Opening a bank account is one of the first practical steps most expats sort out after arriving in Georgia — and it's a lot more straightforward here than in most countries. But "straightforward" doesn't mean "no paperwork." Since 2023–2024, banks have tightened their know-your-customer (KYC) checks on foreign applicants, so it pays to know what to bring before you walk in. Here's what actually works in 2026.
Georgia's banking sector is supervised by the National Bank of Georgia (NBG), the country's central bank. Deposits are protected separately through the Deposit Insurance Agency, a system introduced with World Bank support and built on international deposit-insurance standards.
Two banks dominate the market and, between them, hold roughly three-quarters of the country's banking assets:
If both decline your application (it happens, and rarely with an explanation), the usual fallback is Credo Bank or Basis Bank, both known for being more flexible with foreign applicants. Liberty Bank is another large retail option. ProCredit Bank operates with a corporate-first focus and is less relevant for a personal account.
At minimum:
Expect the bank officer to ask what you do for work, your expected annual turnover through the account, which countries you'll be transacting with, and why you want a Georgian account. Have real answers ready — vague answers are the most common reason for a first-visit rejection.
Not fully, in most cases. Both BoG and TBC let you start a personal account application digitally, but a final in-branch visit is still typically required to complete it in 2026. Business accounts are a partial exception: TBC in particular offers a more developed remote digital route for corporate accounts through its business app, though a branch visit is still common for non-resident personal accounts.
If you can't be in Georgia at all, most major banks accept account opening via a notarised power of attorney — worth arranging before you travel if this applies to you.
Georgian bank accounts are typically multi-currency by default — GEL (lari), USD, and EUR held under one account, using the international IBAN format. Money sent to your USD or EUR balance stays in that currency until you choose to convert it, and SWIFT transfers into a Georgian account generally clear within 24 hours. Both TBC and BoG also support international SWIFT transfers directly from their mobile apps, without needing a branch visit.
This is genuinely one of Georgia's strong points. TBC and BoG both run mobile apps in English that are well ahead of what many expats are used to from home — full transfer functionality, card management, currency exchange requests, deposit products, and loan applications, all handled in-app.
Many people relocating to work remotely or run a small business open an Individual Entrepreneur account rather than (or alongside) a personal one — this ties into the 1% Small Business Status route covered in our guide to company formation in Georgia. Since March 2026, foreign Individual Entrepreneurs need a labour permit; banks don't always check for this at account-opening stage, but holding one strengthens your application and avoids friction later if the bank reviews your account activity. Business banking KYC is generally more thorough than personal KYC, with banks wanting to see registration documents and a coherent picture of your business activity.
Since January 2024, deposits at Georgian commercial banks and microbanks are insured up to GEL 30,000 per depositor, per bank, regardless of currency or how many accounts you hold there. If your deposit is in USD or EUR, the payout is calculated in GEL at the National Bank's exchange rate on the date of the insurance event — so it's worth knowing this cap doesn't move with currency fluctuations. If you're keeping meaningful savings in-country, spreading balances across more than one institution is the straightforward way to stay within the insured limit at each.
Georgia participates in the Common Reporting Standard (CRS), exchanging account information with tax authorities in dozens of partner countries. Many home countries — the US, UK, and Canada among them — separately require their citizens or tax residents to declare foreign bank accounts regardless of CRS. Check your home country's specific disclosure rules; this is not something a Georgian bank will do for you.
Yes. A residence permit is not a strict requirement — a passport and a credible explanation of your connection to Georgia (work, property, IE registration, or similar) is generally sufficient, though KYC checks have become stricter since 2023–2024.
Both are similarly reliable, English-language friendly, and multi-currency. TBC is generally seen as having the slightly more polished digital app; Bank of Georgia has the larger physical branch and ATM network. Most expats are happy with either.
Up to GEL 30,000 per depositor, per bank, under Georgia's Deposit Insurance Agency scheme — regardless of the currency the deposit is held in.
Not strictly, especially for short stays — Georgia is largely cash- and card-friendly, and many expats manage initially on a foreign card. A local account becomes far more useful once you're paying rent, receiving local income, or applying for residency or IE status.
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