There are 19 licensed banking organizations in Georgia. Because no legal restrictions in the country prevent foreigners from availing themselves of financial services, it is theoretically possible to open an account in each.
Tens of thousands of foreign nationals have done so already as of the middle of 2025, according to the National Bank of Georgia, with GEL 11.8 billion (USD 4.36 billion) residing in the accounts of non-residents, roughly a fifth of all deposits in the country. The reason is simple: There are advantages to keeping money in Georgia.
The advantages of a Georgian bank
- The country’s banking sector is reliable. S&P Global Ratings’ 2025 report on Central Asia and the Caucasus ranks Georgia number one in the region in terms of oversight and low economic risk.
- Georgian banks insure funds regardless of citizenship to a maximum of GEL 30,000 (USD 11,000) per bank for all deposits, legal entities, and individuals. Say you have funds in two banks, and both go bankrupt: The state will cover up to GEL 60,000 (USD 22,000). That’s the idea, anyway, as no bank in the country has been liquidated since the establishment of the Deposit Insurance Agency in 2017.
- Lari deposits provide an attractive yield, about 10%, and the lari has remained stable against USD and EUR for the past three years, making it a good option for asset diversification.
- All Georgian banks provide multi-currency accounts in dollars or euros, and some even work with the British pound and UAE dirham, though the yield is rather low, making them more a means of preserving rather than accumulating capital.
- Income on bank deposits in Georgia is not subject to personal income tax (0%).
A final plus: With a notarized power of attorney and a representative, you can open a bank account in Georgia remotely, i.e., without having to visit the country yourself, a service provided by PB Services. Sign up for a free consultation to find out more.
Ranking Georgia’s 10 largest banks
The table below shows Georgia’s largest banks by assets along with maximum deposit rates by currency and approximate annual account maintenance fees for individuals (corporate fees may differ significantly) to help you get a view of the big picture.
It should be noted that despite the relatively low interest rate on foreign currency deposits (comparable in some cases to US bank rates), the Georgian sector provides the greatest possiblesafety for investments, with virtually zero probability of default and all market participants required to publish annual activity reports in the public domain that can be found with a simple Google search (e.g., BOG Annual Report, Credo Annual Report, etc.).
| No. | Bank name | Assets | Interest rate – max annual income | Annual fees for individuals |
| 1 | Bank of Georgia | GEL 39.2 billion | GEL – 10,2% USD – 2.0% EUR – 0.6% | GEL 60-180 (USD 20-70), for SOLO customers up to GEL 800 (USD 300) |
| 2 | TBC Bank | GEL 36.6 billion | GEL – 10,45% USD – 1.7% EUR – 0.55% GBP – 1.7% AED – 0.55% | GEL 100-400 (USD 40-150) |
| 3 | Liberty Bank | GEL 5.4 billion | GEL – 11,2% USD – 3.2% EUR – 2.0% | GEL 24-300 (USD 10-110) |
| 4 | BasisBank | GEL 4.1 billion | GEL – 11% USD – 3.0% EUR – 2.8% | GEL 15-180 (USD 10-70) |
| 5 | Credo Bank | EUR 3.2 billion | GEL – 11% USD – 3.1% EUR – 2.3% | From GEL 45 (from USD 20) |
| 6 | TeraBank | GEL 2.0 billion | GEL – 10.8% USD – 3.55% EUR – 2.8% | GEL 19-140 (USD 10-55) |
| 7 | ProCredit | GEL1.9 billion | GEL – 10,6% USD – 3.92% EUR – 3.5% | GEL 60-240 (USD 20-90) |
| 8 | Cartu Bank | GEL1.8 billion | GEL – 10,5% USD – 4.0% EUR – 2.5% | GEL 10-244 (USD 5-90) |
| 9 | Halyk Bank | GEL1.0 billion | GEL – 10,2% USD – 2.27% EUR – 1.76% | GEL 18-120 (USD 10-45) |
| 10 | PASHA Bank | GEL 0.7 billion | GEL – 10,5% USD – 3.95% EUR – 2.9% | GEL 20-100 (USD 10-40) |
The best banks to open an account at in Georgia
Georgia’s two largest banks, Bank of Georgia and TBC, are considered the most reliable, account for 80% of the Georgian banking market, and are recognized as systemically important, meaning they comply with special capital requirements. What’s more, they are traded on the London Stock Exchange and key investors include Western funds like JPMorgan Asset Management, The Vanguard Group, BlackRock Investment, and Norges Bank Investment Management, among others, holding both to the highest standards.
As the sector’s heavy hitters, BoG and TBC are best equipped to invest in development, the reason they top Global Finance’s corporate and individual rankings for Central and Eastern Europe.
Another, less obvious, advantage of the top two is that they are the only banks in Georgia where you can open a brokerage account, a plus if you plan to invest in securities.
If you are wavering between BoG and TBC, you should know that foreigners surveyed recognize BoG to be more convenient, with Global Finance experts pointing in particular to innovations in online banking. BoG’s premium service, SOLO Bank, often positioned as a unique independent player (check out our previous article on the topic), is also worth noting.
TBC generally comes in behind BoG and SOLO but also offers premium services (TBC Concept packages and Visa Platinum cards), a personal manager, and a wide network of ATMs and branches throughout Georgia.
The main shortcoming of these two banks is that the thoroughness of their screening process, such as failing to properly prepare documents on the origin of funds, can make it more difficult for foreigners to open an account with them. Read about some other reasons for rejection here.
The banks least likely to reject foreigners
Liberty Bank has also been recognized as systemically important, winning the tender for state pensions in 2022, which it has been responsible for ever since. Liberty is also bit more foreign-customer friendly.
BasisBank is owned by the Chinese Hualing Group, a major strategic investor in Georgia, and manages the free industrial zone of the same name in Kutaisi. Although expat rankings often overlook Basis, it is poised to overtake its competitors. In August, the National Bank of Georgia approved a new deal involving Hualing Group to acquire a 95.99% stake in Liberty Bank, effectively turning it into a subsidiary of BasisBank (this may have happened already, if you are reading this article in 2026).
Finally, the ease with which an account can be opened at Credo Bank (sometimes all you need is a passport) makes it a popular choice among foreigners. Credo started out as a microfinance organization, receiving its banking license in 2017 and since growing to become the country’s fifth largest bank. Service is good (outperforming even Liberty and BasisBank in terms of the convenience of online banking), but there are some disadvantages: Credo is not a good choice for long-term use abroad (go three months without buying anything in Georgia, and the bank starts charging a fee of GEL 30/month).
When to turn to an alternative bank
- TeraBank is relatively small, but its convenience for foreigners is big. The account opening procedure is simple, especially for people from Gulf countries: The bank is owned by a large private investor from the UAE, the owner of The Dhabi Group.
- Procredit Bank is an international player with a presence in several Eastern European countries and Germany. Users have noted the bank’s special attention to small and medium-sized businesses and commitment to ESG.
- Cartu Bank was founded by Georgian billionaire Bidzina Ivanishvili and is primarily focused on entrepreneurs with significant capital.
- Halyk Bank is a systemically important bank from Kazakhstan, so it can be useful for clients with interests in this region.
- PASHA Bank is from Azerbaijan, which may also be of interest to some non-residents.
There are also two Turkish banks operating in Georgia: Ziraat and Isbank, and fintech company Paysera received a banking license in Georgia in 2022. This newcomer from Lithuania is the only current member of the Single Euro Payments Area, and its transfers in EUR cost less (all other banks use SWIFT).
What to pay attention to when opening an account
You might want to keep an eye out for terms and conditions for non-residents that differ slightly from those for Georgian citizens, as it may mean higher fees, reduced interest on deposits, and other restrictions. It is not always easy to find this information on the bank’s website, so you’ll have to contact the office or support.
You should also find out whether the bank’s mobile application comes in English, which correspondents the organization works with, and whether a particular service is available online from abroad or restricted to Georgia in person.
Carefully study ATM withdrawal limits and rates, especially if you are going to open an account in a small bank with only a few branches (withdrawing cash from the ATMs of other banks can be expensive). And check whether you can make international transfers in different currencies, how much they cost, and conversion rates.
What documents are needed to open an account
We wrote in detail about how to open an account in a Georgian bank in a separate article. Let us briefly repeat the main points.
First of all, you will need a passport or a notarized copy with a translation into Georgian. You will also need to fill out a KYC (Know your Customer) questionnaire (just FYI: Each bank has different questions). This is part of a large-scale compliance procedure. Additionally, banks may request:
- Documents on the origin of funds.
- An employment contract or business registration certificate.
- A lease agreement or documents confirming ownership of real estate in Georgia.
- Statements from other banks on the movement of funds for the last 6-12 months.
- Previous tax returns. For citizens from the U.S., a tax number assigned by the IRS.
To make the opening an account in Georgia as fast as possible, enlist the support of the able lawyers of PB Services. We will audit your documents, help you with essential statements, suggest the best bank for your purposes, and open an account remotely by power of attorney, if necessary. You can use the form below to get in touch.