Remote Banking in Georgia

Guide to Banking in Georgia

Introduction:

Georgia, located at the crossroads of Europe and Asia, is a welcoming country with a growing economy and a favorable business environment. The banking sector in Georgia is well-developed, offering a range of services to both residents and non-residents. In this guide, we will explore banking options for foreigners in Georgia, including banks accepting foreign clients, KYC requirements, availability of fintech services like Wise and Revolut, ATM fees, multi-currency options, account opening processes, currency exchange tips, and tax residency clarification.

Banks Accepting Foreigners:

Georgia has several banks that are open to accepting foreign clients. Some of the prominent banks in Georgia that cater to foreigners include TBC Bank, Bank of Georgia, Liberty Bank, and Basisbank. These banks offer a wide range of services, including current accounts, savings accounts, and various types of loans. As a foreigner, you can open both GEL (Georgian Lari) and foreign currency accounts with these banks.

KYC Requirements:

Know Your Customer (KYC) requirements are an essential part of opening a bank account in Georgia. To comply with KYC regulations, you will need to provide the following documents:

1. Passport or ID card 2. Proof of address (utility bill or rental agreement) 3. Proof of income (employment contract or bank statements) 4. Source of funds declaration

Additionally, some banks may require you to visit a branch in person to complete the account opening process.

Wise and Revolut Availability:

Fintech services like Wise (formerly TransferWise) and Revolut are gaining popularity in Georgia. Both Wise and Revolut allow you to send and receive money internationally at competitive exchange rates. While Wise has a strong presence in Georgia and is widely used for cross-border transactions, Revolut is also available for Georgian residents and offers a range of services, including multi-currency accounts and international transfers.

ATM Fees:

ATM fees in Georgia vary depending on the bank and the type of card you are using. Generally, withdrawing cash from an ATM that belongs to your bank is free of charge. However, using an ATM from a different bank may incur a small fee, usually around 1-3 GEL per transaction. It is advisable to check with your bank regarding their ATM fee policies to avoid unnecessary charges.

Multi-Currency Options:

Many banks in Georgia offer multi-currency accounts, allowing you to hold funds in different currencies such as USD, EUR, GBP, and RUB. Multi-currency accounts can be beneficial for those who frequently deal with foreign currencies or travel abroad frequently. By holding funds in different currencies, you can avoid currency conversion fees and fluctuations in exchange rates.

Opening Process:

The process of opening a bank account in Georgia is straightforward but may vary slightly from bank to bank. Typically, you can open an account in person at a bank branch by providing the required documents mentioned earlier. Some banks also offer online account opening services for added convenience. Once your account is opened, you will receive a debit card and access to online banking services.

Currency Exchange Tips:

When exchanging currency in Georgia, it is essential to compare exchange rates and fees charged by different exchange offices and banks. While exchange offices in tourist areas may offer convenient locations, they often have higher fees and less favorable rates. It is recommended to use bank branches or reputable exchange offices for currency exchange to get the best rates.

Tax Residency Clarification:

If you are a foreigner residing in Georgia, it is important to understand the tax residency rules to comply with the local tax regulations. In Georgia, individuals are considered tax residents if they spend more than 183 days in the country in a calendar year. As a tax resident, you will be subject to Georgian tax laws and may need to file a tax return annually.

Conclusion:

Banking in Georgia offers a range of services tailored to the needs of foreigners, including diverse account options, fintech services, and convenient banking facilities. By choosing a reputable bank, understanding the KYC requirements, utilizing multi-currency options, and being aware of ATM fees and currency exchange tips, you can efficiently manage your finances in Georgia. Whether you are a resident or a non-resident, the Georgian banking sector provides a secure and efficient platform for your financial transactions.