A personal savings account is a retail banking product that pays an individual interest in exchange for balance money on a deposit account. An individual can generally add new deposits or make withdrawals at any given point of time, with no restrictions. There are many banks in Georgia same offer banking solutions for companies as well as individuals. Banking in Georgia is very easy at the same time is well known for its high-quality transparent services.
The question comes how to open a personal bank account. The process of opening a personal account is very easy. Just a few steps an individual is supposed to follow same help the person opening the personal account with the bank. There are different kinds of bank accounts the same are easy to open and operate as well. In same we can include the retail account in the Republic of Georgia, bank account for foreigners in Georgia etc.
There is a new law in Georgia same is with respect to foreigners to get register for temporary residence in Georgia. As per the same, a foreigner is supposed to show a mandatory saving bank statement with a minimum of 3000 GEL deposit to the Government when the same is asked for same.
Special Note: – Georgia is one of the few countries that did not sign the MCAA treaty about the automatic exchange information.
Process of Opening A Personal Bank Account:
To open a personal bank account in Georgia, an individual is supposed to submit the documents to the bank. Once documents submitted and the account is opened within a period of 3 to 4 hours. In the case of a foreigner, there is a need for the passport ID along with bank application form to open a bank account. Other required documents details are as under:
- Local identity document ID;
- Personal public service number.
Other Documents (i.e. Bank template):
- Application agreement;
- Client data sheet, Communication instructions;
- Signature card.
Advantage to local resident:
- Minimum amount to open an account is not required;
- Deposit/withdrawal of funds is unlimited;
- Frequency of interest accrual: on monthly basis at the end of the month;
- Accrued interest rate is added to initial amount;
- Depositing or withdrawal of the amount deposited in cash is free of charge from any service center of FINCA Bank Georgia.
Georgian banking provides services for retail accounts as well. The retail banking is very common in the Republic of Georgia and the same covers up products like loans, master credit, and debit cards to the individuals. Georgian banks open two types of accounts same include current accounts and saving accounts.
The cards the same are covered up in the retail banking system are master cards (Visa gold, platinum, classic), ATM cards, Orange card, Credit card etc. every kind of card charges a different kind of fees with respect to operation and registration.
Opening Bank Accounts for Foreigners:
Foreigners can also open a bank account in the republic of Georgia. To open up a foreign bank account in Georgia, a foreigner is supposed to fill the following legal documents:
- Document form of bank the account;
- Sample signature of client’s;
- Personal ID of client’s representative;
- Copies of documents (i.e. ID) required for identification of the person.
The main advantages of creating a foreign account or any other bank account in Georgia are that an account holder can have full access to the same with the help of the internet.
Note: – An individual can open bank account remotely with the help of a local lawyer by simply assigning a power of attorney to him/her.