Banking and Financial Services: how it works in Georgia — first-hand
From real experience
caseA user encountered an unexpected negative balance of 48 GEL on their Credo Bank card, despite previous successful transactions and no recent activity.
Bank support stated it was a 're-block' by the merchant for an already processed transaction and advised the user to resolve it with the merchant directly. This highlights a potential issue with transaction handling where funds might be double-blocked or re-blocked after initial processing, requiring customer intervention.
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how-toTo close a bank account in Georgia (e.g., Credo Bank) without visiting the office, you must settle all pending transactions (wait ~30 days) and cancel all active cards in the mobile app.
Be aware that maintaining an account often incurs monthly fees (e.g., for SMS or maintenance), which will lead to a negative balance if the account is not fully terminated.
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ruleIf you have opened a Georgian business (e.g., sole proprietorship or LLC) and a bank account using your old passport, and have since obtained a new passport without the old one in hand, you will need to update your information with the Georgian tax authorities and relevant banks.
Failure to do so can cause issues with banking and tax compliance.
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tipWhen opening a bank account for a legal entity in Georgia and needing a statement for justice, prioritize banks that can issue a virtual card immediately.
Physical cards may take up to three business days. Confirm the processing time for virtual cards if speed is critical.
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ruleIn TBC Bank (and likely other major banks in Georgia like Bank of Georgia), staff language capabilities (Russian, English, Georgian) vary by employee.
It's common to find Russian-speaking consultants available, even if not at the first counter.
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ruleIn TBC Bank in Georgia, English is spoken, but Russian is not.
For assistance, you may need to rely on English speakers or use translation tools if Russian is not an option.