Bank Cards and Accounts: What to Open After Moving

Bank Accounts and Cards: What to Open After Moving 🇬🇪

Moving to Georgia raises immediate financial questions: which accounts and cards to open first, how to receive salary, and how to manage international transfers. This guide gives clear, practical steps for newcomers.

1. Clarify your needs first ✅

• Everyday spending: a local debit card and easy ATM access.
• Salary and payroll: an account that employers can pay into efficiently.
• Savings and currency diversification: a multi-currency account for holding different currencies.
• International transfers: an account with IBAN/SWIFT and reasonable transfer terms.

Start with one debit card and one multi-currency account — add products later as you settle.

2. Types of accounts and who they suit 🏦

• Non-resident account — useful if you haven’t registered residency yet.
• Resident account — for those who live and work in Georgia and can show local address proof.
• Multi-currency account — ideal if you receive income in different currencies.
• Business account — if you freelance or run a company.

Banks differ in documentation and service levels; ask about specific conditions for each account type.

3. Typical documents required 📄

• Passport.
• Proof of legal stay (visa or residency permit, if available).
• Proof of local address (rental agreement or utility bill), usually for resident accounts.
• Tax ID number, if required.

If you just arrived, ask about non-resident account options so you can start receiving transfers and paying bills right away.

4. Card types: debit, credit, virtual — when to pick which? 💳

• Debit cards for day-to-day purchases and ATM withdrawals.
• Credit cards for building credit history and emergency use — use carefully.
• Virtual cards for safe online payments and subscriptions.

Look for contactless payments and mobile wallet support (Apple/Google Pay) to make life easier.

5. How to choose a bank: quick checklist ✅

• Fees for maintenance and cash withdrawals — compare real-life examples.
• ATM and branch coverage in your city.
• Multilingual customer support (English or your language).
• Mobile app and online banking usability.
• Conditions for international transfers and multi-currency services.

Test the mobile app before moving larger sums — that can avoid delays.

6. Setting up payments and utilities 🔧

• Use auto-pay via online banking or the bank app for recurring bills.
• Use a local card for regular payments to avoid repeated currency conversion fees.
• Keep a backup card for contingencies.

7. Security and account control 🔒

• Enable transaction notifications and spending limits.
• Never store PINs with your card.
• If the card is lost, block it immediately via the app or phone.

8. Taxes and formal residency issues 🧾

If you plan to work or rent out property, check tax implications for residents vs. non-residents. Banks may ask for income source documentation for large transfers.

9. Typical scenarios and recommendations ✍️

• Employed newcomers: open a resident account once you have a local address for payroll and tax ease.
• Freelancers or remote workers: multi-currency account plus virtual cards reduce conversion costs.
• Property buyers or investors: clarify transfer procedures and documentation for receiving large amounts.

Final tips and next steps 🧭

Don't rush. Open a basic account first, test the bank's service, then add products as needed. If you want support finding housing and nearby banking options, we can help.

Contact BuyHome to get personalized help finding property and setting up local financial arrangements. 📩

Start your property search at https://buyhome.ge/en/search.