[Guide] Opening a bank account in Georgia

Did they focus much on where you were born and how was the facta form Tuatini? I am going soon to open up a account in Georgia soon. Do have any tips such as branch or best method to open an account there?

No, they didn’t ask many questions at all… if any lol.
I was so surprised that I forced myself to tell them how much money I’d put in the account and where that money came from lol (in fact they will ask you via email if they receive a large chunk of money from you).

I was born in French Polynesia, a country unknown by many. If they don’t care to check what is that country I don’t think they will care for you.

What’s great and what was important for me also was the ability to communicate via writing, I don’t want to call them for every request I have. In fact, they provide just that and you can do pretty much any operation by just writing them a message and they always responded in 24h.

For the branch go directly to their head office, that’s easier imo: https://goo.gl/maps/5ca7qZvwU1Fj1fFb8

What Kind of account can I open with say $500? How did you recive your bank card with your printed name on it? Sent it to your hotel aresss? Did you go to the head office? …and thanks for your tips and guaidence

I’ve stayed 2 weeks in the country just in case I needed to go back to the back for the card of any demand which required my physical presence.

If I recall correctly I asked for my Visa gold on the same day I opened my account, then just went back to the bank with a ticket on the next day in the afternoon to get the card with my name on it.

I opened my account with less than $500, I asked them for an “Universal account” but it seems they opened me a “GAMARJOBA account” instead. If you have more than $30 000 to store, open directly a Status account. You can’t do it remotely, that’s my biggest mistake, now I’ll have to fly back to the country to change my bank account to “Status”.

Does the Universal account require a minimum amount?
To get the card they let you pick it up from the bank itself by showing your airfare ticket? Did you use a local adress or your home country?

You may want to check that directly on their website in the “fees for individual” section

Not an airfare ticket, they gave me a ticket the day I opened my account so I can present it to the same branch on the next day to retrieve my visa card

I think they just took my address on my passport, then I just went on my online account to change it.

Well, this is exactly what I was saying… If you have possibility indeed it’s better if you go there in person. Georgia is amazing country and the cost of life is relatively cheap. Average salary in Georgia is USD 165 (GEL 500). Bnb prices in the city centre of Tiblisi are as low as USD 7-15 p/night. For food I spend around USD 20 p/ day and ate in good quality restaurants. There are cheap direct flights to Tiblisi (Check Wizzair & Ryanair).

Hi Alec you opened your bank account remotely or travelled there to open it ?

I am just preparing documents to go through POA process for TBC, advised they accept notarycam.com

will see if I get my fingers burnt :smiley:

I have tried M legal solutions and sent my paperwork (limited power of attorney) which was fine and still cheaper than flying but when it came to sending the card did the contact brake off, funny that.
No payment has been made yet but maybe I opened more accounts than I wanted…-0

Their website was also down for maintenance for a bit and is back online now.
My calls and e-mails have been ignored too so far.

Be careful

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Thanks for the feedback. Please could you indulge the rest of us with a bit more information? Did the bank call you to confirm the opening of the account? What time of the day did you call M Legal Solutions considering your time zone and theirs as they are on GMT+4? Finally, how long ago was this?

Thanks

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I agree with Akan that more information would be helpful. I find it hard to believe that MLegal would deliberately sit on the card, especially since others upthread reported a positive experience with them.

@asia2 good morning, please did you follow up with the process of sending a POA to MLegal? If yes, would you be so kind as to share your experience. Thank you.

Update from the person who posted this: DO NOT open an account with TBC bank, it’s a nightmare, I’m fighting with them since 4 days now and it’s impossible to speak with them to reset my TBC pass application which is a mandatory application to withdraw money. This application stop functioning if you update your phone.

Each time I called (5 times), when I tell them I need to reset my TBC pass application they just hang up, they literally just hang up to my face without saying a word… Now in this situation of crisis I’m unable to withdraw my money, this is a real nightmare…

(Check my update on the original post)

According the Dave’s comment of nomadcapitalist, there is a possibility of Georgia joining CRS. I failed to find the original information in OECD site.

Hi there and sorry for the late one,
I have been in contact with M legal Solutions via mail and called as well. I got my papers organized which took a few days since Christmas and New Year were around as well but all got sent in perfect order and with about 3 weeks to spare on the Power of Attorney.

I called once or twice and did that early in the morning so it would suit with working hours that side.

In the last mail I received was I assured that everything went through and have heard nothing since. Nobody picks up the phone or replies to my e-mails.

The bank never confirmed with me at all.

My guess would be that M legal never got the process started at all and is now just avoiding.

I have just come across this article at a companies website.

Unfortunately, the service for opening bank accounts remotely in Georgia is currently suspended. Due to various allegations of money laundering, the Georgian banks have been under investigation for several weeks.

That would explain everything else I guess…

Can you share the link?

It looks like the investigation was in January/February 2019 and the incident happened in 2007/2008. The chair and deputy chair of TBC stepped down as a result.

https://www.finchannel.com/world/georgia/77024-an-investigation-against-tbc-bank-founders-will-affect-fdi-says-ti