Opening a Bank Account in Georgia
This guide provides a list of required documents and some nuances faced by Russian citizens when applying for a bank account in popular Georgian banks in 2024.
To open a bank account in Georgia, you should have the following documents:
- Passport: A valid international passport.
- Local SIM card: Essential for communication and receiving bank codes.
- Bank statements: Statements from your bank accounts for the past six months showing income (a one-year statement is even better).
- Income confirmation: A certificate from your employer detailing your income, preferably in English (Russian versions can be translated).
- Signed employment contract.
- Rental agreement in Georgia: Required by some banks but not all.
- Sole Proprietorship (SP) Number: If applicable, along with statements from the SP account for at least six months.
Important Note: Employment contracts, bank statements, and income confirmation documents must have official stamps.
Not all Georgian banks require everything listed above. However, if one bank rejects your application, another might request these additional documents. It’s best to have as much as possible prepared in advance.
How to Open a Bank Account Remotely?
Some Georgian banks allow you to open an account remotely via a power of attorney. For detailed assistance, feel free to contact us.
Opening a Bank Account in Georgia
When submitting your application, you may be asked to fill out KYC (Know Your Customer) and Source of Wealth forms.
Important!
When you visit the bank with your documents, there is a chance they will ask you to send the documents electronically as well. If you email your documents, the bank may later request the originals to be submitted within a short timeframe. Therefore, it’s advisable to have both digital and original versions of all required documents.
Specific Considerations for Russian Citizens
Below are some unique aspects Russian citizens might encounter when applying to Georgian banks:
- Document Requirements Vary: While some banks may have more lenient requirements, others may be stricter, especially regarding proof of income and residence in Georgia.
- Language of Documents: Georgian banks often prefer documents in English or Georgian. If documents are in Russian, ensure they are professionally translated and notarized.
- Verification Procedures: Banks may conduct thorough checks on the source of income and request detailed explanations.
By preparing thoroughly and following these guidelines, you can ensure a smoother process when opening a bank account in Georgia, even remotely.
Bank of Georgia (BoG)
As with most Georgian banks, you’ll need to fill out a KYC (Know Your Customer) form and wait for the bank’s approval.
The application review process may take more than a week. Once approved, you will need to visit the bank branch again to finalize the process. During this visit, you may be asked to fill out the KYC form once more and sign some documents in Georgian. If everything goes smoothly, an instant non-personalized card can be issued as soon as your application is approved, while a personalized card might take a few days to prepare.
NB! According to user reviews, it is easier to open an account in this bank if you work for a large international company. Sole proprietors (SPs) are more likely to face rejections. Having a rental agreement in Georgia could be an additional advantage.
Opening a BoG Account Remotely
TBC
There are lucky individuals who managed to open an account with just their international passport and verbal declarations about their income and workplace. However, most applicants are less fortunate. In addition to the documents listed earlier, the bank may ask for a Russian address and a copy of your birth certificate.
When applying for an account, a fee of 50 GEL is required, which is non-refundable even if your application is denied. Questions from the KYC form may need to be answered both in writing and orally over the phone.
A personalized card takes a couple of days to prepare, while a non-personalized card can be issued immediately after application approval.
CREDO Bank
If you’ve already faced rejection at another bank, consider applying for an account at Credo Bank. Over 90% of Russian applicants have successfully opened accounts here.
Credo Bank staff may not always require documents in English, but they may pay close attention to official stamps on your documents. Applications are typically reviewed within 3–5 days. The bank only issues MasterCard cards.
Liberty Bank
This bank has a relatively high rejection rate for opening accounts, especially for sole proprietors (SPs). If successful, you can expect a GEL-denominated card and savings accounts in USD or EUR, though these can only be used for local payments. To withdraw foreign currency, you’ll need to visit a cashier at a branch. When withdrawing cash from a card, fees for withdrawal and currency conversion will apply if foreign currency accounts are used.
Terabank
To open an account at this bank, you may also need to provide an employment contract with a Georgian company or a certificate of SP registration in Georgia.
Remote Account Opening in Georgia
For assistance with opening a bank account in Georgia remotely, feel free to contact us.
