International Payments in Georgia

1.1. Bank Transfers Georgian banks (TBC Bank, Bank of Georgia, Credo, Liberty, etc.) conduct international operations in accordance with the Law "On Currency Regulation" and under the supervision of the National Bank of Georgia (NBG).
The official currency for transactions in Georgia is the lari (GEL). Funds received from abroad in foreign currency are not subject to mandatory conversion if they remain in the account or are used abroad. But for payments within the country, transactions are allowed only in lari.

1.2. Payment SystemsUse of international payment platforms (e.g., Payoneer, Wise) is permitted if transactions do not violate Georgian legislation, particularly AML/KYC, tax, and currency regulations.
Payment platforms not registered in Georgia can be used by individuals and legal entities if operations occur outside the Georgian payment system—i.e., are not used for transactions between residents in lari.

1.3. Digital Assets (Cryptocurrency)According to the position of the Ministry of Finance and NBG, cryptocurrency is recognized as a digital asset but is not a means of payment. Use of cryptocurrency in exchange for services or goods is considered a barter transaction, which does not violate the law but requires proper documentation. Valuation in lari at the market rate on the received date is mandatory.

1.4. Cash TransactionsCash transactions between parties are allowed without a sum limit, including in foreign currency. However, for legal entities the cash balance in the cash register must not exceed 10% of monthly turnover; any excess must be deposited into a bank account.
Cash transactions must be processed through a cash register or ЧГД form (ჩეკიგაცემულია), depending on the transaction type. Violation of these requirements may result in a fine by the tax service.

❗️ The form of transaction (bank, payment system, cash) does not affect taxability of the transaction itself. What matters is the nature of the operation and its source, not the transaction method.

2.1. Personal AccountsForeign citizens, including Russian citizens, can open a bank account in Georgia either in person or—subject to certain conditions—remotely or by proxy.

Options for opening:
● In person at the bank — preferred and most common method;
● By proxy, notarized outside Georgia — accepted by most banks: TBC Bank, Liberty, BasisBank, Credo Bank;
● Without personal presence or proxy via video verification — available only for the SOLO premium segment from Bank of Georgia under certain conditions.


Required documents (may be expanded per bank request):
● International passport;
● Bank statement from any bank for the last 6 months with proof of income;
● Documents proving non-sanctioned income source (contracts, employment agreements);
● For SOLO — statement from a non-sanctioned bank and proof of the capability for initial credit from it.


2.2. Accounts for Sole Proprietors and CompaniesForeigners who have registered a sole proprietorship or Georgian companies with foreign founders and/or directors can open a business account in a Georgian bank, but it’s not automatic. Banks perform enhanced due diligence, including a substance check.

What is substance?
●Documented proof of actual business activity in Georgia:
●Lease or ownership agreement for an office;
● Contracts with Georgian or international clients;
● Employment contracts with staff;
● Active entrepreneurial operations under the company’s purpose.

Bank focus includes:
● Residency and citizenship of founders/directors;
● Country of origin of capital and income;
● Business model and risks (especially no ties with sanctioned jurisdictions);
● No transit operations or nominee structures.


2.3. Timelines and Rejection The KYC/AML procedure for opening a business account may take up to 10 working days, and in some cases—longer. The bank’s final decision stands, even with a full document package.

❗️ In practice, it’s advisable to start with opening a personal account, which later facilitates opening a sole proprietor’s or company’s account.

Платёжные системы, используемые физическими и юридическими лицами в Грузии, должны быть легально зарегистрированы в стране своего происхождения и соответствовать международным требованиям по AML/KYC. Ниже представлен обзор платформ, которые реально используются в Грузии и поддерживают операции с местными резидентами (частично или полностью).

4.1 Supported Payment PlatformsPayoneer

• ✅ Supported in Georgia
• Allows accepting payments from clients, freelance platforms, and marketplaces (Upwork, Amazon, Fiverr, Airbnb, etc.)
• Has local bank details in USD, EUR, GBP, etc.
• Supports withdrawal to Georgian bank accounts
• Regulators: FinCEN (US), FCA (UK), EU
• Official website: https://www.payoneer.com/

Wise (TransferWise)

•  ✅ Supported
• Offers multi-currency details and local transfers
• Supports withdrawal to Georgian banks
• Does not support receiving funds from marketplaces
• Regulators: FCA (UK), FinCEN (US), EU licenses
• Official website: https://wise.com/

 
PayPal

• ⚠️ Limited support
• You can register an account with a Georgian address, but not for a company
• You can withdraw funds to a company account by linking a corporate bank card to a personal account
• 📄 Country support list: https://www.paypal.com/us/webapps/mpp/country-worldwide

❗️ Important Notes:

•  Payment systems ≠ bank account: cannot be used, for example, to pay state duties, fees, receive VAT refund.

• Payments made via payment systems must be declared if they are income (especially for sole proprietors).

A well-structured payment setup allows businesses and freelancers in Georgia to legally and efficiently receive and use international funds, reducing banking refusal risks and transaction delays. Below are practical models within Georgian legal framework.

5.1 Model 1: Personal Account + Payment System (Temporary Setup) For: freelancers, new sole proprietors, non-residents awaiting business account opening

How it works:

1. Open a personal bank account in a Georgian bank (TBC, BoG, etc.).
2. Receive payments from clients via Payoneer or Wise.
3. Withdraw funds to personal account.
4. Use funds – e.g., for taxes or business development.

Comment: Banks accept such inflows if income source is non-sanctioned and documented.


5.2 Model 2: Payment System → Business AccountFor: registered sole proprietors or companies receiving payments from foreign clients

How it works:

1. Receive funds from client on Payoneer.
2. Transfer to business account in a Georgian bank.
3. Record in accounting as income under external contract.
4. Use for payments, VAT, salaries, etc.

Comment: Important that payment purpose matches documentation (contract, invoice). Reduces risk of questions during tax audits.


5.3 Combined Model: Personal Account + Payment System + Business AccountFor: small businesses combining freelancing, contract projects, and entrepreneurship

How it works:
● Use personal account for temporary receipt.
● Receive marketplace payments via Payoneer.
● Open business account for corporate operations.
● Transition fully to corporate structure as business grows.

❗️What is important to observe with any model: The payment purpose must correspond to the documents;

• The source of income must not be linked to sanctioned jurisdictions;
• All amounts used in Georgia must be declared when necessary;
• Payment systems cannot be used to accept local payments from Georgian clients.

6.1. Can you use a personal account for running a business?

Yes, but only temporarily. An individual may receive payments to their personal bank account, including from abroad, if it isn’t systematic or is declared as freelance income. However:
● Banks may refuse service if transit operations are unexplained.
● For sole proprietors and companies, transactions must go through a business account, especially with Georgian counterparts, VAT payments, or tender participation.


6.2. Can a payment system replace a bank?

No. Payment systems (Payoneer, Wise) cannot replace a bank account:
● They do not participate in Georgia’s national payment system;
● Do not allow transactions in lari;
● Are not accepted by tax authorities as settlement accounts.

Such platforms can be used for receiving international income, but not for obligations to the government or Georgian clients.


6.3. Why might a bank refuse to open an account even with a full document package?

Reasons typically are not officially disclosed, but in practice include:
● Lack of real presence (substance) in Georgia;
● Questionable origin of capital;
● Links to high-risk or sanctioned countries;
● Unverified business activity.

Each bank applies internal compliance procedures aligned with NBG policy and international AML standards.


6.4. Do you need to pay taxes on payments received via payment systems?

Yes. The payment method does not affect taxation. If you receive income from services, sales, or work—whether via Payoneer, Wise, or directly to a bank—you must:
● Include income in tax accounting;
● File a declaration (monthly or yearly depending on status);
● Pay personal income tax (up to 20%) or sole proprietor tax (1−3%).


6.5. Can foreigners open a bank account in Georgia remotely?

Yes, under certain conditions:
● Provide a bank statement showing income over the last 6 months;
● Confirm non-sanctioned income source;
● Submit documents online (e.g., with SOLO Bank of Georgia) or via proxy.