Do you need a Georgian business bank account as a business owner in Georgia? The answer is, it depends. In this article I’ll cover: 

  • The legal requirements for business owners: Who does/does not need a business bank account?
  • Alternatives to the standard business bank account in Georgia.
  • How easy is it to open a personal or business bank account?
  • Other FAQs about banking in Georgia.

Legal requirements: Who needs a business bank account?

Individual Entrepreneurs are allowed to accept business income to any bank account in their name or the name of their business, whether it be a personal account or a business account. There is no legal requirement to open a dedicated account for your business, or to even open a bank account in Georgia. 

That said, there are many reasons why you might want one. I’ll explain those reasons, and your best options, below.

Legal entities, for example, LLCs, are also not required to have a business bank account in order to transact. BUT the practicalities of operating without a business bank account will create a significant overhead, requiring your accountant to register every single movement of money to or from a personal bank account as a cash transaction for tax purposes. In addition, all VAT-registered businesses are required to link their local Georgian business bank account directly to the Revenue Service’s online system, or they won’t be able to file the mandatory tax declarations. 

Bank Account Options In Georgia

As an Individual Entrepreneur (IE), your business is attached to you as an individual. Thus, income can be received to any bank account that belongs to you.

Though you can accept money to both local and international accounts, it’s normally advisable to have some separation between your business income and personal transactions.

For some, a full business account may be needed, or an online business account (with a service like Payoneer (our affiliate company) or Wise (formerly TransferWise) may be sufficient. For others, a separate Georgian personal account may be all they need, or they may even continue to receive money to a foreign account.

If you operate a legal entity in Georgia (such as an LLC), then accepting money to any bank account other than a business bank account in the name of your Georgian company, would be considered equivalent to a cash transaction and would need to be reported as cash in your monthly accounts.

But it should be noted that although an online business account can be used for regular business activity, it cannot be used to pay taxes to the Treasury and will not be recognized in the Revenue Service’s system on your company’s info card (mandatory if VAT registered and essential in order for tax refunds to be issued).

Let’s explore the pros and cons of each of these options.

Standard Georgian Business (Corporate) Bank Account

Can be used for banking by: Legal Entities & IEs

This type of account is held at one of the physical banks in Georgia. Bank of Georgia and TBC are the most popular options.


  • PoS terminal – to accept in-person card payments, and in some cases, some terminals will log cash payments (logging cash payments with a cash register is a legal requirement in most cases).
  • Cards for employees – named cards for your staff to make business purchases.
  • Receive income in GEL. Also in USD, EUR, or GPB (conditions apply).
  • This is the only account-type listed in this article which can be used for proof of business turnover for a work residence permit application. (However, other options do exist for demonstrating turnover proof.) 
  • Can connect directly to your LLCs Revenue Service account (Mandatory if VAT registered. Required for any tax refunds). Note: For IE’s, you can connect a personal account to the RS instead, so long as the IE company name matches the name on the personal account.
  • One of the only options for accepting credit card payments online (in practice, very few companies, especially those accepting international cards, can use this service successfully, though we hope that will change in the coming years).


  • Often difficult for foreigners to open. Especially if all your business transactions will originate from abroad and/or in currencies other than GEL. 
  • Receiving income in USD, EUR, or GPB via intermediary banks is typically more expensive than with foreign accounts, due to international wiring fees. 
  • Must visit a bank branch in person for certain things. 

For the above reasons, it should be clear that the main reason to get a corporate account is if you accept or make payments by card and/or have employees/operations physically occurring in Georgia. Also, if you need to connect your bank account to the Revenue Service (mandatory for LLCs with VAT registration), this is currently your only option.

Online Bank Account Registered To A Georgian Business

Can be used, with some limitations, by: Legal Entities & IEs

NOTE: Online bank accounts may allow you to hold currency in GEL, but they do not offer full account activities in GEL. So they are primarily useful for businesses registered in Georgia which receive income in major currencies like USD, GBP, AUD, etc. For these foreign currency accounts to be linked to your Georgian business, you must open an account in the name of your Georgian business along with its tax ID. 

An online business account is sufficient for many businesses. If you will not need to attach your bank account to the Revenue Service’s online portal (because you will not be claiming tax refunds or be VAT-registered) and if you do not need to accept card payments directly, then an online bank bypasses the complications of opening a corporate account at one of the physical banks.

There are a number of online banks that allow you to register as a Georgian business for online accounts. One of them is Payoneer – our affiliate company. An alternative to this is Wise*. There are also other services like Paysera, but the former two are the most common.


Payoneer is a US-based global financial services platform. They offer several different account options based on your needs, simplifying the process of doing business internationally. The registration process is quick and easy, and they offer support in 22+ languages. 

You can open your business account through our affiliate link here


Even if you don’t need an account for your business activities, you can open a personal account with Wise, which can then be used to easily get money to Georgia and pay for local services via online transfer. Learn more and get an account here.*


  • Quick and easy account opening process.
  • Even though online banks are international, the income is connected directly to the Georgian business the account is registered to. This may potentially reduce the chance of tax liability in the countries where each currency account is held. Normally this results in lower money transfer fees and an easier transfer process than when transferring funds between physical banks. 
  • Borderless online accounts give you full bank details (IBAN, etc.) for accounts in 8+ currencies (including USD, EUR, GBP, AUD, & NZD), meaning that clients can conveniently send money via a domestic bank transfer (not an international wire transfer) from their local bank account in any of those currencies. 
  • Online accounts give you the option to hold income in more than 50 currencies. In addition to actual account details, you can also receive and hold money in many different currencies (including GEL) and then withdraw the funds to a local account in the same currency – avoiding currency conversion fees. 


  • The Georgian version of Wise does not have a debit card option, so you have to move your money elsewhere to perform card transactions. 
  • Online accounts can only accept money by transfer. They cannot accept credit cards, cash, or online payments.
  • An online account is not sufficient to pay your taxes to the Georgian RS, to deal with VAT registration, or to receive any tax refunds. 

If you decide to go with the online business/personal account option, then opening an account is easy:

  1. Head to*
  2. When opening a business account, select “Georgia” as your country.
  3. Include your business name and tax ID.
  4. Once the account is open, you can request the borderless account option, so that you have full bank details available in both USD and other currencies. A nominal one-off fee is charged for opening.
  5. Once you have these bank details, they can be used as any regular bank account would for sending and receiving money. 

How to use a Wise account in Georgia:

  1. Sign up for a Georgian Wise business account, where all your business income will be received.
  2. Business expenses: Make payments by bank transfer to vendors, contractors, and employees worldwide, direct from your account, keeping the income in the original currency it was received. For LLCs paying expenses by card, you can make a cash advance to a personal account, and pay by card from there. However, keep in mind that this must be tracked in your accounts. IEs, in most cases, can pay expenses from any account without making a cash advance, so long as they log the expenses in their general journal (ledger). 
  3. Send money direct to Georgian banks in GEL, with low exchange rates and fees. Pay yourself via a local account, or even pay local staff and vendors by tranferring directly to their bank accounts. 

*Disclaimer: The links to Wise on this page are affiliate links, meaning we receive a commission if you choose to register and transact with their service. This is a service the directors at ExpatHub use themselves, have for many years, and recommend to many clients as we believe it is the best option to fulfill the exact need explained above. If you do not want us to be credited for this recommendation, you can use this link to Wise instead, which will result in no commissions for us.


LuxPay presents itself as a financial platform within the ever-changing landscape of electronic money institutions, offering a wide array of services tailored to meet the needs of both individuals and businesses.

Among its offerings, LuxPay provides users with Dedicated International Bank Account Numbers (IBANs), aiming to streamline payment processes and improve transaction efficiency. The platform supports third-party payments, allowing users to conduct transactions on behalf of others.

One notable feature of LuxPay is its capability to facilitate both local and cross-border payments, with support for multiple currencies including USD, EUR, and GBP. Additionally, LuxPay simplifies currency conversion, enabling transitions between different currencies.

For added convenience, LuxPay offers payment cards, providing users with tangible means to access funds and make purchases. The platform prides itself on its user-friendly interface, ensuring a smooth experience for all users.

LuxPay emphasizes its commitment to accessibility through support for various payment networks, including SEPA, SWIFT, ACH, Target2, Faster Payment, and Fedwire. This extensive network coverage ensures users can select the most suitable option for their specific transaction needs.

Georgian Personal Bank Account

Can be used by: IEs & Individuals (natural persons)
(Though, technically, an LLC could also use one in a limited way)

IEs can legally accept business income to their regular personal account in Georgia. However, our recommendation is that if you choose to use this method, it would be wise to open a second personal account for business income, so that your business transactions are not mixed with personal ones. 

For individuals, a Georgian personal bank account works in a similar way to any other personal account. Information on how to open one is detailed below.

The pros and cons of holding a second personal account include:


  • Much easier to open than a corporate account.
  • Receive cash payments through payboxes across Georgia. This avoids the mandatory requirement of having a cash register in order to receive cash.
  • Receive income in GEL, USD, EUR, or GPB.
  • A separate debit card can be used to pay for expenses and online purchases.
  • Business income and expenses are kept clearly separated from your personal finances.
  • Full online banking portal (with most major banks).


  • Receiving income in USD, EUR, or GBP via intermediary banks is typically more expensive than with foreign accounts, due to international wiring fees.
  • Although you can have multiple debit cards, they will all be in your name, and cannot be in the name of any employees.

Foreign Bank Account

Can be used by: IEs

You can legally continue to accept your IE income to any foreign bank account. 

However, it should be noted that, if you are accepting income to your foreign business account (if you already had a business registered abroad before registering in Georgia), then this can potentially lead to a whole host of other tax issues, depending on the type of business. You can read more about the tax pitfalls of transacting through your foreign business while actively managing it from Georgia in our other article.

Assuming your foreign account is a personal account, or an account linked to you as an individual and not to a legal entity you own, then the following information is worth considering. 

  • You can accept business income to that account without any special rules or restrictions on the Georgian side. Obviously, that income must be declared here if it is tax liable (Read more about foreign source income here).
  • BUT tax liability for that income in the country where the bank account is held can vary. It’s worth discussing any tax implications with an adviser based in that country, especially if that country does not have a double tax treaty with Georgia.
  • It’s important to note that tax liability is never based on the location of remittance when it comes to Georgian taxation. It is based on liability of the business or individual. This means that the mere fact that funds don’t arrive to a Georgian bank account is never a basis for these funds not being taxed.


A foreign PayPal account, for tax purposes, would be treated the same as any other foreign bank account.

A Georgian PayPal account would be treated the same as any other Georgian online bank account.

The main things to know about PayPal in Georgia:

  • Accepting credit card payments is almost impossible. So, for online payment processing, tools like PayPal or Stripe are a non-starter (we hope this will change soon).
  • Getting money out of PayPal to a bank account is difficult and involves connecting a Visa card (not MasterCard) to the account, and withdrawing funds to the card, not to the bank account. Users report mixed results with making this work reliably.
  • PayPal has horribly high fees in general. Which, if you have used it for international business in the past, you probably know already. If you have only ever dealt with one currency, in one country, then you may not be aware of just how overpriced PayPal can get. 

Other online payment processors, like Stripe, are simply not available in Georgia yet. More info on this below.

Which Physical Georgian Bank Should I Use?

If you want to open a personal or corporate account locally, there are quite a few options. Bank of Georgia and TBC are two of the largest commercial banks in the country, as well as the most popular choices with foreigners.

In most circumstances, it makes sense to open your personal bank account and business bank account with the same bank, so that your accounts are linked.

Bank of Georgia (& Solo Bank)

Bank of Georgia (or BoG) has a significant presence nationwide, featuring both physical locations where you can get your banking done in-person, as well as a modern and easy to use online banking portal and app.

In terms of business banking, BoG is probably the hardest to get accepted to, but the easiest to work with once you have been accepted.

Solo Bank is the premium arm of Bank of Georgia, for personal banking only. Their reasonable annual fee comes with a host of benefits, including a personal banker who can assist you with many banking activities remotely, so that you don’t even need to visit a branch.

They will also speak better English than most of the front desk staff in regular branches, making your life much easier. Another major benefit to Solo is the ability to conduct banking operations over email, rather than having to go to a branch or complete endless SMS verifications.


TBC offers most of the same services that Bank of Georgia does. Anecdotally, they are slightly more hasty in blocking large payments from abroad. Every foreigner will have a different story though, and we have no concrete reason to recommend BoG over TBC.

Other Options

Beyond these main two options, you might also check out VTB, ProCredit, and Liberty Bank. Be prepared for one typical question that the smaller banks will ask: “Why did you choose our bank?” You do not want your answer to be, “The other banks rejected me.” 

Online Payment Processors In Georgia

At the time of writing, the options for accepting payments online are severely limited. The large banks do offer some limited payment processing options; however, persuading them to approve you is not easy. Even when approved, the consistency of the service for processing foreign card payments is too low to make it a tenable solution for any regular business transacting.

Workable solutions are on the horizon. For now, a common solution is transacting through a foreign company (set up solely as a payment processing company) with the ultimate beneficiary being set as your Georgian company. 

However, this option creates a host of other tax and business considerations, which are worth discussing with an expert before attempting. Book a free consultation with us if you’d like to discuss this, along with any other tax and business questions you might have.

How easy is it to open a personal or business bank account in Georgia?

For a personal bank account, the requirements have recently increased, and we expect account opening to become gradually harder in the future.

The essentials of opening a personal account:

  • Passport
  • Basic KYC questions relating to your personal wealth & sources/amounts of income.
  • Relevant proof relating to income and wealth (in some cases). This can be in the form of employment or service contracts, proof of foreign pension or inheritance, proof of business income, proof of investment portfolio, etc.
  • For US citizens only, full compliance with the FATCA agreement, including sharing your IRS information.

This is not an exhaustive list, and the bank has the right to refuse to open an account for you without providing a reason.

For the time being, you do not need to be a resident of Georgia to open an account, and no proof of local address is required.

Here you can see all of the options in Georgia for opening a personal bank account.

Business account opening for foreigners:

For anything apart from the online banks, opening a business account as a foreigner has become very difficult. The best strategy is dependent on your unique business setup and a number of other factors. If you need assistance with this, please contact us.

Other FAQs regarding banking in Georgia

What if I want to transfer large amounts from overseas?

The bank may freeze your account until you can prove the origin and legality of the transaction. They also have the right to reject the payment and even close your account.

Though an exact figure of what is acceptable to transfer is not defined, a ballpark figure, above which problems are more likely to arise, would be Approx. 10,000 USD or equivalent. That said, people have transferred higher sums, regularly, without ever having problems. In contrast, lower sums have sometimes triggered problems.

If you need assistance because your account has been frozen, or you have concerns about transferring a large amount, you can contact our office for advice.

Does the Georgian Revenue Service keep track of my banking activity?

With a business bank account, yes, the Revenue Service has access to certain information from your bank account.

With a personal bank account, the banks in Georgia are obliged by law to report any bank account that they believe is being used for economic activity, within 3 days of identifying said economic activity. (See Georgian Tax Code 71 (1)(c1)).

To the best of our knowledge, none of the banks have made their internal policies for identifying economic activity publically available.

Can other countries (such as my country of citizenship) track my banking activity?

The USA, via the FATCA agreement, has access to limited information (such as annual balance) from your Georgian bank accounts.

Furthermore, Georgia joined the CRS (Common Reporting Standard) in 2023. All countries within that network (including the EU, UK, AUS, etc.) are now able to obtain specific financial information from your Georgian bank account, and vice versa – the Georgian Revenue Service will be more easily able to request financial information about your bank accounts in any of those countries within the CRS network.

Free Consultation

If you need assistance with your tax, business, banking, real estate, or residency matters in Georgia, then book a free consultation with us.

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Tom Williams
Tom Williams

Managing Partner @ ExpatHub.GE | Expert on Tbilisi/Georgia re-location, visas/residency, business, food, wine and more. Previously from the UK, now a full time expat in Tbilisi.