Opening bank accounts in Georgia: what Georgian banks are now offering
Recently, more and more citizens of the Republic of Belarus and the Russian Federation are opening accounts in foreign banks. Georgia is one of those countries whose banks can offer attractive financial conditions to citizens. In this article, we will talk about the advantages of opening accounts in Georgian banks, as well as the current offers of banks.
Why it is necessary to pay attention to Georgian banks:
- Presence of large banks in the country that constantly expand the range of offered products (including Bank of Georgia and TBC bank);
- Possibility of opening an account remotely (in the case of opening in TBC Concept or BoG Solo);
- Providing high-quality service for Wealth Management class clients, namely:
- private banker;
- interest-free cash withdrawals;
- various investment options, including bonds on European and American stock markets.
- Ease of opening (often only a passport and documents confirming income are required to open an account);
- Ability to work with different currencies (many Georgian banks offer services for working with various currencies, which is useful for those conducting cross-border financial transactions);
- Lower initial deposit threshold (in some cases, the initial deposit may be waived);
- Low fees and rates;
- Attractive rates for bank deposits.
Georgian banks have an extensive network of partners in the CIS countries and abroad, including the Belarusian National Bank, which is a 100% subsidiary of Bank of Georgia. Additionally, the Armenian Ameriabank is a wholly-owned subsidiary of Bank of Georgia, providing access to financial products in Armenia. All this allows using an account in a Georgian bank as an intermediary place to store money, for example, in case it is not possible to directly transfer money from one country to another.
Currently, there are problems with transferring funds from Belarus to some European countries. The partner network of Bank of Georgia not only allows transferring funds between accounts at partner banks but also enables investment activities in Europe.
TBC Bank Group PLC ("TBC PLC") is a public limited company registered on the London Stock Exchange. Moreover, TBC Bank owns 51% of Inspired, a leading payment system company in Uzbekistan.
The minimum list of documents required to open an account includes:
- Foreign passport;
- Georgian phone number;
- Application for opening a bank account;
- Documents confirming the applicant's income.
There are various options in terms of the cost of opening an account, its maintenance, and the level of service:
- TBC Concept. TBC Concept sets include packages such as Digital kit (for residents only), Premium Package, and 360se. All of them allow the bank's clients to receive three additional high-class cards by courier service. To apply for one of the packages, the bank sets the following requirements: monthly income - ₾ 4,000; deposit - ₾ 100,000; loan - ₾ 100,000.
- BoG SOLO. This is a program of Bank of Georgia, in which applications with income from 3000 ₾ are considered. Also, you can get a premium package if you have a deposit or loan of ₾ 100,000 - 250,000.
- BoG Wealth Management and TBC Wealth Management. Products for wealthy individuals. They offer the best conditions for deposits, flexible investment opportunities with a list of partners, and high annual interest rates. The service "private banker," types of banking services such as: term deposit, deposit certificate, savings account.
REVERA Georgia provides full support in opening accounts in Georgian banks, has partnership relations with BOG and TBC, and will help you correctly and promptly open accounts in the mentioned banks.
Dear journalists, the use of materials from the REVERA website in publications is possible only with our written permission.
To coordinate materials, contact us at e-mail: i.antonova@revera.legal or Telegram: https://t.me/PR_revera.
