Your personal bank account in Georgia
We assist you in opening your personal bank account in Georgia
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About Bank Accounts in Georgia
Although banking nowadays is often associated with Problems, we offer Solutions. That is to say, our arsenal consists of different functional bank account options not only in Georgia but across the globe. We bring you the most up-to-date solutions.
A bank account in Georgia can be opened remotely – no need to travel to Georgia to visit the bank in person. All you need is a Power of Attorney from a local notary office sent to us by mail together with a copy of your passport, also notarized. The bank doesn’t even require a minimum initial deposit to the account. Residents of all countries (except those under sanction) may open a personal bank account in Georgia.
Benefits of a Georgian Bank Account
Stable Banks
The Central Bank of Georgia has one of the most conservative regulations for commercial banks in the country. High minimum standards force banks to have a relatively low risk appetite. Almost all of the bank’s financials look great. They have much higher than minimum required tier 1 leverage ratio (single most important indicator of the bank’s financial health) and capital adequacy ratios (around 16%). Healthy bank finances is extremally important in the background of the world banking crisis of 2023.
Remote Service
Very few banks today allow for a personal bank account to be opened remotely, with direct identification required almost everywhere, especially when the account is being opened by a non-resident. The regulator has allowed Georgian banks, however, to open bank accounts remotely with the use of a POA; in some rare cases, even a POA is not required
Higher Interest
After opening a bank account in Georgia, in local currency, interest rates on deposits can be as high as 11%. In USD, however, they are 4.5% and 1% in EUR. One very important thing to bear in mind is that Georgia does not offer guaranteed insurance of deposits (Actually, it does, though for only to a maximum of GEL 15,000. Yes, you read that correctly, fifteen thousand lari). But having an account in Georgia is safe as banks here are sound and the probability of default remains close to 0.
Investment
A bank account in Georgia can be used to trade on local and international exchanges. The local bond market is impressive and offers almost 10% annual yield in USD. You can call it a junk bond, but the BB credit rating is good enough for this region and should be considered along with all the other positives Georgia has to offer. We can help you open a personal bank account in Georgia for investment purposes.
Type of Personal Accounts
Universal Bank Account in Bank of Georgia or TBC Bank
A universal account may be opened in four currencies (GEL / USD / Euro / BP) and accounts for all four currencies are tied to a plastic card.
A universal account brings you a whole package of banking transactions (cash deposit – withdrawal, incoming and outgoing transfers, currency conversion).
A multi-currency universal account will enable you to receive the following types of banking services:
- Internet banking (online banking)
- Mobile banking
- Telephone banking
- Automatic payments
- Standing orders
We can offer you a universal bank account within 2 days with minimum documentation (only passport and power of attorney is required).
“SOLO” Bank Account in BOG or “CONCEPT” in TBC
Apart from a universal bank account non-residents are eligible to open a premium banking account offered by two major banks in Tbilisi, Georgia (Bank of Georgia and TBC Bank). As a SOLO customer, you will enjoy special banking benefits:
- Full scale internet banking services
- Exclusive service from a dedicated manager
- No fee for remote banking services (Internet bank/Mobile bank/Email bank/SMS bank/Automatic payments/Standing orders)
- No commission fee for cash withdrawal from any ATM across the world (SOLO Club) or 2% minimum 3 USD commission fee for cash withdrawal (Regular SOLO account)
- Get a SOLO Premium Card free of charge without a service commission fee
- Get a loan and open a deposit under the best conditions
- Be offered new financial products, bonds, or other types of securities
- Get a Visa/MasterCard Gold card as a gift
- Get an American Express Gold credit card for a special price
- Get a PRIORITY PASS card and visit VIP lounges at more than 600 airports worldwide for USD 35, etc.
Also, you can become a SOLO CLUB member and share all your benefits with your family members.
Wealth Management in BOG
We believe that wealth and assets should not only ensure a client’s financial stability but also serve as a basis for profit. Indeed, this is the goal of Wealth Management: to be a banking product that maximizes the funds you’ve got by conservatively managing possible risks.
Bank of Georgia Wealth Management serves High Net Worth individuals and their families and offers the best terms on deposits, flexible investment possibilities, and high annual interest rates.
The following types of deposits are offered by a personal banker:
- Term Deposit
- Certificate of Deposit
- Savings Account
Wealth Management benefits from synergies with the country’s largest corporate banking unit, the number one brokerage in the region, trading and asset management, top investment banking, and the leading insurance business. If you consider yourself a High Net Worth Individual, then Wealth Management is the product for you.
Contact us for more details and with the right contacts in the right branches we will be able to turn your account opening procedure into an informed, smooth, and enjoyable process.
