Over the last 2 years, foreigners have increasingly started considering banks in Georgia to open accounts and store money. This is primarily due to stricter rules for servicing non-residents by banks of the Baltic coast countries. This is why banks in Georgia became interesting for residents of neighboring countries and CIS countries. The advantage of service in the banks of this country is not only the stability and high development of the banking system but also the loyal system of taxation and low bank fees.In addition, no Georgian bank has so far been involved in money laundering scandals. The high level of confidentiality of financial information ensures that Georgia is not on the list of countries participating in the automatic exchange of financial data on accounts opened with foreign banks.If you have a business in Georgia and want to open a personal account you just need to show your company documents along with your passport. Thus, opening a bank account in Georgia for a foreigner is easy and secure enough.
Leaders of the financial system
There are 15 commercial banks in Georgia, 14 of them with a foreign fund. The total number of branches of financial organizations and service centers reaches 930.TBC Bank and Bank of Georgia are the leaders of the entire financial system of the state. Their assets account for more than 60% of the total structure of banks in Georgia. For example, TBC Bank had over 15 billion GEL in assets at the end of 2018, and the total income is 362 million GEL. This is more than 39% of the total income of all banks in the state. The number of users of the organization is approximately 2.2 million GEL, and their service is provided in 159 branches of the organization.
Bank of Georgia is in second place. Its assets have reached 14.8 billion in local currency, and the final income is about 343 million GEL, which is only 2% less than the deposit of TBC Bank in the total profit. This is the most developed and largest bank in Georgia, as the number of users exceeds the number of the leading organization and amounts to 2.4 million users. The company has more than 270 branches throughout the country.One more feature of the banking structure of the state is a high level of transparency. After a year of activity the companies publish full reports on the work done, which further increases the trust of the users. For example, on the TBC website you can find financial reports of the management since 1999.
Banks in Georgia are actively entering the international level, so they provide a range of services for citizens of other countries:
- the right to open an account in Georgia;
- opportunity to keep savings on a term deposit or deposit;
- issuance of cards of many payment systems: Visa, Mastercard;
- possibility to use the functionality of service systems: online banking, via sms-notifications, mobile phone and applications;
- Internet remote banking, allowing you to do business from anywhere in the world.
The cost of servicing corporate accounts in Georgia is much lower than in European banks, for example, fees:
- transfer within the banking system is free;
- between other banks in Georgia in GEL 0.2% min. 0.9 GEL;
- all over the world in currency 0.2% min 15$/20€.
As a rule, banks provide a whole package of services, as a result of which a client receives not only an agreement on account maintenance, but also a card and access to a personal bank cabinet.All of this allows you to control your own funds and use your savings not only within the state.When choosing which account to open for a foreigner in Georgia, it is worth paying attention to the difference between term and non-urgent deposits in banks. The former do not allow early termination of the contract and withdrawal of money, while the latter (demand deposit account) allows withdrawing funds from the account at any time. Deposit accounts are an excellent option for keeping funds and receiving passive income. As a rule, foreign clients use their resources for various transactions, payments, payment for goods and services purchased.It is much easier to open an account for a non-resident in Georgia than in European financial organizations: it is enough to have a foreign passport or any document proving your identity. Then you will need to fill in a questionnaire with your personal information, including registration and residence address, information about accounts with other banks.
Which bank you should choose and which account is better to open for personal and commercial use will help to understand our company.