Opening a Bank Account in Georgia as a Foreigner

TBC vs Bank of Georgia, the documents you'll actually be asked for, how the compliance questionnaire works, and the most common reasons foreigners get rejected.

Last updated: July 2, 2026

A few years ago, opening a Georgian bank account as a foreigner took twenty minutes and a passport. It's harder now. Since the compliance tightening that followed the migration waves and international sanctions pressure of recent years, banks screen non-residents carefully, ask more questions, and reject more applications — often without explanation. This guide covers what to expect and how to improve your odds.

TBC vs Bank of Georgia

The big two are TBC Bank and Bank of Georgia (BOG). The two dominate Georgian retail banking. For a foreigner, the practical differences are smaller than forum debates suggest:

	TBC	Bank of Georgia
Mobile app	English available, generally well rated	English available, generally well rated
English-speaking staff	Common in central branches	Common in central branches
Non-resident account opening	Case-by-case, compliance-driven	Case-by-case, compliance-driven
Non-resident fees	Some non-residents report one-time onboarding or verification fees; reports vary wildly, from nothing to several hundred GEL — confirm at the branch before applying	Same: reports vary wildly, from nothing to several hundred GEL — confirm at the branch

The honest answer: approval depends far more on your profile and paperwork than on which bank you pick. Many people simply apply at whichever branch is nearest, and try the other bank if rejected. Smaller banks (Liberty, Basis Bank, Credo) are sometimes more relaxed and worth a try as a fallback.

What accounts you actually need

A standard personal account at either bank is multi-currency — GEL, USD and EUR balances under one account, with separate account numbers per currency. For freelancers registered as Individual Entrepreneurs, you can receive business income into a personal account or open a dedicated IE account; banks commonly allow IEs to operate through personal accounts, but a separate account makes your Revenue Service reporting much cleaner. If you've just registered as an IE, bring your registry extract — legitimate local business activity is one of the strongest arguments in your favor.

Documents to bring

The formal list is short; the real list is longer. Bring everything below and you'll cover most branches' requests:

Passport (original).
Georgian phone number.
Proof of address in Georgia — commonly a rental contract or utility bill; whether a hotel booking is accepted for the application varies by branch.
Proof of what you do: employment contract, freelance contracts, IE registry extract, or company documents.
Proof of income: recent bank statements from your home bank, tax returns, or invoices — 3–6 months is a common ask.
Georgian residence permit if you have one — it noticeably improves approval odds.
Any documents connecting you to Georgia: lease, IE registration, university enrollment, local employer letter.

Documents in English are usually accepted; documents in other languages commonly need notarized Georgian or English translation.

The compliance questionnaire

Every non-resident applicant fills out a KYC questionnaire, and this form — not the teller — decides your fate. Both TBC and Bank of Georgia have tightened these checks recently, and the bar is meaningfully higher for business accounts than for personal ones: if you're opening an account for business activity, expect to be asked for source-of-funds documentation, actual client contracts or invoices, and evidence of your professional background — a CV or LinkedIn profile is a normal request now, not an unusual one. Personal accounts remain the easier entry point; many people open a personal account first and add a business relationship once they have local history.

For all account types, expect questions about:

Why you want the account and what you'll use it for.
Your source of funds and source of wealth, in specific terms.
Your tax residency and taxpayer numbers elsewhere.
Citizenship and residence history, commonly including specific questions related to sanctioned jurisdictions.
Whether you deal with cryptocurrency. Crypto-related income is widely reported to be treated as high-risk, and at some banks this answer alone can trigger rejection.
Political exposure (the standard PEP screening).

Answer consistently. The single most damaging thing you can do is give a vague or contradictory story — "I'm a tourist" plus "I want to receive salary payments" is an instant red flag. If you're a freelancer with foreign clients, say exactly that, and name the platforms or clients the money comes from.

Common rejection reasons

Based on the patterns people report, rejections cluster around a few causes:

No demonstrable ties to Georgia. Fresh arrival, no lease, no local activity, no residence permit. The bank sees a purely offshore use case and declines.
Vague source of funds. "Savings" with no paper trail behind it.
Sanctions exposure. Citizens of, or income flows from, sanctioned or high-risk jurisdictions commonly face stricter screening; a residence permit and local employment history help substantially.
Crypto. See above — even past crypto income can be an issue at some banks.
Failed verification callbacks. Unreachable phone, mismatched addresses, or documents that don't line up.

Banks are not obliged to explain rejections and, in widely reported experience, generally won't. There is no formal appeal; the realistic remedies are a different branch, a different bank, or reapplying later with a stronger file.

Fees to expect

Non-resident onboarding: some non-residents report one-time onboarding or verification fees; reports vary wildly, from nothing to several hundred GEL — confirm at the branch before applying.
Monthly account service: 3–15 GEL for standard personal packages.
Card issuance: often free on standard packages, with premium cards extra.
SWIFT transfers: incoming transfers are commonly free or a small fee; outgoing SWIFT commonly around 0.2–0.3% with a 20–50 GEL minimum — check the bank's current tariff page.
Currency conversion happens at the bank's own rate — expect a spread versus the NBG official rate, commonly cited around 1–2%.

How to improve your chances

Register your IE before applying, and bring the extract. A local business purpose changes the conversation.
Get a local SIM and a signed lease first. Ties matter more than anything else.
Bring more documentation than seems reasonable, organized in a folder.
Apply at a large central branch where non-resident applications are routine.
Keep your story boring, specific and consistent across the form, the interview and your documents.
If rejected, don't argue at the counter — collect yourself, adjust the weak point in your file, and try the other bank.

If nothing works

You can operate for a while without a local account: Wise and similar services can hold and convert funds, though local GEL account features are limited — check current capabilities. Some landlords and services accept cash or foreign transfers. But for paying Georgian taxes and living day-to-day, a local account is worth the persistence — most determined applicants with real documentation get approved somewhere within a few attempts.