If you're running a business in Georgia or planning to relocate here, you're going to deal with money flowing in and out of the country. That means currency exchange, transfers, and international payments are not just a side task. They’re part of your business infrastructure.

Georgia’s economy is open to foreign investment. The local currency, Georgian Lari (GEL), coexists with USD, EUR, anad increasingly GBP in many business transactions. But that doesn't mean the system is seamless. You need to understand how currency exchange works within Georgia banking, what risks come with transfers, and how payments are taxed or flagged.

Let’s break it all down so you’re not stuck paying more than you need to, or worse, raising red flags with the bank or tax authority.

The Basics of Currency Exchange in Georgia

Currency exchange in Georgia is handled by licensed commercial banks, independent exchange booths, and digital banking platforms. The most popular institutions include the Bank of Georgia, TBC Bank, and Liberty Bank.

They offer daily exchange rates for major currencies like USD, EUR, and GBP. But those rates can vary significantly depending on:

Whether you're exchanging cash or doing an account-to-account transfer
Whether you’re using a bank or an exchange booth
The size of your transaction

Bank rates are generally less favorable than booth rates for small amounts. But booths come with their own risk, especially for large or business-related transactions. They don’t offer receipts linked to your legal entity, and the origin of their funds can be questionable.

If you’re doing anything beyond petty cash exchange, stick with Georgian banking institutions for full traceability.

Why Currency Conversion Matters for Business Banking

Most businesses in Georgia operate with both GEL and a foreign currency account (usually USD or EUR). Some even add a third account if they’re dealing with clients in the UK, UAE, or Israel.

When a client sends money to your USD account in Georgia, it stays in USD until you convert it. The conversion is up to you but the exchange rate and the moment you choose to exchange can affect your profit margin.

Many founders lose thousands a year simply by converting funds at the wrong time or without comparing rates.

If your expenses are in GEL (like office rent or payroll), you’ll eventually need to convert. Timing matters. Having a clear currency strategy as part of your Georgia banking setup is a competitive edge.

How Transfers Work Between Foreign and Georgian Accounts

Incoming transfers from abroad are usually processed through SWIFT. Your Georgian bank account will have an IBAN and BIC/SWIFT code you give to clients or payment platforms.

Popular banks like the Bank of Georgia or TBC Bank can receive USD, EUR, GBP, and other major currencies. They usually charge an incoming fee between $5–$25 depending on the amount and origin.

You need to provide:

Correct beneficiary details
Purpose of the transfer (freelance work, consulting, software, etc.)
Legal documentation if requested (invoices, contracts)

Transfers without a declared purpose may be delayed or rejected. Georgian banking systems flag suspicious incoming payments without proper documentation, especially if large or frequent.

If you send money abroad from Georgia, you'll typically pay a flat fee plus a small percentage of the total. The fees and exchange rates vary bank to bank. The Revenue Service can also request information on outbound transfers, especially those tied to business expenses or dividends.

Banking Compliance for Currency Exchange and Transfers

This is where many founders slip up.

Georgia is considered a low-tax and open economy, but that doesn't mean your transfers go unmonitored. The National Bank of Georgia regulates foreign currency movements and banks are legally required to report suspicious activity.

For example:

Receiving large USD transfers into a personal account regularly
Making outbound transfers to tax havens without documentation
Exchanging large sums of currency in cash rather than through your business account

These can trigger internal audits by your bank or the Revenue Service.

If your company holds Virtual Zone or International Company Status, your documentation must clearly show the export nature of your services. Currency received must match invoiced amounts, and the timeline between contract, service delivery, and payment should be logical.

Currency exchange Georgia banking rules are not overly complex—but they require consistency and documentation.

For more on how to stay compliant with financial operations, visit Tax, Accounting & Bookkeeping in Georgia: Complete 2025 Guide.

Tax Implications for Foreign Currency Transfers

This part often catches founders off guard.

Even if Georgia offers zero percent corporate tax on reinvested profits, that doesn’t mean every transfer is automatically tax-free. Here’s how it works:

If you're an LLC with Virtual Zone or ICS, your foreign revenue is tax-exempt only if:

You invoice a foreign client
You deliver your service from Georgia
You can prove both of those with documentation

Currency exchange becomes a taxable event if:

You receive income without declaring it
You mix personal and business funds
You transfer funds between entities without contracts

Income tax, dividend tax, or even penalties may apply if you don’t have a clear paper trail.

The Georgian tax authority can retroactively review foreign currency inflows. Make sure your accountant connects each currency exchange with a valid invoice and declaration.

For more details, read How Corporate Tax Reporting Works in Georgia.

What to Watch Out For When Dealing With Foreign Payments

Let’s be clear: your bank is not your enemy. But they are required to follow AML (Anti-Money Laundering) rules. If your transactions look irregular, they’ll ask questions.

Here’s what often triggers review:

Multiple small incoming payments from different countries with no contracts
Sending money abroad to friends or family from a business account
Cash deposits followed by outbound transfers in foreign currency
Receiving crypto-converted fiat without supporting documents

Each Georgian bank has its own internal risk algorithm. What’s okay at Liberty Bank might be flagged at TBC. That’s why it’s smart to work with a financial advisor or legal team familiar with multi-currency banking in Georgia.

Holding Multi-Currency Accounts in Georgia: Is It Worth It?

Short answer: Yes.

If your business deals with global clients, a multi-currency account in Georgia lets you:

Receive funds in the client’s currency
Avoid double conversions
Manage exchange rates strategically
Track international business income separately

Most business accounts allow you to open USD and EUR wallets alongside your main GEL account. Some banks also offer GBP and TRY (Turkish Lira).

The Bank of Georgia and TBC Bank offer solid interfaces for managing multi-currency accounts. You can switch between accounts in your online dashboard, move funds between currencies, and initiate international transfers.

But be aware: bank fees can eat into your margins. Some banks charge:

A monthly maintenance fee for each currency wallet
A currency conversion fee (even between wallets)
Higher outbound transfer fees in non-GEL currencies

Always review your bank’s full fee schedule and test their customer support before you go all in.

Best Banks for Multi-Currency Accounts in Georgia

When choosing a bank in Georgia for managing multi-currency accounts, two names come up again and again: Bank of Georgia and TBC Bank.

Bank of Georgia is known for its modern online banking, fast international transfers, and a relatively user-friendly interface in both English and Georgian. You can open USD, EUR, GBP, and GEL accounts under the same IBAN or as separate wallets. It also integrates well with accounting software and offers bank statement formats accepted by Georgia’s Revenue Service.

TBC Bank, on the other hand, tends to be more popular among digital entrepreneurs. Its online dashboard is more advanced, it has an intuitive mobile app, and their customer service team is known to be responsive, even in English. TBC is also ahead on features like one-click internal transfers between currency wallets and a wider list of available currencies.

Both banks allow you to open corporate accounts that hold multiple currencies. But only a few branches offer staff who speak fluent English and understand the expectations of international founders. When possible, go through a business consultant or legal agency that has relationships with the bank officers to streamline your setup.

Don’t Ignore the Small Print

Before opening a multi-currency account in Georgia, check:

Monthly fees for each currency account
Currency exchange margins (not just interbank rates)
International transfer fees for SWIFT and SEPA
Documents required for incoming transfers

These fees vary wildly. What costs $10 in one bank may be free in another, or $30 in a third.

Also, note that most Georgian banks apply automatic conversion if the payment currency doesn’t match the wallet. That means if someone sends GBP to your USD account, you may lose money on an automatic GBP to USD to GEL chain of conversions. Always clarify your invoicing currency upfront with your clients.

Building a Transfer-Friendly Invoicing System

This might seem boring, but it will save you from compliance issues and tax penalties.

Here’s what your invoices should always include when working with multi-currency accounts in Georgia:

Your legal company name (as registered in Georgia)
Your bank name, account number, SWIFT code, and currency
The exact service rendered and period covered
The name and address of the client
Invoice number and date
The correct currency code (USD, EUR, GBP)

If you’re using invoicing tools like Xero or QuickBooks, make sure the templates match Georgia’s tax expectations. If not, prepare two versions—one for the client, one for the Revenue Service.

Always store invoices in both English and Georgian if you're registered in Georgia. If you’re submitting documentation during an audit or during registration of tax status (e.g. Virtual Zone), only Georgian versions are accepted as legal proof.

Currency Exchange Georgia Banking: Common Mistakes You Should Avoid

Let’s get honest. These are the most common ways people mess up their multi-currency setup in Georgia:

Mixing personal and business accounts.

Freelancers often start by receiving USD into a personal bank account. But when scaling into an LLC, this becomes a red flag. Transfers into personal accounts without legal invoices can trigger audits or reclassification of income.

Converting funds too late (or too early).

Currency exchange in Georgia can fluctuate. Some founders keep large amounts in USD, thinking the GEL will fall. Others rush to convert at bad rates. Without a policy, or at least advice from a tax accountant, this becomes guesswork that costs money.

Using non-supported banks or platforms.

Wise (formerly TransferWise), Payoneer, and Revolut are popular among freelancers. But they are not Georgian-licensed banks. Receiving your business revenue directly into one of those without linking to your Georgian entity can trigger questions during accounting.

Forgetting to document the purpose of transfers.

When money comes into Georgia from abroad, especially into a business account, the banks will eventually ask why. If you don’t have a contract, invoice, or email trail, that income may be treated as undeclared or personal and taxed at 20%.

Ignoring tax filing even when “nothing happened.”

If you hold multiple currency accounts but had no transfers this month, you still need to file your tax declarations as zero. This keeps your company in good standing and avoids audits. The Revenue Service in Georgia expects monthly filing even if no activity occurs.

Multi-Currency Accounting: How to Work With Your Accountant

Your Georgian accountant should know exactly how to report income received in foreign currencies. But not all do.

Make sure they:

Record the transaction date and exchange rate used
Track revenue per currency and convert into GEL for tax purposes
Reconcile your bank statements with invoices monthly
Report income in the correct category (export services, dividends, etc.)

If your accountant is using outdated software or manually converting currencies from Excel exports, you’re risking errors. At Gegidze, we recommend integrating cloud-based bank feeds wherever possible or working with accountants who already understand multi-currency reporting inside Georgia’s tax system.

Automating Currency Management

You don’t need to micromanage your accounts every day.

Here are a few systems that help:

Set auto-conversion triggers in your bank account (e.g. convert USD to GEL when it hits a certain threshold)
Use invoicing software that supports currency by client
Link your accounting platform to your Georgian bank (where supported)
Schedule tax declaration preparation monthly so your currency transactions are always matched with invoices

Just don’t automate blindly. Always review conversions weekly and check bank charges monthly.

When to Consider a Corporate Treasury Setup

If you’re running a company with high transaction volume across multiple countries, you may want to set up a more advanced treasury structure.

That means:

Having separate accounts by currency and client type
Working with a foreign exchange advisor or bank relationship manager
Tracking spot rates and scheduling strategic conversions
Holding funds temporarily in foreign currency to optimize cash flow

This is especially useful if you're raising funds, managing payroll in USD, or planning expansion outside Georgia.

For growing companies, building your finance operations to include currency strategy is no longer optional. It’s a core part of smart scaling.

Conclusion

Managing currency exchange Georgia banking is more than a technical task. It affects your profits, your legal standing, and your daily operations. If done right, a solid multi-currency setup can make your business more agile, more compliant, and more profitable.

If done wrong, or left to guesswork, it opens the door to fees, penalties, and headaches.

Georgia makes it easier than many countries to operate cross-border. But only if you take the time to set up your systems properly and document every step.

For more on tax and reporting once the money is in, don’t miss Tax, Accounting & Bookkeeping in Georgia: Complete 2025 Guide and How Corporate Tax Reporting Works in Georgia.

Need Help Setting Up Your Multi-Currency Accounts in Georgia?

Managing multiple currencies is one thing. Doing it right under Georgia’s tax laws is another. If you’re unsure which bank is best, whether your documentation meets compliance, or how to structure your reporting, we’re here to help.

At Gegidze, we support international founders, freelancers, and businesses with full accounting and legal setup tailored to Georgia’s banking and tax system. Our team works directly with local banks, speaks your language, and understands how to keep you compliant without overcomplicating things.

Book a free consultation and get personalized advice on:

Opening the right multi-currency account in Georgia
Building an accounting system that tracks exchange properly
Setting up your invoices and declarations to match Georgian tax standards
Avoiding costly tax or banking mistakes

Start clean. Stay compliant. Scale with clarity.

Book your free call with Gegidze now.

Frequently asked questions (FAQ)

How does currency exchange work in Georgian banks?

Currency exchange is handled by commercial banks and licensed exchange booths. For business transactions, use your bank to ensure traceability. Each bank sets daily rates, and conversion fees vary widely.

Can I receive foreign currency into my Georgian business account?

Yes. Most banks like TBC and Bank of Georgia support USD, EUR, GBP, and GEL. Funds stay in the original currency until you convert, giving you control over timing and rates.

What are the tax risks with foreign currency transfers?

If you receive payments without documentation, mix personal and business funds, or fail to report income in GEL, you may face audits, penalties, or loss of tax benefits like Virtual Zone status.

What documents are required for incoming foreign transfers?

You must provide the purpose of the payment (e.g. freelance, consulting), your business details, and supporting contracts or invoices. Undocumented transfers can be delayed, rejected, or flagged.

Are multi-currency accounts worth it in Georgia?

Yes. They help reduce FX loss, let you manage income per client currency, and simplify bookkeeping. Just be sure to track every exchange and file correctly in GEL.