How to Open a Bank Account in Georgia: Practical Guide

Why open a bank account in Georgia? 🇬🇪

A local bank account makes life easier for anyone buying property, renting out real estate, receiving rental income or living in Georgia. It simplifies payments for utilities, transfers to contractors, receiving payments from tenants and handling purchase transactions. For investors, it reduces friction and sometimes lowers transfer costs.

Documents you will likely need 🧾

Prepare the usual paperwork before visiting a branch:

• Passport or ID;
• Proof of address (utility bill, rental contract, or bank statement);
• Contact details (phone and email);
• Sometimes a proof of income or source of funds for larger transactions.

Many banks require in‑person identification (photo and signature), although some offer remote verification options. Check with the bank in advance.

Resident vs non‑resident accounts — what to expect

Both residents and non‑residents can open accounts. Residents may access a fuller range of services (cards, loans). Non‑residents might face more detailed KYC questioning about the source and purpose of funds.

Which currency and account type to choose? 💱

• Currencies commonly available: GEL (lari), USD, EUR. A multi‑currency account is useful if you handle payments in several currencies.
• Types: current accounts for daily use, savings accounts for storage, corporate accounts for business, and escrow accounts for real estate transactions.

If you are buying property, consider holding the purchase amount in the same currency as the sale contract to avoid exchange risk.

Typical process — step by step ✅

1. Choose a bank and package (compare fees and online banking features).
2. Book an appointment if required and prepare documents.
3. Complete identification: photo, signature, document copies.
4. Receive account details and, if needed, a debit card.
5. Set up online and mobile banking.

Opening an account can take from the same day to a few business days if additional checks are needed.

Compliance and proof of funds 🔒

Banks in Georgia perform KYC checks and may request documentation proving the legal source of funds, especially for large incoming transfers. When transferring money for a property purchase:

• Verify recipient account details with your notary or agent.
• Use escrow services or notary‑backed payment mechanisms when possible.
• Keep documentation for the origin of funds to speed up bank reviews.

Practical tips for buyers and investors 🛠️

• Compare banks by fees, exchange rates and the quality of online banking.
• Choose a bank with English or Russian support if you don’t speak Georgian.
• Keep a foreign‑currency amount available for international transfers.
• Ask your real estate agent whether they can assist with bank communication or payment instructions.

Common questions

• “Do I need a tax number?” — Banks may ask for it sometimes, but passport and address proof are usually primary.
• “Can I receive SWIFT transfers?” — Yes, most banks accept international transfers.

Final checklist

1. Define the purpose of the account (living, investing, escrow).
2. Prepare documents and compare banks.
3. Open the account and enable online banking.

If you plan to buy property in Georgia, we can advise on safe payment methods and help coordinate transfers. Browse properties or start a search at https://buyhome.ge/en/search and contact us — we’ll help choose the best option for your needs. 📩