If you’ve ever tried to open a multi-currency account in the West, you’ve probably run into endless forms, waiting lists, and vague “policy” answers. Georgia is different. Walk into a TBC or Bank of Georgia branch in Tbilisi with your passport and a local phone number, and in most cases you’ll leave with working online banking, a multi-currency setup, and a debit card ready within days. It’s not a loophole—it’s a pragmatic banking system in a small, outward-facing country that understands international clients.
Why Georgia is a sensible banking base
Georgia has developed into a regional hub for entrepreneurs, digital nomads, and investors who want diversification. Unlike traditional offshore centers, Georgia combines modern banking infrastructure with accessibility. The country is outside the EU, the U.S., and China—yet maintains strong international connectivity. That neutrality makes it attractive for anyone seeking to reduce country risk and keep options open.
Key reasons international clients choose Georgia:
- Multi-currency accounts: USD, EUR, GBP, and GEL available within a single account.
- Modern apps in English: banking platforms are intuitive and fully translated.
- No residence requirement: accounts can be maintained even if you don’t live in Georgia.
- Competitive fees: monthly account fees are low, often waived with regular use.
- Stable banks: well-capitalized and regulated under Basel III standards.
Requirements & how the process works
Opening a personal account is usually straightforward. You will need:
- A valid passport (minimum six months validity)
- A local or international phone number (for SMS verification)
- An address (local or foreign is acceptable)
Residency is not required. For business or premium accounts (like SOLO), banks may ask for income or company documents.
In practice: you walk into a main branch, take a number, present your documents, and sign forms (sometimes only in Georgian). Most accounts are opened within an hour. Debit cards are typically ready within 2–3 days.
Banks compared: TBC vs. Bank of Georgia (and SOLO)
TBC Bank: Best digital app, highly intuitive, strong English support, large branch network. Popular among expats and tech-savvy users.
Bank of Georgia (BOG): Internationally oriented, comprehensive functions, broad multi-currency options. Widely experienced with foreign clients.
SOLO by BOG: Premium segment with concierge service, exclusive lounges, and events. Requires regular income (~5,000 GEL) or deposits from 25,000 GEL upwards. Suitable for entrepreneurs and wealthy expats seeking personal service.
Liberty Bank: More traditional, solid reputation, but less digital focus.
Fees, cards & multi-currency
- Account fees: usually 0–5 GEL per month (under €2), often waived.
- Cards: Visa and Mastercard debit cards, contactless, widely accepted.
- Apps: real-time FX, push notifications, biometric login, expense tracking.
- Currencies: separate sub-accounts for GEL, USD, EUR, GBP (bank-dependent).
Example: Converting €1,000 to USD via TBC app is often cheaper than at ATMs or exchange bureaus. International SWIFT transfers typically cost 10–25 GEL and take 1–3 business days.
International transfers: SWIFT and workarounds
Georgia is not part of SEPA, so all EU transfers go through SWIFT. Transfers to the U.S. or Asia work in the same way. To reduce costs, many clients combine their Georgian account with fintech services:
- Wise (TransferWise): cheaper EUR transfers into the EU.
- Revolut: flexible multi-currency card for everyday use.
Safety & deposit insurance
Deposits at Georgian banks are covered up to 15,000 GEL (~€5,000) per bank and per depositor. While this is lower than EU levels, the banking sector is considered stable and well-capitalized. For larger balances, many expats diversify across banks (TBC, BOG, SOLO) and currencies.
Compliance notes
Since 2023, Georgia participates in the OECD Common Reporting Standard (CRS). Accounts held by non-residents are automatically reported to their home country if it is a CRS member (e.g. Germany, UK, Switzerland).
U.S. persons: FATCA applies worldwide. Georgian banks identify and report U.S. accounts to the IRS. American citizens can open accounts in Georgia, but without anonymity. For them, the main benefit is diversification and multi-currency access—not secrecy.
Disclaimer: This article is for informational purposes only and does not constitute tax or legal advice.
Who this is (and isn’t) for
Well-suited for:
- Digital nomads needing a stable international banking base
- Expats wanting to diversify beyond EU or U.S. banks
- Entrepreneurs opening a Georgian company or using the 1% Individual Entrepreneur regime
- Investors holding assets in multiple currencies
Not ideal for:
- People with only domestic needs and no international exposure
- Those expecting SEPA-style transfers at zero cost
- Anyone seeking secrecy or tax evasion (not possible under CRS/FATCA)
Practical tips from the field
- Go early in the morning (9–11 a.m.) Tuesday–Thursday to avoid queues.
- Use TBC if you value the best mobile app; BOG if you prefer a full-service bank with premium options.
- Keep your account active (use every 6–12 months) to avoid dormancy.
- Combine your Georgian account with Wise or Revolut for efficient transfers.
Final thoughts
Georgia is not a classic offshore haven, nor a loophole for hiding assets. It is a modern, accessible, and independent banking destination with pragmatic rules. For digital nomads, entrepreneurs, and globally minded investors, a Georgian account offers strategic diversification, multi-currency flexibility, and a base outside the major power blocs.
In uncertain times, that combination is exactly what many global citizens are looking for.