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Banks in Georgia for non-residents: TBC vs BOG vs Credo vs Liberty

Mariam

RegHub Georgia Specialist

TBC, BOG, Credo and Liberty are the four leading Georgian institutions through which private individuals and companies from abroad open their accounts. A foreign client holding such an account may rely on local infrastructure for keeping funds, for payments inside Georgia and abroad and for currency transactions. Entrepreneurs can also conduct day-to-day settlements with suppliers and clients, among other stakeholders, through their Georgian bank account. Deposits and accounts of many kinds are insured. Cover extends to GEL 50,000 (≈ USD 19,200).

The article sets out the factors that bear on the choice a non-resident makes among Georgian banks. It reviews what Georgia's most frequently chosen banks offer and where their strengths lie, and then describes the correct approach to account opening and to obtaining a card suited to the reader's purposes. Local banks are reputed for consistency, a loss-free track record and strict policies, a combination that has made bankruptcies in the sector rarer. They are also actively introducing digital tools that let customers manage their accounts remotely.

Bank account in Georgia: a foreigner's groundwork

Any applicant is well advised to study the particulars of the procedure before setting out for Georgia and calling at the chosen institution, so that risks and opportunities are weighed before any difficulty arises. Georgia's commercial banks are without exception privately owned, and none retains state capital. The applicant must assemble the particular documents listed as mandatory by the chosen bank. Two items are indispensable to any non-resident seeking a Georgian bank account: an international passport and a SIM card issued locally. Some local banks ask for no more than that. As a rule, however, banks also require documents evidencing a lawful occupation and the provenance of funds.

At some banks a foreigner obtains a card only with difficulty, since a list of mandatory criteria applies and applicants must have an impeccable reputation. Certain institutions require a KYC (Know Your Customer) form, which obliges whoever completes it to disclose personal data and details of their activities.

The questionnaire is frequently brief and covers:

• reasons for coming to Georgia and for seeking an account;

• period of stay;

• citizenship and address;

• occupation;

• income sources;

• anticipated nature of account use;

• tax residence.

Larger banks, by contrast, ask more questions. Banks often screen clients against the sanctions lists of various states. At times staff members switch without effort to whatever language the applicant speaks. Even so, the applicant must come ready to converse in Georgian or English.

Four banks in Georgia: terms for foreigners

A foreigner resolved on living or trading in Georgia faces the task of choosing a suitable partner bank. Georgian institutions offer services to citizens of other states on attractive terms, and the choice among them is broad. Some raise no particular obstacles to account opening, while others screen clients more closely and put them through additional checks.

TBC Bank

TBC takes its name from its original title, Tbilisi Business Centre. With over three decades of Georgian operations behind it, TBC ranks second by assets. Its staff readily open accounts and issue cards to expatriates. Applicants obtain a dedicated form with standard questions in the branch and complete it in person. Lodging it costs GEL 50 (≈ USD 19.2), and review then takes 5–10 working days. Foreign clients receive a Visa or a Mastercard in a choice of currencies, valid for four years. Annual servicing under a TBC package starts at GEL 100 (≈ USD 38.4).

A TBC bank account in Georgia calls for an international passport, a locally issued SIM card and core personal papers, which may be presented in digital form. After the questionnaire, follow-up requests are common and typically cover such items as proof of occupation, an income certificate for the preceding three months and a tenancy agreement. TBC runs numerous attractive promotions offering discounts. Its deposit rates exceed those of its competitors, at around 10% on lari deposits, for example. Many well-known IT companies set up accounts for their staff at TBC.

The bank was founded with a charter capital of USD 500. TBC provides private and corporate customers with:

• accounts in a range of currencies;

• insurance and lending;

• convenient deposit programmes;

• wealth management.

Bank of Georgia

By assets, Bank of Georgia ranks first nationally. Before becoming a client, the applicant completes an online Know Your Customer form in English. The supporting package is made up of three documents:

• an international passport copy;

• the latest six months of bank statements;

• proof of activity, for example an employment contract.

BoG operates numerous branches and ATMs. Its parent, Lion Finance Group PLC, carries a London Stock Exchange listing. BoG's website states that clients are entitled to obtain multi-currency cards on either the Visa or the Mastercard network, valid for 2–4 years. The servicing fee varies with the package and starts on average at GEL 60 (≈ USD 23) a year.

Consideration of an application is completed within 5 working days. A positive decision triggers an account-opening charge, the minimum being GEL 50 (≈ USD 19.2). Once approval is given, the card arrives in 2–3 days. BoG occasionally declines foreign applicants who have previously concluded contracts with Georgian firms. Commonly cited advantages of BoG are a dedicated manager whom the applicant can contact directly, along with an attractive bonus scheme. Also worth attention is the Plus programme, which returns 0.5% as cashback.

The head office is located in Tbilisi; the bank offers foreign clients every category of banking service and opens accounts for private persons and companies alike. It has a modern call centre and 1.6 million active clients, with over a decade of operation behind it. Its app is rated among the most convenient in Georgia. Clients place deposits and take out loans on favourable terms, open accounts, manage assets and conduct foreign trade operations. Round-the-clock remote account management and modern banking are also on offer.

Credo Bank

For applicants from abroad, the easiest route to a Georgian bank account runs through Credo. Its dedicated chat for non-residents provides answers from staff during working hours. Users single out its in-app currency rates as the best available. Dollar deposit rates are also high. Applicants must file in person, completing a KYC questionnaire on site.

Account opening is free of charge. Beyond an international passport, only a SIM card from a Georgian operator is essential. Staff are entitled to request proof of occupation; applicants may email any papers not to hand. The account itself opens the same day, whereas a personalised card takes 3–5 days.

Designed for foreigners, the service package provides a tri-currency Mastercard (GEL, USD, EUR) at GEL 45 (≈ USD 17.3) annually. The card remains valid for four years. Credo's app lets clients add a virtual card quickly and free of charge. Using that card abroad incurs GEL 10–30 (≈ USD 3.8–11.5) monthly, a charge that clients avoid by switching to the premium Rcheuli package. Rcheuli costs GEL 240 (≈ USD 92.3) annually. Low account activity is also subject to a charge. Rates on favourable USD deposits start at 3.2%. Clients open deposits whose balance can be topped up by even a minimal amount.

Credo is actively developing its non-resident business. Its reputation rests on an accommodating attitude towards customers of other nationalities and on the absence of red tape. Multi-currency accounts, payments of various kinds and international transfers are available to applicants there, among other services.

Liberty Bank

Liberty has opened a large number of branches and ATMs. Non-residents receive a multi-currency Visa Classic or Mastercard Standard card on condition that they buy the Extra package at GEL 250 (≈ USD 95.9) a year. Applications are submitted online and carry a GEL 50 (≈ USD 19.2) charge. The cards are valid for four years. According to users, non-residents face difficulty with account opening at Liberty. The bank sets stringent requirements for expatriates.

Liberty serves 1.7 million customers and 50,000 businesses. The bank combines a developed infrastructure with modern digital services and remote servicing. Customers have access to various accounts and deposits, as well as loans, transfers and investments.

Conclusion

Non-residents need no residence permit to open their bank account in Georgia. At most institutions the application itself is free, though some charge GEL 50. Banks frequently accommodate foreigners and ask only for a minimal document package. Yet for some banks an international passport, a Georgian SIM card and a completed client form fall short. Issuing a card takes little time, between one and ten days. Delays occur when the applicant fails to supply all the required data or when staff are left doubting that person's trustworthiness. An applicant turned down by one bank remains free to apply elsewhere, and nothing prevents a fresh approach to the first institution after some time.

Where a foreigner finds choosing among banks in Georgia difficult without outside help, or account opening itself runs into obstacles, professional support is the advisable course. Specialists at a consulting agency help the client take every particular into account and complete any banking procedure without undue concern. This saves the client time and leaves them free to pursue their objectives.