How to open an account and a card in Georgian banks in 2023?
Georgia is a country with a well-developed financial system. Its two banks, TBC and BoG, are listed on the London Stock Exchange. Georgia is of interest to account openers primarily due to modern banking, relatively loyal currency control, the absence of auto-exchange with the Russian Federation, and the ability to link a card to PayPal.
Among the minuses, it is worth noting the scandals associated with unexpected closures of accounts for the Russians and the complete lack of the ability to swift, and indeed any transfers to the Russian Federation.
In a word, if you need to accept payments from abroad and send them to the Russian Federation – this is to Kazakhstan, Armenia and Kyrgyzstan, if the card holder is a nomad who receives a salary from abroad, then Georgia is an ideal option. Almost all banks require a personal presence, but some allow opening an account by proxy.
What do you need to open
A non-resident can open an account in a Georgian bank, for this he must provide a package of documents (depending on the requirements of a particular financial institution, the list may include various documents). Basically, the client is required to:
completed KYC (Know Your Customer) application form;
international passport;
documents that confirm the presence of a stable income (for example, an employment contract or a contract with a counterparty).
In practice, the bank may additionally require documents confirming the address of residence, non-residents are increasingly faced with such requirements. Also, in most banks, a prerequisite is the presence of a Georgian SIM card, without which it is impossible to interact with financial institutions.
Bank of Georgia
BoG is one of the largest banks in Georgia. Among non-residents, it is popular because it has a number of advantages:
high quality of service;
a large number of branches and ATMs;
the possibility of opening a brokerage account with access to international markets
availability of a convenient mobile application for banking;
Apple Pay support.
Citizens of Russia also choose it because there is the possibility of SWIFT transfers. The cost of maintaining an account is 1.5 GEL per month, for Gold cards – 5 GEL. You can get multi-currency Visa or MasterCard cards (Classic/Gold or Standard/Gold, respectively) at the bank.
You can open both a personal account for an individual and a business account. In order to open an account, you will need:
KYC application form – its form often changes, so you need to take a sample immediately before contacting the bank;
documents confirming income (depending on the situation – an employment contract, bank account statements for 6-12 months, indicating counterparties most often);
payment receipt (it cannot be obtained online, you must definitely come to the bank to pay, and then submit documents);
copy of passport with photo.
These documents may need to be translated into English with a notarized translation.
As of June 2023, the bank often demanded a rental agreement indicating the address of residence in Georgia, as well as the presence of a Georgian SIM card. Documents are considered within 3-5 days. It is possible to remotely open an account for an individual through a trustee, but not for citizens of the Russian Federation and the Republic of Belarus. An account for a legal entity cannot be remotely opened in any of the banks by anyone.
If an account is opened for an individual entrepreneur in Georgia, then in addition to the international passport, an extract from the register of individual entrepreneurs will need to be included in the package of documents. And in the same way, you will need to provide documents confirming the sources of income, for example, contracts with counterparties.
Features of opening an account:
Experience shows that when providing documents on the source of income, it is better to submit an extract from a bank that is not included in the sanctions list. Working for a state-owned company can reduce the chances of opening an account to zero. If the client does not officially work in Georgia, you can apply without an extract and in the status of unemployed, BoG still opens accounts for such persons, but less and less. In the questionnaire, when asked what is the source of income, you can answer that it is personal savings.
SOLO (Bank of Georgia)
This is the premium division of BoG. Service rates are higher here, the requirements are more stringent, but the level of service corresponds to this. For example, a bank assigns a personal manager to each client and actively implements a program of privileges. According to reviews, here Russians are even more loyal than in BoG, but, as a rule, to open an account there it is better to have an already opened account in BoG. BoG itself offers its current customers an upgrade to Solo.
SOLO has all the benefits of BoG, including a convenient mobile application and a high level of service. Features – the accumulation of bonus points, other privileges, including non-financial ones, for example, the possibility of free access to the business lounges of international airports (but only twice a year).
Opening an account is the same as in BoG. You need to collect a package of documents:
international passport;
KYC questionnaire;
receipt of payment of the registration fee (50 GEL);
confirmation of the source of income.
You must have a Georgian SIM card. In addition, SOLO also periodically opens accounts for the unemployed, but a statement on the movement of funds from the bank must still be.
CREDO BANK
This is a small bank, but it is popular with Russians because of its increased loyalty. Credo Bank also has its drawbacks. Basically, these are problems with SWIFT transfers, since they are not carried out through Internet banking, only at the bank office. The quality of service is also average, however, as a card for making purchases abroad, the Credo card is ideal.
Main advantages:
the presence of a mobile application, although outdated by the standards of 2023;
support for Apple Pay;
low probability of failure.
The bank issues three types of cards – universal, debit and nameless MasterCard. It is possible to open a multi-currency account. Commission for services without mobile banking – 1 GEL, with an application – 2 GEL.
Internet banking is connected free of charge. Of the functions available in it:
currency exchange with transfer to your own account;
the ability to transfer between accounts without the need for conversion;
transfer to another bank – only in lari, to conduct a dollar SWIFT, you need to personally contact the bank branch;
replenishment of a mobile phone;
opening an additional account, such as a savings account.
Another plus is that Credo Bank does not require a bank account statement to confirm income. Sometimes managers ask for a lease to confirm the address. But most often, to open an account here, it is enough to provide a passport and have a Georgian SIM card. However, the cost of opening an account is higher than in BoG and amounts to 75 GEL. Card production time is 3-5 days.
Although the bank is small, it has branches in all major cities, so you can apply in one branch and get a card in another.
TBC
This bank is also popular with compatriots. From October 2022, he again opens multi-currency accounts for non-residents from Russia and Belarus. However, there is a possibility of refusal, so many still draw up a card in Georgian lari in order to use it only on the territory of the country.
The advantages of TBS are:
quality mobile banking;
fast card issuance;
Apple Pay support.
the presence of the largest stock broker with access to foreign markets
However, there are also disadvantages. The main one is the high cost of maintenance, 100 lari per year, and there is only one tariff plan. In addition, to open an account, you need to provide a fairly large package of documents. In addition to the Georgian SIM card, application form and international passport, it is necessary to provide a bank account statement for 6-12 months, often after a week of consideration of the application, the operator can call and request additional documents, such as a tax return,
TBC Bank requires proof of source of income. It can be:
Contract or employment contract if the person works officially.
The contract for the delivery of real estate in the arena.
Contract for the sale of real estate.
Bank statement (as of March 2023 – 3 months in advance, but many clients say that it is better to prepare six months in advance).
Income from doing business, then it is confirmed by a bank statement and constituent documents.
Certificate of succession, if applicable.
Documents on the purchase of shares or other securities, if a person lives on the interest and dividends received on his account.
Usually the card is issued quickly, on average within 1-3 days. However, the period for consideration of the application may be extended up to 10 days.
A bank account can be opened both personal and for individual entrepreneurs. In the second case, you will need to provide an extract from the register, where the TIN will be reflected. It is tied to the account from which taxes will be paid.
Features of opening an account:
Despite the statements of the bank that the card is issued quickly, in fact, the terms for consideration of documents can be extended, it all depends on how the work of the branch in which the documents were submitted is organized. As for technical support, it also does not respond quickly, you need to be prepared for this. So often the period is stretched for 9-10 days.
The questionnaire in this bank is small, it involves several questions, mainly on the topic of where it is planned to receive funds from. But all documents that confirm the planned sources must be provided without fail. It is also mandatory to have a Georgian SIM card. Without it, the bank will simply refuse to open an account.
Liberty Bank
This financial institution is considered loyal to the Russians. Although, as of June 2023, the bank reduced its operations with non-residents and is now more focused on the domestic market, the probability of a refusal to open an account is still medium. The main advantage is a small package of documents. A passport and a local SIM card are enough, an employment contract is not mandatory. From March 2023, the bank also requires a statement on the movement of funds on accounts.
The disadvantage is the high maintenance cost. The cost of consideration of the application is at least 10 GEL, in some cases it can be increased up to 50 GEL. Maintenance will cost 25 GEL per month.
How to complete KYC?
Each bank has its own requirements for the application form. The KYC form changes quite often, so you need to navigate on the spot. Some parameters remain in all templates – full name, country of birth, citizenship. You need to fill it out as indicated in the passport so that all characters in English match. This also applies to the address of residence – it is filled in as in an official document, for example, a lease agreement. In the questionnaire, they usually enter the number and series of the passport, if the individual entrepreneur fills in, then the tax number.
The remaining questions usually relate to the source of income. But even here nothing can be said in advance. You can have employment confirmed by a contract or an employment contract, provide documents on the movement of funds – and get a refusal. But you can just as honestly indicate that you live on savings or money that your parents send, and get approval for the application. It is important to answer the questions honestly as most of the information is verifiable. If the bank is not satisfied with this answer, then you will have to contact another financial institution.
How to replenish cards of Georgian banks?
Cards of Georgian banks, like any cards issued abroad due to the sanctions imposed by Visa and Mastercard, do not work in Russia. You can replenish them through SWIFT, and money transfer systems. This is a fairly simple process. The transfer can be made through the working payment systems “Contact” or “Golden Crown” from non-sanctioned banks, and the recipient through the application will be able to accept this money to an account in a Georgian bank.
In practice, translations can sometimes be difficult. Therefore, in order not to risk, it is better to first make a transfer for a small amount in test mode. And if everything goes well, then already make a transfer for the entire amount.
How payment systems work
Russians living in Georgia have the opportunity to use payment systems. For example, a PayPal account can be opened for both an individual and an individual entrepreneur. This is Georgia’s advantage over many other countries in the region where this system is not represented. It will be possible to withdraw money through the Visa Direct system, and for it you need to have an appropriate card opened in any Georgian bank. The transfer fee will be $5.
In the case of working through Payoneer, it is possible to link an account in this system to an account in a Georgian bank. This is easy to do, from the documents you will need either a lease agreement, which confirms the fact of residence in Georgia, or a certificate from the bank, which will indicate the Georgian address. However, the process takes a long time. On average, it takes three weeks, sometimes a month, to link an account.
Wise is a popular money transfer service that also operates in Georgia. You can work through the site or in the application. The system is convenient because money can be sent to 80 countries of the world. In addition, it works with various currencies, allows you to create both private and business accounts. In Georgia, this service is available to non-residents with a Russian passport, subject to relocation. The proof is a rental agreement for an apartment, but a utility bill will suffice. However, you will have to act at your own peril and risk, because the account may be blocked due to the presence of a Russian passport. But if everything goes well, then you can deposit funds to a card in a Georgian bank.
Paysera is a Lithuanian payment system that works in most countries of the world, but Russia and Belarus are not among them. Those who have moved have the opportunity to open a new account there. But holders of a Russian passport living in Georgia can only work with the system if they have a residence permit in that country. The presence of a business or a permanent job is not taken into account.
In most cases, it is possible to open an account in Georgia, although it is difficult. You can count on at least a card without outgoing swift transfers. In more progressive banks, the opening process can be delayed, you need to be prepared to fiddle with the support service. There are no extra documents for Georgian banks, the more the better.
In conclusion, I would like to mention a common problem associated with SIM cards. Before leaving Georgia, you need to remember to turn on roaming, otherwise the SIM card may not work when entering another country. It is recommended to be careful with local operators, or take the former beeline, cellfie, which turns on roaming automatically, otherwise, you may encounter an incapacitated application when leaving Georgia.
