Opening Georgian Bank Accounts for Expats – Financial Services

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How to open a bank account in Georgia and what expats should consider?

There are no legal restrictions for non-residents to open bank accounts in Georgia. However, when it comes to dealing with expats and foreigners, in some cases local banks are hesitant to open a bank account or receive money from abroad. Every bank in Georgia has the right to refuse to open an account without disclosing the reason. Nevertheless, opening a bank account in Georgia for non-residents is easier than in most other jurisdictions.

The required documents are:

  • Application form

  • Local cell phone number

  • Passport

  • Documents that prove your sources of wealth and meet anti-money laundering laws. For example, a foreign bank statement or an employment contract.

If the bank finds the documents satisfactory, the account will be opened the same day and the plastic cards will be prepared within 2-3 working days.

Some important factors that influence the account opening decision are:

  • Legitimate sources of wealth

  • Origin of incoming payments – less likely if outside of Georgia

  • Fund Currency

The Georgian banking system has won the trust of depositors around the world due to its stability and reliability.

It consists of 15 commercial banks and one regulator, the National Bank of Georgia.
All of these banks in Georgia offer a wide range of banking services, including the ability to manage accounts remotely.

The content of this article is intended to provide a general guide on the subject. Specialist advice should be sought regarding your particular situation.

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