Bank of Georgia (BoG) is a popular choice among individual interpreneur due to its extensive branch and ATM network and its good value for money services. It is especially favored by those needing SWIFT transfers.
Key Features of Bank of Georgia
- Supports Apple Pay: Apple Wallet compatible
- Mobile Banking: High quality
- Service Quality: Good
- Likelihood of Account Rejection: Medium
- Account Maintenance Fees:
- 1.5 GEL/month for basic accounts
- 5 GEL/month for Gold cards
BoG offers multi-currency VISA CLASSIC/GOLD and MASTERCARD STANDARD/GOLD cards .
Required Documents for Opening an Account
To open an account, the following documents are typically required:
- International passport
- KYC form
- Proof of income: This could include:
- Employment contract
- Employment record book
- Tax certificate (2-NDFL)
- Bank statements showing transactions over the past 6–12 months (may need to be translated into English and notarized)
- Proof of residence in Georgia
- Payment receipt for the application fee: 50 GEL
- Local SIM card
Other documents or clarifications may also be requested.
Processing time: 3–5 business days.
If you are unable to visit Georgia, services like Myreloc can assist with account opening remotely. Contact them for details.
Customer Reviews of Bank of Georgia
Positive Experiences:
- “Opened an account at BoG in 3 days without needing income statements. Just paid the 50 GEL fee and received both an American Express and virtual Visa card.”
- “My wife’s private account was opened in 3 days with an employment contract from an Estonian company—no need for IE status to open an account quickly.”
- “Received notification 2 days after submitting the KYC form that I could visit any branch to finalize my account. Only provided an employment contract and a 6-month Tinkoff bank statement.”
- “BoG processed my KYC form within a day. The next day, after 4 PM, I collected my card.”
- “BoG’s account opening process is quick and straightforward compared to other banks.”
Challenges and Mixed Feedback:
- “SWIFT transfers can be problematic without specifying a correspondent bank. A $500 transfer from Tinkoff arrived as $488—$12 went missing.”
- “Some customers reported delays of up to 2 weeks for account approval, with inconsistent responses from the bank.”
- “BoG blocked my account for ‘suspicious activity’ in online banking. I was required to appoint someone with a power of attorney to resolve the issue at a branch.”
- “A $50 fee was deducted from a failed SWIFT transfer, and the funds were returned to the sender minus the fee.”
- “Personal account applications often face rejections, even with complete documentation.”
Account Opening Process
- Visit a BoG branch and pay the 50 GEL application fee (keep the receipt).
- Complete the KYC form online and upload the required documents.
- Wait for approval (typically 3–5 business days).
- If approved, visit the branch to finalize the account setup.
- Purchase a SIM card and link it to your account for SMS notifications.
- Deposit at least 50 GEL to activate the account.
Optional services: Multi-currency accounts, linked deposit accounts, and Apple Pay compatibility.
Why Choose Bank of Georgia?
- Ease of Use: Straightforward mobile app and online banking system.
- Multi-Currency Flexibility: Suitable for international transactions.
- Wide Network: Numerous branches and ATMs.
- Reasonable Fees: Competitive pricing for account maintenance and services.
When to Consider Alternatives
BoG may not be the best option for all customers, particularly:
- Frequent SWIFT users: Some transactions are delayed or blocked without clear reasons.
- Rejected Applications: Consider TBC Bank as an alternative.
📩 Contact us if you need assistance opening a BoG account remotely or navigating the process efficiently.
