How to Open a Bank Account in Georgia as a Foreigner

How to open a bank account in Georgia as a foreigner 🇬🇪

Opening a bank account in Georgia is often straightforward compared with many other countries. Whether you plan to live here, buy property, or invest, having a local bank account simplifies payments, rent collection, and property transactions. Below is a practical guide to help you prepare and avoid common pitfalls.

1. Define the purpose of the account 🎯

Decide whether the account is for personal use, payroll, receiving rental income, or managing investments. The purpose determines the best account type: current account, multicurrency account, or deposit. It also affects the need for international transfer services such as SWIFT/IBAN.

2. Choosing a bank — what to look for 🏦

Consider these factors:

• Reputation and branch presence in your city.
• Quality of online and mobile banking apps.
• English-language customer service.
• Fees for account maintenance, transfers, and ATM withdrawals.
• Availability of multi-currency accounts, cards, and international transfers.

Tip: Larger banks often offer more predictable services for foreigners; smaller banks may have competitive rates but different procedures.

3. Typical documents required 📑

For non-residents banks commonly ask for:

• Passport as the primary ID.
• Proof of address (in your home country or temporary address in Georgia).
• Sometimes proof of income or source of funds (employment contract, invoices, or bank statements).
• In certain cases, notarized translations or certified copies may be requested.

Holding a residence permit or long-term visa simplifies many steps.

4. In-person vs remote opening — pros and cons 🌍

• Opening in person at a branch usually is faster and gives you immediate contact with bank staff. You can often get your card issued during the visit.
• Remote opening is available at some banks but typically needs video ID, extra checks, and time for verification. Remote procedures often require clearer evidence of source of funds.

If you plan to visit Georgia for a short time, doing it in person is generally more efficient.

5. Currency, cards and internet banking 💳

• Consider a multicurrency account or separate accounts for major currencies if you expect international payments.
• Check fees for currency conversion and international transfers.
• Verify whether the bank supports domestic instant transfers, card payments, and online management — essential when buying or renting property.

6. Taxes and reporting — what to be aware of ⚖️

Having a Georgian bank account does not automatically change your tax residency. However, if you receive income in Georgia (e.g., rent), you should understand local tax obligations. For investors, consult a tax advisor about withholding, reporting, and double-taxation matters.

7. Common mistakes and questions ❗

• Don’t proceed with large property payments before confirming the bank handles international transfers and provides required payment documentation.
• Requirements can vary by branch; always confirm the exact document list before visiting.
• Keep your bank contact details: for non-residents, banks may request additional documents later.

8. Typical process (simplified) 🛠️

1. Prepare passport and proof of address.
2. Choose a bank and book an appointment or submit a remote request.
3. Provide documents, sign agreements, and activate online banking.
4. Fund the account and order a card if needed.

9. How BuyHome can help 🤝

BuyHome assists clients buying property or investing in Georgia by advising on suitable banks, recommending branch locations, and helping coordinate fund transfers for real estate deals. Browse property options and get started at https://buyhome.ge/en or contact our team for personalized support.

If you'd like, contact us and we will help choose the right bank, prepare documents, and support payments related to property purchases in Georgia. We're here to make the process smooth and safe. 📩