Is it still possible to walk in and open an bank account in Georgia (country)

[HelloMyDroogs]

Hello everyone

In early August I am spending 3 days in Georgia before heading to Armenia to get my permanent residency ( I need to spend 2 weeks there to complete the process). In the past I have read it is possible to simply walk into a bank in Georgia with your passport and open an account. Are those days long gone or is it still possible

If so how long would I have to stay in Georgia to receive the debit card/have the account created etc.. what would I need to bring? Just my passport (Australian) and US dollars cash? Finally is their any banks that are recommendations? I have heard in other threads people mentioning TBC and Bank of Georgia.

Lastly most of my income is generated from crypto (kyc sources), is that going to be an issue? I would still like a backup account even if I can't use to off ramp crypto.

Thanks for your time.

 

[JohnnyDoe]

NO please for god’s sake don’t open an account in Georgia. Just read all the horror stories around.

 

[Sols]

Open, maybe.

Keep open, not so likely.

 

[Martin Everson]

In the past I have read it is possible to simply walk into a bank in Georgia with your passport and open an account. Are those days long gone or is it still possible

Yes back in day you would walk in with a stack of cash, a passport, give your hotel room as your address with no proof required and your account was opened. Today its not that way at all.

If so how long would I have to stay in Georgia to receive the debit card/have the account created etc.. what would I need to bring? Just my passport (Australian) and US dollars cash? Finally is their any banks that are recommendations? I have heard in other threads people mentioning TBC and Bank of Georgia.

You would be best to contact i.e BoG and find out their latest compliance requirements. This can change very quickly so something someone told you 6 months ago may not be applicable as of today.

Lastly most of my income is generated from crypto (kyc sources), is that going to be an issue? I would still like a backup account even if I can't use to off ramp crypto.

See my post below on BoG and crypto. I again would ask them to confirm their latest requirements around crypto.

https://www.offshorecorptalk.com/threads/need-to-sell-etfs-in-us-broker-transfer-cash-to-emi-bank-transfer-cash-to-crypto-exchange-best-emis-banks.35790/post-195237

 

[Forester]

I have heard in other threads people mentioning TBC and Bank of Georgia.

Read for example here

Question - Problems with Georgia because of Russia

Hello I am holding a Georgian bank account at BOG since 2013 (I was a resident there in 2013 but left the country since then) and still using the bank account to receive payments for freelance work I do During last month I am having issues with correspondence/ intermediary banks sending money...

www.offshorecorptalk.com

Really, I am afraid there is a game over in Georgia...

 

[khinkali]

@HelloMyDroogs there is a *big* difference between personal and business banking in Georgia and this does not only apply to whether you have a business or personal account, but also how you use it.

If you want to use your account for transactions that look like offshore economic activity (e.g. wire transfers from and to accounts abroad, not in your name) then don't bother, this doesn't fit their risk profile. On the other hand if you're using it like a normal person going about your day to day life, paying in a few $k per month from accounts in your name or from crypto and then using your debit card for flights, hotels, food etc. then that's what lots of people do on an ongoing basis.

If you walk into TBC or BoG with your Australian passport, a local phone number (Magti sell SIM cards a the airport) and $10 then I expect that you will get your debit card within two days. As with all jurisdictions there is uncertainty and there could be something about your case that complicates things.

Personally I like TBC Concept (from $40 per year) because it's a lot less hassle to get some personal service when you need to, from someone who can talk to the actual bankers on your behalf. You can sit down with them and ask how much $ per month in crypto they're happy with coming into your account.

I haven't used BoG's SOLO. It also has some fees but also minimum requirements which I guesss won't be an issue for you. The impression I get is that they are a little more active in quizzing you about your income, wealth etc. and more likely to re-examine you now and again. But they seem easier to work with for larger sums such as $00ks (I don't know about millions) which is handly if you're looking at property investment.

Cryptal and MyCoins are Georgian exchanges that integrate nicely with TBC and BoG for small to medium transactions. I don't like holding fiat so I sometimes send LTC to Cryptal then withdraw GEL to TBC just to buy lunch - it is available to spend on the VISA card within a few seconds. There are OTC guys in Tbilisi who can handle the big $ amounts if you find yourself shopping for villas.

The main thing I advise is to keep the bank in the loop, go for Concept or SOLO and make sure your relationship manager knows before you start increasing your turnover with them or make a larger deposit or withdrawal than normal.

If you do misuse the account and find it locked, expect to visit a branch to withdraw your cash. Georgian banks are nice if you play nice but they're wary about laundering, running an offshore business etc.

 

[Marie Manila]

Cryptal and MyCoins are Georgian exchanges that integrate nicely with TBC and BoG for small to medium transactions.

BoG and TBC are really fine with money coming from crypto? That would be a nice option to cash out in a non-CRS country. (I know, they will join CRS next year, but I hope they will postpone it again)
That's awesome! What are small or medium transactions for Georgians?

Can I upgrade to SOLO or Concept remotely, if I am already a customer?

 

[csp dubai]

the probelm of geogia i s almost imposibbel to operate business accounts , they are paramoid a bout money laundering

 

[khinkali]

BoG and TBC are really fine with money coming from crypto? That would be a nice option to cash out in a non-CRS country. (I know, they will join CRS next year, but I hope they will postpone it again)

Georgian banks work nicely for normal transactions; selling some crypto and using it for living expenses is quite normal. I think there are better options for cashing out business income or large amounts.

What are small or medium transactions for Georgians?

Can I upgrade to SOLO or Concept remotely, if I am already a customer?

The turnover or transaction size would depend on your profile. For me and other people I know, the best thing is to keep in touch with the bank to get an idea of what they're comfortable with given your history with them.

I don't know if you can upgrade remotely, the crypto folk I know tend to come to Georgia anyway. Keep in mind that if you have some issue and they close your account, you will very likely need to visit in person to withdraw your balance.

almost imposibbel to operate business accounts , they are paramoid a bout money laundering

Many people have business accounts in Georgia. Georgian banks do not like to do offshore business banking. I agree that they are paranoid about money laundering, which makes sense given the geography. The National Bank of Georgia looks into surprisingly small international transactions; also the local banks are wary of upsetting correspondent banks abroad.

 

[JackAlabama]

Georgian banks work nicely for normal transactions; selling some crypto and using it for living expenses is quite normal. I think there are better options for cashing out business income or large amounts.



The turnover or transaction size would depend on your profile. For me and other people I know, the best thing is to keep in touch with the bank to get an idea of what they're comfortable with given your history with them.

I don't know if you can upgrade remotely, the crypto folk I know tend to come to Georgia anyway. Keep in mind that if you have some issue and they close your account, you will very likely need to visit in person to withdraw your balance.



Many people have business accounts in Georgia. Georgian banks do not like to do offshore business banking. I agree that they are paranoid about money laundering, which makes sense given the geography. The National Bank of Georgia looks into surprisingly small international transactions; also the local banks are wary of upsetting correspondent banks abroad.

They also want to please EU, so they take this nonsense "money laundering" thingy very seriously. Plus highly dependent on US$ and with large Russian influx in 2022, it is better to treat them gently and not overdo on big amounts.
Also the local salary level has to be taken into account where 1k $ is already large. You get leeway as a foreigner from a rich western country but still best to keep local salary levels in mind.

 

[Marzio]

keep local salary levels in mind.

If $1k is already large, how much is a medium salary there?

 

[JackAlabama]

If $1k is already large, how much is a medium salary there?

200$ if at all. Many do not have registered jobs.
This works well as most people own their own homes due to communist legacy where they could stay in the place they lived. Also prices for food are ultra low.

 

[khinkali]

@marzio a supermarket checkout worker is on about $300. Living costs are low and home ownership is >90%. Most people have no rent or mortgage.

A decent programmer who speaks English earns $3000+ but still with very low living expenses. The richest guy in Tbilisi has about $5Bn in wealth according to Forbes/Bloomberg. There are plenty of AMG S Classes and G Wagons rolling around and Tbilisi airport has a reasonable flow of private jets.

If you go with TBC Concept or SOLO, your bank will develop their own opinion about you. My bank has no problem with a few $k from a well known or local crypto exchange, but people who have a good history of larger balances, purchasing property, etc. can bring a lot more. But try to do some offshore business using your Georgian account and you'll likely be closed in an instant.

 

[lostguy]

The black money must be floating in Georgia, if you have sufficient of power it is still possible to make your own rules with the bankers, tax auth and who else that is not willing to execute your command.

 

[khinkali]

@lostguy I think the many posts here about accounts being closed and Georgia being "dead" for banking indicate that Georgian banks are more resistant to black money than most places. They want to know the customer and understand their profile, much more than other places I lived (UK, TH).

 

[lostguy]

Well well, some people need to get out to the real life and feel what it is like! Even in countries with a high reputation you will be surprised what is possible.

Try to get out of your cave and follow the money stream. It will feel like a new world for you.

 

[khinkali]

@lostguy I'm not surprised by much. It's just funny how half the posts on Georgia are about some kind of totalitatrian banking system that is impossible to use for anything and the other half are about some unregulated free-for-all.

As with most things, the truth tends to be neither extreme.

 

[lostguy]

@lostguy I'm not surprised by much. It's just funny how half the posts on Georgia are about some kind of totalitatrian banking system that is impossible to use for anything and the other half are about some unregulated free-for-all.

As with most things, the truth tends to be neither extreme.

Just go there, speak with professionals, contact some banks, find the true people there and you will see that it feels like magic how the doors open which normally are sealed by the devil.

 

[khinkali]

@lostguy above is my personal experience sitting down with the bank in Georgia, along with other crypto folk who like me have lived here for a few years.

As I *keep* pointing out, your experience will depend very much on your circumstances and relationship with the bank. People who regularly bring money into the country can deposit more than 10x what I can.

As for professionals, I very much agree with your use of the plural. Hire multiple Georgian lawyers and tax auditors and you are likely to get some quite different opinions. Also the Revenue Service are known to give conflicting information.

 

[MrBaggins]

I'm considering flying to Georgia to open a personal non-resident bank account. Opinions seem to be mixed. From what I gather, business accounts are a no-go in Georgia.

But what about personal non-resident accounts in Georgia? Where you use the account for day-to-day living (salary, rent, food, travel, etc) internationally? Do they like to freeze and close these types of accounts as well? Nothing shady, just living fairly normally although internationally and offshore..