Georgian jurisdiction attracts many foreign investors from all over the world, and especially from neighboring countries: Russia, Ukraine, Belarus, Armenia, Azerbaijan, Turkey. Georgia has a very advantageous tax system and offers a lot of ways of reducing the fiscal burden to a minimum. Georgia also can boast the lowest banking fees in the region combined with a fairly high quality of banking services. For foreigners, it is equally important that a high level of banking confidentiality is ensured. And Georgian banks can fully guarantee this to their clients as they do not participate in the automated system for the financial information exchange between tax authorities of different countries. In connection with all of the above, opening a private account with the Bank of Georgia in 2020 is advisable for those who plan to receive dividends or wages, to work with cryptocurrencies, and at the same time would like to ensure high confidentiality of their cash flows, as well as reduce their tax expenditures.
The Offshore Pro Group provides the opportunity of opening a private bank account remotely without visiting the bank, with the assistance of our representative in Georgia. The cost of this service 2999 EUR.
Why Open a Private Account with the Bank of Georgia? A Few Words About the Leading Georgian Bank
The Bank of Georgia is the very first bank in Georgia. It was founded yet in 1903. Today it is one of the two largest banks in the country that controls a third of Georgia’s financial market. The Bank of Georgia offers both Georgians and foreigners any and all banking services, including the possibility of opening a private account online without visiting the bank. This offer is valid for individuals.
As of March 31, 2019, the Bank of Georgia could boast the following achievements in the Georgian banking market:
- loan portfolio of 9.57 billion lari;
- deposit portfolio of 8.4 billion lari;
- client database of more than 2.4 million retail clients;
- great popularity of digital services, more than 93% of transactions are made via remote channels, and the number of active users of mBank (mobile banking) has reached 452,000;
- the largest network of offices, i.e. 166 express-offices and 93 full-fledged offices;
- the largest number of banking devices in the country, i.e. more than 15,000 POS terminals that are located in more than 11,500 outlets; 886 ATMs and 3,200 self-service terminals;
- more than 2.2 million plastic cards issued.
All of this makes the Bank of Georgia the leading financial institution in Georgia. And to complete the picture it should be noted that its shares are listed at the London Financial Exchange, and this shows the reliability and stability of the financial institution.
The bank’s relationship with the group of the same name should also be highlighted. The participants of the latter are:
- Galt & Taggart, a Georgian investment banking company (investment banking, brokerage and financial research, asset and wealth management).
- Georgian Leasing Company;
- Belarusian People’s Bank;
- and three foreign units in Tel Aviv, London and Budapest.
It is important! The Bank of Georgia has the most well-established correspondent relations with the banks of other countries compared to other Georgian banks, which provides a high speed of international transfers.
Private Accounts with the Bank of Georgia for Foreigners, and Other Services for Individuals
The Bank of Georgia offers resident individuals and foreigners the full range of banking services. Let us take a closer look at the terms and conditions for the most sought-after financial products of the leading Georgian bank.
Types of Payment Cards Issued by the Bank of Georgia
In terms of the number of payment cards issued, the financial institution is the leader in Georgia. Here, clients can get both debit and credit cards by the following payment systems: Visa, MasterCard and American Express. And by the way, the Bank of Georgia is an exclusive partner of American Express in Georgia and the Caucasus region. This gives the bank a significant advantage over other financial institutions.
Using payment cards of the Bank of Georgia, clients are able to withdraw cash from their account via any ATM across the world and at any time, or use them for payments for goods and services in online stores, for shopping offline in supermarkets.
The Bank of Georgia also is the only bank in the country that maintains payment cards of JCB, the Japanese system (since November 2018).
Visa Classic / MasterCard Standard and Gold Payment Cards
Classic payment cards allow the clients who open a bank account in Georgia to get permanent free access to their money. The validity of payment cards is 1 or 2 years, and the cost of issuing is a mere 40 or 50 lari respectively for 1 or 2 years of maintenance.
Gold cards emphasize the high status and financial soundness of their holder, as well as serve as universal financial instruments with an increased limit on cash withdrawal and non-cash payments. You will be able to pay for your purchases in online stores and supermarkets around the world. You can apply for a Gold card for 1 or 2 years, paying just only 110 lari for 1 year and 150 lari for 2 years of maintenance.
Payment Cards for Minors
The Bank of Georgia also issues MasterCard Debit payment cards for children. These cards can be used to pay for public transport and for payments in stores.
The basic maintenance terms and conditions are as follows:
- account currency can be lari/dollars/euro/pounds sterling;
- card validity period depends on the holder’s age: for a client aged 6 to 14 it is 4 years; 14 to 16 it is 2 years; and for those who are over 16 it is 1 year.
American Express Rewards Card
Holders of the American Express Rewards Cards, along with the payment card, automatically become members of the American Express Club with all the ensuing privileges, including the Bonus Program and the Special Offers Program.
The Bonus Program allows you to earn points for payments in stores and shopping malls and exchange them for gifts (1 lari is 1 point). The number of the points awarded depends on the status of your payment card. Holders of Green or Gold cards accumulate points twice as fast.
The basic terms and conditions for using the Rewards Card are the following:
- account currency is lari/USD/EUR;
- card validity period is 3 years;
- maintenance fee is 40 lari per year;
- payments using POS terminals are free of charge;
- cash withdrawals in ATMs of the Bank of Georgia are 0.3%, minimum 0.3 lari/USD/EUR;
- cash withdrawals in the offices of the Bank of Georgia are 0.6%, minimum 0.6 lari/USD/EUR;
- cash withdrawals in the ATMs abroad are 3,9%, minimum 3,9 lari/USD/EUR;
Daily cash withdrawal limits:
- at the bank offices it is free of charge;
- in ATMs of the Bank of Georgia and abroad it is 3,000 lari.
American Express Credit Cards
American Express Credit cards are very popular among the clients who would like to open a bank account in Georgia. Here are the basic maintenance terms and conditions for these cards:
|Name||American Express Gold Card||American Express Green Card||American Express Blue Card|
|expiration date||4 years 3 years 4 years|
|maintenance fee per year (lari)||180 (SOLO — 120)|
|cash withdrawal daily limit (lari)||4,000|
|credit limit (lari)||up to 20,000||up to 6,000||up to 2,000|
|interest rate, per annum: -cash withdrawal from ATMs-payments for goods and services in stores and shopping malls||26%18%||26%20%||26%22%|
Cash withdrawal fees for all types of American Express credit cards are the same:
- in ATMs it is 3.9%, minimum 5.9 lari/3.9 USD/2.9 EUR;
- at the bank offices it is 5.9%, minimum 7.9 lari/4.9 USD/3.9 EUR;
American Express Gold payment card is a symbol of prestige and high-end lifestyle. Its holders can enjoy the following advantages:
- a 55-day grace period (by the way, other cards also have a similar grace period);
- participation in the Bonus Program and the Special Offers Program;
- top-level insurance;
- additional payment card;
- fraud protection;
- no limit on cash withdrawals at the bank’s offices;
and lots of other benefits.
Find out about the advantageous opportunity of withdrawing and exchanging cryptocurrency via a private account with the Bank of Georgia.
Open a Private Account with the Bank of Georgia. Deposit Terms
The Bank of Georgia has the 2nd position in the Georgian market in terms of the volume of deposit funds of individuals. As of April 2020, non-residents can open a deposit account with the bank under the following programs:
|Deposit Type||Minimum Amount||Term, months||Effective Interest Rate|
|Fixed-Term Deposit (with no right to early termination)||500 lari/currency||3 – 24||interest payment at the end of the term: in lari 12.35 – 13.09;in USD 1.61 – 3.30;in EUR 0.15 – 1.04;in GBP 0.35 – 2.03.interest payment at the beginning of the term:in lari 12.90 – 12.73;in USD 1.11 – 2.98;in EUR 0.15 – 0.55;in GBP 0.05 – 1.59.monthly interest payment:in lari 12.90 – 12.96;in USD 1.55 – 3.30;in EUR 0.05 – 0.95;in GBP 0.25 – 1.97.|
|Savings Deposit (with replenishment)||10 lari/currency||3 – 24||interest payment at the end of the term: in lari 12.93 – 13.09;in USD 1.60 – 3.20;in USD 1.60 – 3.30;in EUR 0.15 – 1.04;in GBP 0.35 – 2.03.monthly interest payment:in lari 12.90 – 12.96;in USD 1.56 – 3.20;in EUR 0.05 – 0.95;in GBP 0.25 – 1.97.|
|Children’s Deposit (opened for children aged 2 to 18)||10 lari/currency||pre-adulthood (2 to 18 years)||in lari 13.95; in USD 3.35;in EUR 1.05;in GBP 2.05.|
|Demand Deposit (free disposal of money)||500 lari/currency||—||in lari 7.23; in USD 1.26.|
All deposits except for the Demand Deposit are opened free of charge. When opening the last one, the client will have to pay a fee of 10 lari. There is also a cash withdrawal fee of 0.6%, minimum 5 lari/currency. However, it is only withheld if the depositor withdraws money at another office of the Bank of Georgia.
The Bank of Georgia Remote Banking Instruments
It is very important for non-residents who would like to open a private account with the Bank of Georgia to ensure undisrupted access to their funds, regardless of where they are. And they will succeed in that with the Bank of Georgia. The Bank of Georgia has a huge number of remote instruments for managing cash flows:
- Mobile banking (MBank);
- Phone banking;
- SMS banking;
- Direct debit;
- Standing order;
- Online payments;
- e-mail banking.
Having chosen any of these services, the client of the Bank of Georgia will get round-the-clock and daily access to their accounts, and will be able to form statements, transfer money, order debit and credit cards, open deposits and replenish them, convert currency, etc. And a foreigner can open the bank account remotely without having to visit the bank.
The mobile banking service is particularly popular among the bank’s clients. It allows the client to control their financial flows, as well as make payments from their mobile phone, wherever the user is (but only if they have Internet access).
Open a Private Account with the Bank of Georgia for a Foreigner. Terms and Conditions
The Bank of Georgia offers non-residents the following range of private accounts:
The client gets access to the first type of account using a payment card. A universal private account will be opened in four currencies (GEL/USD/EUR/GBP) free of charge. The client will only pay for the issuance of their payment card, depending on its type. The universal private account maintenance fee is only 1 lari.
Using the universal private account, foreigners will be able to carry out all standard banking transactions:
- reload/withdraw cash;
- make replenishments;
- make money transfers;
- convert currencies.
The clients who open a standard private account are not provided with a plastic card. It is only issued to those who open a universal account. All transactions involving money in the holder’s account can be carried out remotely, and the money can be withdrawn at the bank of Georgia only. The fee for opening a standard private account is 10 lari. There is also a monthly fee of 1.5 lari. It should be noted that a standard personal account is usually used for automated payments such as utility bills or other regular payments.
Other Financial Services for the Bank of Georgia Clients
Those foreigners who would also like to open a private account with the Bank of Georgia in 2020 will be able to benefit from the services listed below:
- safe-deposit boxes;
- traveler’s checks;
- currency exchange;
- payment of utility and other bills;
- international money transfers: Western Union, Golden Crown, Moneygram, ELVA, Unistream, Ria, Contact.
Benefits of the Bank of Georgia for Non-Residents
The Bank of Georgia is the leader of the Georgian banking system for good reason. All thanks to the high quality of services. A non-resident can open the private account with the Bank of Georgia remotely, without wasting their time on a trip to the country. The Bank of Georgia also has:
- the largest branch network, and its ATMs and self-service devices can be found anywhere in Georgia;
- an ample choice of financial services;
- high quality service;
- premium service packages (SOLO);
- the bank employees speak English, French, Russian;
- low rates;
- a large correspondent network around the world;
- high data privacy.
Having opened an account with a Georgian bank, non-residents will be able to save on taxes when receiving dividends. In Georgia, the tax rate is only 5%. Also, foreign individuals can receive other payments to their private account without worrying that the tax authorities of their countries could learn about them. All Georgian banks, including the Bank of Georgia, do not exchange financial information in the CRS system.
Opening of a private account with the Bank of Georgia is recommended to those who carry out transactions with cryptocurrency. The bank’s conditions for withdrawal and exchange are ideal.
By the way, Georgia is one of the world leaders in the virtual money mining. Recently it took the second position after China in terms of mining volumes. The growth of interest towards Georgia among both large-scale and small-sized companies operating in this industry can be explained by low tax rates and cheap electricity.
How Do I Open a Private Account with the Bank of Georgia Online without Visiting the Bank?
It is quite easy to open a private account with the Bank of Georgia for citizens of many countries if you are doing it with the support of the Offshore Pro Group. All you need to do as a businessman wishing to get an advantageous, high-quality and inexpensive financial instrument for your private expenses, is the following:
- Please email us to firstname.lastname@example.org.
- Fill out a short questionnaire.
- Discuss all the important points related to opening of your account with our employee and agree upon them.
- Pay for our services in any convenient way. The cost of service is 2999 EUR.
- Agree with our lawyer on the text of the Power of Attorney authorizing the opening of your private account with the Bank of Georgia.
- Get the Power of Attorney notarized and send it with the international mail to Georgia along with the other documents.
Regarding the list of documents that will be required to open a private account with the Bank of Georgia, it includes just your travel document and a client’s questionnaire.
If you are interested in opening a private account with a large Georgian bank, the Bank of Georgia, do not hesitate to contact us: email@example.com. With our help, you will get an efficient tool for your private payments and crediting dividends just within a few days. You will be able to save on taxes, as well as significantly improve the confidentiality of your payments and settlements.
What Do Non-Residents Need a Private Account with a Georgian Bank For?
Opening a private account with the leading bank of Georgia will allow you to complete the payment when buying real estate in Georgia, to credit dividends, wages or other types of income, as well as to service your cryptocurrency transactions.
What Services Can Non-Residents Get at a Georgian Bank?
Together with a private multi-currency account with a Georgian bank, foreigners can be issued Visa, MasterCard and American Express payment cards. They can open a deposit, a credit card, make a transfer, use high-end service.
Is it Possible to Open a Private Account in a Georgian Bank Remotely?
Yes, it is. Foreigners can open a private account with the leading Georgian bank without being present in person.