Banks of Georgia in 2024

Starting an account in Georgia grants unique opportunities thanks to the country's strategic location and its developed financial infrastructure. This advantageous geographical position has transformed Georgia into a key trade corridor, linking two continents. As a result, the nation has garnered importance in global commerce and the realm of finance, nurturing its economic growth and bolstering its position on the global platform.

The banking system occupies a pivotal significance in the Georgian financial market, fostering the growth of its economy. Georgian banks aim to make financial transactions highly accessible by leveraging advanced digital solutions. As a result, foreign residents can easily manage accounts, execute transfers, pay for services, and receive online consultations, making banking services in Georgia convenient for international companies and the business community.

This document outlines the different monetary organizations in Georgia and offers an extensive summary of the top banks in Georgia for individuals from other nations. Examining this content can aid in making knowledgeable choices regarding financial handling in this nation.

Business banking understanding

Small, medium, and big firms can all benefit from the financial and consulting services provided by business banking, commonly referred to as corporate or commercial banking. These services, which encompass creating deposit accounts, providing commercial and property loans, asset management services, securities underwriting, and more, are tailored to each company's unique requirements. Georgia's commercial sector is growing, which is driving up demand for business banking solutions.

Incorporating a bank account in Georgia: a detailed overview of banking infrastructure

Recent reforms, reduced tax burdens, and strategic investment placements have rendered Georgia an attractive investment hub. For businesses, building a strong financial foundation is essential, commencing with a bank account in Georgia is a fundamental first step in this journey. Georgian entrepreneurs benefit from a broad array of financing options provided at affordable prices.

The Georgian financial segment leverages sophisticated corporate governance frameworks, acting as a linchpin for propelling national economic and monetary advancement. This translates to domestic banks adhering to contemporary best practices and methodologies in stewarding their corporate structures, thereby optimizing operational efficiency and transparency. As a consequence, the banking sector develops into a vital catalyst assisting the nation's sustained financial and economic growth, creating an atmosphere that is favorable for corporate expansion and drawing in foreign direct contribution.

Here function domestic and foreign banking institutions. Those pondering incorporating a bank account in Georgia should be aware that by the end of January 2023, there were 15 banks with multinational capital. During this period, their aggregate assets reached 78.6 billion GEL.

Non-citizens' intrigue with Georgia arises from specific causes. Initially, renowned Georgian financial establishments such as TBC and Bank of Georgia, listed on the London Stock Market, inspire confidence due to their transparency and reliability. Secondly, Georgia's modern pecuniary methodologies offer various alternatives, encompassing overseeing accounts via globally acknowledged payment platforms like PayPal.

The third aspect that makes Georgia a choice for those wishing to establish an account as a non-resident is the freedom in managing money and currency operations, which facilitates more flexible and advantageous investment strategies. Banks offer their clients the opportunity to receive a 2024 Visa/Mastercard/American Express card in Georgia.

Banks offer a diverse array of credit products, covering a wide spectrum of client needs. This assortment encompasses mortgage loans for housing acquisition, automobile acquisition and consumer loans for personal needs, financing for small and medium-sized entities. Equally important is that banks provide support to agriculture and agribusiness. This helps create new opportunities for rural development, contributes to the creation of additional jobs, and improves the quality of life for rural residents.

The introduction of cyber technologies and the development of the fintech sector contribute to enhancing the accessibility and convenience of financial services. Georgian banks invest in cybersecurity and data protection, ensuring trust in digital services. Although many banks in Georgia require physical presence when establishing an account, more flexible options are available. In other words, certain establishments can provide solutions for account registration by power of attorney, simplifying the procedure for clients who are abroad or unable to personally visit the bank.

The largest banks in the Republic adhere to high service quality protocols and ensure the security of money transactions, while maintaining comparatively low commissions in comparison to Western counterparts.

Those targeting to initiate their account in Georgia are advised to seek prior consultation with experts and procure qualified support in the procedure of account inauguration within Georgian jurisdiction.

Banks of Georgia for non-residents

Based on the results of the analysis, 90% of banks in Georgia are owned by foreign investors. This fact indicates the creation of a favorable investment environment in the country. Attracting foreign capital into the banking area signifies a level of trust from the international business community. The government garners interest from entrepreneurs hailing from various European and Asian nations, eager to commence commercial endeavors and establish corporate accounts in Georgia.

Establishing an account in a bank in Georgia comes with numerous upsides and benefits:

  • Georgian financial establishments excel in their efficient procedures, frequently necessitating minimal documentation and managing requests and paperwork with swifter pace compared to many Western equivalents.
  • When commencing a bank account in Georgia, there typically exists no mandatory initial payment. Additionally, possessing sufficient funds might qualify you for upgraded benefits, such as premium banking solutions.
  • The utilization of Georgia's IBAN system ensures uninterrupted cross-border payments.
  • Percentage tariffs on deposits in USD and EUR in Georgia typically significantly exceed those offered in the United States or Western Europe.

Georgia's progressive regulations within the cryptocurrency domain and the lack of levies on trading earnings render it an enticing location not solely for experienced crypto enthusiasts but also for individuals exploring fresh pathways for financial expansion. Georgia recognizes and regulates the use of cryptocurrency, offering specialized services that significantly streamline the process of exchanging cryptocurrency for fiat currencies. These services sometimes enable direct exchange to your account in a commercial bank, providing the opportunity for tax-free profits. Opportunities also arise for real estate investors as cryptocurrency is accepted as modes of payment for individuals residing within the nation and those residing outside its borders.

Requirements for incorporating an account in Georgia

To establish an account with Georgian banks as an individual residing abroad, you must provide a specific collection of paperwork (which varies for each particular bank). Essentially, to initiate an account with a Georgian bank (as a corporate entity), you are required to furnish a specific set of documentation:

  • A duly submitted KYC application paper, detailing the personal particulars of the account holder and providing details regarding the monetary standing of the company.
  • Manager's passport to confirm identity.
  • Constituent documents of the company.
  • Contracts with a counterparty or other documentation demonstrating consistent financial receipts are examples of documentation demonstrating a steady source of revenue.

Georgia has strengthened supervision over the banking industry by enacting new regulations and procedures in accordance with EU norms. Georgia's biggest banks have implemented a two-step client verification process. The primary characteristic is that to access banking amenities, individuals must undergo a verification procedure and furnish documents substantiating their identity, monetary status, and additional particulars.

After conducting the verification process, the request will either be satisfied or declined. Additional documentation may need to be provided to elucidate the information further or validate its authenticity. Such adjustments are aimed at enhancing the protection and reliability of banking operations in the country, ensuring compliance with international standards of financial regulation.

List of banks in Georgia

The fundamental significance of Georgia's banking industry serves as a vital element of the country's infrastructure, facilitating its immersion into the worldwide economic landscape. Statistics from the National Bank of Georgia underscore the substantial contribution of banks to the enduring growth of the nation's economy.

Tbilisi, besides being the capital of Georgia, functions as its financial epicenter. It is home to the main offices of the nation's commercial banks, making it a vital part of the country's monetary framework.

Top banks in Georgia

Due to their preeminent offerings, two of the listed banks are highly regarded by international clientele. Investment banking, digital service delivery, and other financial instruments that meet stringent requirements in Georgia and beyond are among their product portfolio. Indeed, the operations conducted by Bank of Georgia and TBC account for 70% of the profit within the banking industry of the nation.

Based in Georgia's capital city of Tbilisi, the National Bank of Georgia is in charge of managing the country's financial system. NBG is in charge of overseeing all monetary organizations in the nation. In order to guarantee top-notch services for both national and international clientele, the Bank of Georgia leverages its substantial experience and professional approach. This is just a small portion of NBG's vast financial structure, which also includes ownership of the investment company BG Capital, with more than 2.3 million client accounts and a network of 100 locations.

As per the constitutional provisions of Georgia, the National Bank of Georgia undertakes several crucial roles, including upholding price stability, a cornerstone of the nation's economic health. The primary responsibility of the bank is to guarantee the efficient functioning of the financial industry, its dependability, openness, and ability to withstand external pressures.

Bank of Georgia furnishes an extensive array of fiscal amenities and extends access to state-of-the-art technologies like online banking, continuous remote client assistance. Irrespective of being an individual or a corporate entity, the institution proffers borrowing prospects.

You must have the choice of four different currencies when initiating a foreign exchange account with the National Bank of Georgia. This will permit you to handle your money anyway you see fit. Having strong bank assistance is essential if your activities need the handling of several currencies on a daily basis. The National Bank of Georgia gives its customers access to a wide range of currency exchange options by providing currency exchange services for 35 different nations. Georgia's Bank maximizes the advantages from every transaction by providing competitive exchange rates that allow savings on fees.

For affluent clientele considering initiation of an account with Bank of Georgia, the financial institution extends Solo Banking, an elite service meticulously crafted to accommodate patrons prioritizing expeditious assistance. To attain eligibility for said service, prospective clients are required to sustain a consistent monthly turnover on the account equating to 3,000 GEL or maintain a significant deposit nearing 25,000 GEL.

Some of the key benefits available when using Solo Banking are:

  • Personal financial manager provided.
  • Higher withdrawal thresholds.
  • Exclusive benefits on premium credit cards.
  • 24/7 remote support.
  • 4% per annum on balances in GEL and 1% in USD with a Visa Platinum card.
  • Full access to VIP lounges at airports around the world.
  • The cost per month is about 35 GEL, with potential extra charges based on the selected card type.

Bank TBC. Created in 1992 as Tbilisi Business Center, it is now widely recognized as TBC Bank. It began with a mere $500 USD capital. Over time, the bank has evolved into the second-largest financial enterprise in the country. TBC offers an extensive array of amenities, including extending credit lines, establishing individual and corporate accounts, and various savings schemes. TBC Bank ensures smooth remote customer assistance and imposes no obligatory minimum balance requirements.

The TBC "Payment from Abroad" service introduces new avenues for clientele, facilitating online payment transactions via cards issued by foreign banks. This initiative aims to streamline financial interactions for individuals situated within the country but possessing cards from alternative banking institutions, as well as for those abroad seeking to engage in Georgian-related fiscal operations.

The Georgian bank TBC offers an annual fee of 150 GEL, but there is no smallest balance restriction, so creating an account there is an excellent way to maximize your business money. TBC Business Platinum, a premium card with an annual cost of 250 GEL, is available from the bank to enterprises. TBC Business Platinum provides special advantages and is tailored for businesses that handle substantial amounts of money.

  • Minimum commissions for cash (0.2% min. 0.2 GEL) in some banks, which allows you to reduce costs for cash transactions.
  • Raised weekly acquisition cap of GEL 200,000 (or equal sum), allowing for more freedom and flexibility in your company's financial dealings.
  • Increased cash availability, which features higher daily limits reaching up to GEL 70,000 equivalent at other financial institutions and cash withdrawals at TBC Bank branches, enables companies to easily obtain the money they want at any time.

Individuals desiring to initiate an account with TBC Bank will gain access to TBC Concept, an exclusive premium service. This package offers a plethora of benefits, encompassing:

  • Extended limits on money withdrawalsTBC Concept customers can take advantage of higher limits for cash withdrawals from ATMs and are charged a 0% fee.
  • Discounts Users of this service have the opportunity to receive attractive discounts on various services and products. This allows you to reduce costs and increase the level of comfort when using financial services.
  • Concierge serviceAn additional advantage of TBC Concept is access to a personal concierge service. This means that clients can get help and support in solving various issues related to travel, booking events or organizing personal time.

Liberty Bank, JSC. JSC Liberty Bank is ranked among the top three banks in Georgia for 2024. Since its establishment in 1994, the bank has experienced substantial growth and changes. As one of the country's most customer-focused banks, it has a vast branch network with more than 360 locations and 550 ATMs.

This bank offers both individual and corporate accounts, diverse card options, lending solutions, fund transfers, and support for mobile transactions. Liberty Wealth, an exclusive banking offering, is tailored to cater to high-net-worth clients.

Opening an account with Liberty Bank can provide the following benefits:

  • Developed online banking.
  • Multi-currency accounts, which simplifies the storage and transfer of funds both within Georgia and abroad.
  • No minimum balance demands.

Liberty Bank engages in social and charitable endeavors, implementing numerous initiatives aimed at enhancing the quality of life in local communities and sustaining regional development.

Why might an account creating be refused?

In general, dealing with Georgian banks is faster and simpler than dealing with banks in other South Caucasus nations and nearby areas. It's crucial to realize that there can be circumstances in which a bank declines your request to create an account in Georgia. Due to the higher legal requirements that apply to business accounts, this is especially significant for enterprises and organizations. While creating an account might be simpler for private persons, businesses may face significant scrutiny and administrative obstacles.

Georgian banks are not required to explain the reasons for refusal, so it is important to take into account the following factors in advance to reduce risk:

  • Source of financing. Sufficient documentary evidence of the legality of funding sources must be provided. The absence of such confirmation often becomes the reason for the rejection of an application for opening an account.
  • Source of funding. The application to create an account may be denied if it is anticipated that a substantial amount of the financial earnings will originate from other nations, particularly from nations with laxer financial regulations. This might be seen by banks as a risk factor.
  • Using another country's currency. An increased risk of refusal may accompany the procedure for registering a foreign currency account, especially in the case of corporate clients. This stems from the potential exposure to currency fluctuations and the necessity to adhere to indigenous regulatory obligations.
  • Business Model. When analyzing requests for initiating business accounts in Georgia, banks pay attention to the business model of the enterprise. An application may be rejected if the bank's managers find the business model suspicious or associated with high-risk activities.

Considering these elements and effectively handling them can aid in minimizing the chances of refusal for registering an account. While the procedure for initiating a bank account in Georgia might appear simpler compared to other nations, it's crucial to acknowledge that conformity with domestic legal benchmarks and conventions demands particular insight and proficiency to forestall potential complexities or unwarranted postponements.

Other banking service options in Georgia

While the aforementioned major Georgian banks usually serve the majority of international clients, several other financial institutions deserve to be highlighted.

ProCredit Bank is a pivotal entity in the Georgian financial industry, specializing in the support and development of small and medium-sized companies. The bank's primary focus is to ensure sustainable growth in entrepreneurial activity and to encourage responsible banking practices.

ProCredit provides standard loans, flexible credit lines, overdraft facilities, and specialized investment products promoting environmental sustainability. With a keen understanding of the SME sector's needs, ProCredit Bank provides not only financial support but also advisory services, aiding entrepreneurs in making informed business decisions.

BasisBank, a monetary institution under the umbrella of the Chinese investment conglomerate Hualing Group, presents a broad spectrum of banking offers to both locals and foreigners. Non-nationals holding a residency permit in Georgia can easily open a personal account with BasisBank. Conversely, individuals lacking permanent residency encounter supplementary requirements and protocols when endeavoring to inaugurate an account.

Unlike several other banks in Georgia, BasisBank provides its clients with UnionPay cards, offering specific advantages. This becomes particularly crucial for individual clients whose business operations frequently involve China. With UnionPay cards, users can effortlessly execute payments in a country that is Georgia's largest trading partner.

Terabank sets itself apart on the global financial platform with its extensive international ties. This financial institution prides itself on a significant array of subsidiaries in key urban hubs throughout Georgia. The Dhabi Group, a notable business conglomerate located in the Emirates, holds a 45% stake in the bank. This advantageous alliance affords Terabank broad access to global resources and a rich pool of knowledge.

Terabank offers bank accounts, credit cards, mortgage lending, investment solutions, and six types of bank guarantees (for tender participation, contract performance assurance, tax obligation coverage, advance payment guarantee, payment assurance, and quality guarantee). Opening an account at Terabank gives individual and business customers access to Visa and Mastercard cards. Terabank leads in digital banking, offering customers efficient tools for handling their finances.

Cartu Bank is widely recognized as a leading financial establishment, serving affluent individuals and businesses. The ethos of Cartu Bank's banking is not only reflected in offering an extensive array of services but also in crafting a tailor-made journey for its clientele.

Cartu Bank features a complete set of personal banking cards, encompassing both Visa and Mastercard across various categories. Particularly noteworthy are their premium offerings, such as the "Mastercard World Elite" and "Visa Infinite," renowned for their exclusive benefits. These cards provide distinct advantages, including bespoke concierge services available in Georgian and a multitude of discounts.

A department within the Turkish lender, Ziraat Bank Georgia, functions solely under the legal authority of the Republic of Turkey. This strategic partnership offers unique benefits for clientele with financial connections to Turkey. Customers seeking a variety of currency options have the opportunity to set up deposit accounts at Ziraat Bank Georgia in Turkish lira, Georgian lari, USD, or euros, ensuring flexibility and user-friendliness.

There are also such small banking institutions in the country as:

  • Halyk Bank (a subsidiary of a major Kazakh banking institution), excels in simplifying international transactions within the area.
  • Credo Bank concentrates on catering to micro and small entities, alongside attending to individual customers.
  • Silk Road Bank, despite its modest size, delivers personalized customer assistance (albeit with a restricted array of services).

It should be noted that opening an account in Georgia for a non-resident with Cartu, Ziraat, Halyk, and Silk Road banks is sufficiently intricate, and in some instances, even unattainable. Hence, before initiating the procedure for opening an account, it is recommended to seek advice and enlist the assistance of skilled experts knowledgeable in these affairs to streamline the process in Georgia.


The monetary segment holds a central position in fostering the economic progress of a nation, as it plays a crucial role in supervising the currency flow within the economy and acts as the principal engine propelling economic advancement. In the nation of Georgia, there exist 15 financial institutions in the commercial banking sector, regulated by the National Bank, contributing to a vibrant international business environment.

To proficiently prepare documents and mitigate potential errors, it is advisable to enlist the support of specialists capable of assisting in establishing an account with a Georgian bank for a non-resident company. Should you have any inquiries, please contact the experts at YB Case by completing the provided form below.

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