Bank Account Opening in Georgia - My personal experience after 4 years

[micand]

After introducing clients to Georgian Banks for four years now, I would like to give an update of my personal experience with SOLO Bank (Bank of Georgia), TBC Bank and Tera Bank.
While opening an account in person might still be possible, opening a personal bank account with a notarized and apostilled power of attorney was not possible.

SOLO/BOG

The bank showed willingness to accept - only - 1 out of 12 new clients with power of attorney, under the condition that all funds (in this case 250,000 € - which were very well documented - to be put in a term deposit.
The client made a counter offer to have 20% stored in term deposit rest liquid in the current account, the bank denied.

TBC

After one week of back and forth, changes and amendments to the original power of attorney, the bank denied account opening with their own draft of the power of attorney.

Tera Bank

Same as TBC


What all banks had in common was their reason for these changes, namely INTERNAL POLICY.

The mentioned institutes had many new KYC forms, asked for 6 months of bank statements with another bank, tax statements, other proof of funds,
description of professional activities, CV, the relationship to Georgia and proof thereof, volumes etc. which was not an issue, since all funds were properly taxed, legit and well documented.

I consider this usual compliance questions, although this is quite new in Georgia.

Besides that, several TBC and SOLO clients have been notified about account closure with laughable short notice, lately.

These are my personal experiences with the above mentioned institutions which took place between 1 June 2020 and 24 June 2020.

After the facts changed, we informed our clients, offered account closure and re-evaluated our banking relationships.
We started onboarding process for several clients in Moldova and other jurisdictions which can be an alternative for some individuals.

Thought it was worth sharing.

 

[Jonny Cage]

Thanks for sharing the above.

We just opened three accounts last week:
One in TBC and two in Solo (still not fully finished in SOLO though, but they said it is decided to open).

account holders are Russian and another is EU resident. I don’t understand why they have different approaches. I agree that SOLO started to aske more questions than it used to ask before, but still accounts are opened. Moreover, as information on all the transactions where provided in advance, I don’t expect account closures.

But I will definitely post here if anything goes wrong with our past and present clients.

 

[micand]

Thanks for sharing! My clients were all EU citizens and residents. Did you open personal accounts, business accounts and with or without power of attorney?

 

[Jonny Cage]

It was personal accounts and all of them were using POA.

 

[AndersonDrew]

After introducing clients to Georgian Banks for four years now, I would like to give an update of my personal experience with SOLO Bank (Bank of Georgia), TBC Bank and Tera Bank.
While opening an account in person might still be possible, opening a personal bank account with a notarized and apostilled power of attorney was not possible.

SOLO/BOG

The bank showed willingness to accept - only - 1 out of 12 new clients with power of attorney, under the condition that all funds (in this case 250,000 € - which were very well documented - to be put in a term deposit.
The client made a counter offer to have 20% stored in term deposit rest liquid in the current account, the bank denied.

TBC

After one week of back and forth, changes and amendments to the original power of attorney, the bank denied account opening with their own draft of the power of attorney.

Tera Bank

Same as TBC


What all banks had in common was their reason for these changes, namely INTERNAL POLICY.

The mentioned institutes had many new KYC forms, asked for 6 months of bank statements with another bank, tax statements, other proof of funds,
description of professional activities, CV, the relationship to Georgia and proof thereof, volumes etc. which was not an issue, since all funds were properly taxed, legit and well documented.

I consider this usual compliance questions, although this is quite new in Georgia.

Besides that, several TBC and SOLO clients have been notified about account closure with laughable short notice, lately.

These are my personal experiences with the above mentioned institutions which took place between 1 June 2020 and 24 June 2020.

After the facts changed, we informed our clients, offered account closure and re-evaluated our banking relationships.
We started onboarding process for several clients in Moldova and other jurisdictions which can be an alternative for some individuals.

Thought it was worth sharing.

that's what scares me too if I submit all documents and still banks deny me a personal account. Johnny Cage you never told me what are the requirements for opening up a personal account by POA? What about the beneficiary in case of death of the ac holder?

 

[Jonny Cage]

that's what scares me too if I submit all documents and still banks deny me a personal account. Johnny Cage you never told me what are the requirements for opening up a personal account by POA? What about the beneficiary in case of death of the ac holder?

Because there are not much requirements as of yet. I have totally different experience with banks than described in this thread. But if anything will change I will post here.

As for beneficiary, still waiting the answer from the bank.

 

[libicap]

After introducing clients to Georgian Banks for four years now, I would like to give an update of my personal experience with SOLO Bank (Bank of Georgia), TBC Bank and Tera Bank.
While opening an account in person might still be possible, opening a personal bank account with a notarized and apostilled power of attorney was not possible.

SOLO/BOG

The bank showed willingness to accept - only - 1 out of 12 new clients with power of attorney, under the condition that all funds (in this case 250,000 € - which were very well documented - to be put in a term deposit.
The client made a counter offer to have 20% stored in term deposit rest liquid in the current account, the bank denied.

TBC

After one week of back and forth, changes and amendments to the original power of attorney, the bank denied account opening with their own draft of the power of attorney.

Tera Bank

Same as TBC


What all banks had in common was their reason for these changes, namely INTERNAL POLICY.

The mentioned institutes had many new KYC forms, asked for 6 months of bank statements with another bank, tax statements, other proof of funds,
description of professional activities, CV, the relationship to Georgia and proof thereof, volumes etc. which was not an issue, since all funds were properly taxed, legit and well documented.

I consider this usual compliance questions, although this is quite new in Georgia.

Besides that, several TBC and SOLO clients have been notified about account closure with laughable short notice, lately.

These are my personal experiences with the above mentioned institutions which took place between 1 June 2020 and 24 June 2020.

After the facts changed, we informed our clients, offered account closure and re-evaluated our banking relationships.
We started onboarding process for several clients in Moldova and other jurisdictions which can be an alternative for some individuals.

Thought it was worth sharing.

Hey！ We spoke to TBC bank regarding account opening process and emailed them some questions, they just did not response forever. We are an Estonian company, owner is also Estonian citizen - is there any chance to open a bank account in Georgia? We do not have revenue in Georgia though.

 

[nav]

I would like to open an account for Crypto-trading. I'm from South Asia. A few months ago I was interested in Georgia but due to Corona , my travel plan was cancelled. My Business Consultant told me a few months ago that Georgia is more Crypto-friendly you should come here. But now with the passage of time as Govts are announcing Crypto-friendly laws, the banks are becoming more strict , it seems.

Has anyone tried IBH Investment Bank Malaysia?

 

[JohnLocke]

Business Consultant told me a few months ago that Georgia is more Crypto-friendly you should come here

Since this thread already turned into a self promoting thread I would like to know what agent you are using, if you are able tp post a link and name, so please do it.

 

[nav]

H

Since this thread already turned into a self promoting thread I would like to know what agent you are using, if you are able tp post a link and name, so please do it.

Mari Devskey.

She has a youtube channel.

Mari Devskey

www.youtube.com

 

[JohnLocke]

H


Mari Devskey.

She has a youtube channel.

Mari Devskey

www.youtube.com

I know this person.. I think we already mentioned her on OffshoreCorpTalk before.

 

[reesek]

do you get a USD account in Georgia?

 

[nav]

do you get a USD account in Georgia?

Are you referring to me? if yes, no I didn't.

 

[Flatworld]

Bank of Georgia...ask me to visit its branch to withdrew my term deposit (which has already reach the maturity date...)~

I said to them that I'm in China and can't visit Georgia...they ask me for letter of attorney (has to be notary accepted) so other people can do this for me...= =

open term deposit: you can easily open one using the App or Internet banking
withdrew term deposit (to my cash account at BOG): sorry, you need to visit our branch to do so

 

[nav]

Bank of Georgia...ask me to visit its branch to withdrew my term deposit (which has already reach the maturity date...)~

I said to them that I'm in China and can't visit Georgia...they ask me for letter of attorney (has to be notary accepted) so other people can do this for me...= =

open term deposit: you can easily open one using the App or Internet banking
withdrew term deposit (to my cash account at BOG): sorry, you need to visit our branch to do so

So, forget about transferring to your home country you cannot even transfer it to the local currency account (Correct me if I am wrong, as this is what I interpret from your last sentence ). Whats the use of Mobile banking app and Banking Web Portal then?

Also, I think for Foreign Currency accounts many Foreign banks in other countries don't issue Visa/Master Cards etc.

The Bank should know we are living in 2020. These kind of tactics would ruin the Bank's reputation.

 

[Flatworld]

So, forget about transferring to your home country you cannot even transfer it to the local currency account (Correct me if I am wrong, as this is what I interpret from your last sentence ). Whats the use of Mobile banking app and Banking Web Portal then?

Also, I think for Foreign Currency accounts many Foreign banks in other countries don't issue Visa/Master Cards etc.

The Bank should know we are living in 2020. These kind of tactics would ruin the Bank's reputation.

Yes...I even can't transfer the money from my term deposit ( (which has already reach the maturity date) back to my USD cash account at the same bank (BOG)...which I can not understand~

They make it easy to open term deposit (can be opened through the mobile app), but make the transfer out (just transfer out to my own cash account) so complicated (requires to go to the branch). . . Ridiculous~~

 

[Traveler]

Hey！ We spoke to TBC bank regarding account opening process and emailed them some questions, they just did not response forever. We are an Estonian company, owner is also Estonian citizen - is there any chance to open a bank account in Georgia? We do not have revenue in Georgia though.

With no economic substance in Georgia, you can forget about it even with a Georgian entity, let alone a foreign entity.

 

[nav]

Yes...I even can't transfer the money from my term deposit ( (which has already reach the maturity date) back to my USD cash account at the same bank (BOG)...which I can not understand~

They make it easy to open term deposit (can be opened through the mobile app), but make the transfer out (just transfer out to my own cash account) so complicated (requires to go to the branch). . . Ridiculous~~

I can understand your feelings. But the problem is these Bank people dont state the most imp facts concerning you. Remember, nobody cares for your money but you, yourself.

As I stated many Foreign Currency accounts dont give you a Debit /Credit card and not even allow you online withdraw from the FC account, they only give you a Cheque-book. Dirty tactics!!

It is because of all these Dirty Tactics and Marketing gimmickry that De-centralized Privacy driven Crypto is all the more necessary. Necessity is the mother of Invention.