does not automatically report personal account activity to foreign tax authorities. However, corporate structures may be subject to transparency obligations involving international ownership, especially under OECD or CRS agreements.
Banks in Georgia are cooperative, but not passive. They expect clients to be upfront, responsive, and organized. Gegidze helps clients prepare compliance-ready files that reduce the chance of account rejection or review delays.
What’s New in Georgian Banking in 2025?
Georgia’s banking sector continues to evolve. 2025 will bring a new wave of improvements aimed at digital accessibility, faster onboarding, and expanded currency support. These changes benefit individual clients and foreign-owned companies operating in or through Georgia.
1. Remote Onboarding Is Expanding
Major banks have offered partial or full remote account opening options for eligible clients. While still limited, the shift is notable:
Select banks now accept video verification for both personal and business accounts.
Power of attorney onboarding is more standardized, especially for legal entities.
Remote procedures often require pre-screening and clear documentation, but they’re no longer the exception.
This is especially useful for non-residents who want to establish a financial presence in Georgia without immediate travel.
2. Mobile Banking Platforms Are Now Primary Interfaces
Most Georgian banks have redesigned their mobile apps to offer full-service features:
Real-time foreign currency conversion
Multi-account visibility (personal + business)
Push notifications for incoming transfers.
Access to account statements, payment templates, and invoice tools
English-language support in apps is improving, though not consistent across all banks. Still, the mobile app is now the default banking environment for most users.
3. Digital ID Integration Is Underway
The integration of Georgia’s eID system with private banks is progressing. In 2025, select banks will now allow digital ID verification during onboarding and login, reducing friction for residents and e-residents.
This means faster verification once e-ID access is obtained for international clients, particularly when combined with Georgia’s Public Service Hall or e-Residency programs.
4. Greater Multi-Currency Flexibility
Banks have expanded support for additional currencies and improved FX conversion tools. As of 2025:
Most business accounts offer up to 10+ currency wallets.
Clients can set conversion thresholds and automate exchanges.
FX rates are now more competitive for SME and high-volume users.
Select institutions offer real-time rate lock-ins for same-day execution.
This is especially relevant for companies that earn or spend in multiple currencies, including USD, EUR, GBP, and AED.
5. Regulatory Environment Is Stable, But Tighter on Reporting
While Georgia remains business-friendly, compliance standards have tightened in 2025:
Banks are required to maintain clearer beneficial ownership records
Transaction monitoring thresholds have been reduced for high-risk profiles.
Enhanced cooperation with the Revenue Service and National Bank has increased personal and corporate accounts transparency.
Foreigners can still open and operate accounts with minimal barriers, but expectations around documentation, consistency, and the purpose of funds are more defined.
Georgia’s banking sector in 2025 is still open, fast, efficient, and maturing. The shift toward remote access, digital tools, and multi-currency precision makes the system more usable for serious operators, not just casual visitors.
Final Tips Before You Open an Account
1. Choose the Right Account Type
Personal and corporate accounts are handled differently. Using a personal account for business activity, especially incoming international payments, can trigger compliance reviews or lead to account closure.
If your banking activity is related to a company, even a sole proprietorship, open a corporate account.
2. Prepare a Clear Document Package
Don’t assume the bank will guide you through every step. Come prepared with:
Valid ID
Company registration documents (if applicable)
Local phone number for online banking
Tax ID (TIN), which can be issued on request
Description of account purpose
If you’re applying through a representative, prepare the proper power of attorney. Incomplete or inconsistent paperwork is the most common cause of rejection.
3. Be Transparent About Fund Sources
Even for personal accounts, Georgian banks will ask where incoming funds come from. Have a simple, credible explanation ready, whether it’s salary, freelancing, dividends, or investment returns.
For business accounts, banks want to see a link between your company’s activity and the transactions expected on the account.
4. Expect Follow-Up Requests
Opening the account is just the first step. Banks may request additional information or clarification, especially after the first few international transactions. Responding quickly avoids restrictions or delays in account access.
5. Don’t Rely on One Bank
Consider opening secondary accounts with different banks if your operations are large or span multiple countries. This gives you flexibility if one institution changes its policy, limits transactions, or undergoes internal restructuring.
If you’re unsure which bank fits your needs or want help managing the account opening process from start to finish, Gegidze can support you directly. We handle document preparation, pre-approval, in-bank representation, and compliance communication, saving you time and reducing risk.
Need help opening a bank account in Georgia?
Gegidze handles the process from start to finish, so you don’t waste time on paperwork or compliance issues. Whether you're applying remotely or in person, we’ll ensure it gets done right.
Frequently asked questions (FAQ)
Can foreigners open a bank account in Georgia without residency?
Non-residents can open personal and business accounts in Georgia without needing a local address or residence permit
