If you're working across borders, one bank account isn’t enough anymore. Georgia has become a top destination for entrepreneurs who invoice clients in different currencies. Whether you're billing in euros, paying team members in dollars, or holding funds in Georgian lari, a multi-currency account in Georgia can streamline your cash flow and reduce conversion losses.

This type of setup gives your business flexibility without the complexity of opening multiple accounts. And it’s one of the lesser-known benefits of running a business in Georgia. That said, there are rules to follow and risks to manage. Let's break it down so you're not guessing with your money.

What Is a Multi-Currency Account in Georgia?

What is it?

A business bank account in Georgia with multiple currency “sub-accounts” under one profile (usually GEL, USD, EUR).

How it works:

Each currency has its own IBAN
Funds sent in a specific currency go directly to the matching sub-account
No auto-conversion to GEL

Which banks offer it?

Bank of Georgia
TBC
BasisBank
Liberty Bank

Who is this great for?

Startups
Freelancers
Exporters
Agencies with global clients

A multi-currency account in Georgia is a single bank account that allows you to operate in more than one currency. Most commonly, you’ll get access to GEL, USD, and EUR balances. Instead of opening a separate account for each currency, your business operates under a unified banking relationship, where each currency balance has its own IBAN. This setup lets you send and receive funds directly in the desired currency, which speeds up transactions and avoids unnecessary exchange costs.

When your international client sends you dollars, they arrive in the USD sub-account. If your contractor prefers euros, you can pay them directly from your EUR balance. You never have to convert back to GEL unless you choose to.

Most major banks in Georgiasupport this structure, including Bank of Georgia, TBC, BasisBank, and Liberty. The structure is particularly helpful for startups, freelancers, exporters, and agencies serving clients worldwide.

Who Needs a Multi-Currency Account in Georgia?

If you're still using a GEL-only account, you're losing money. Currency conversions can eat into your revenue, often twice per transaction.

You need a multi-currency account if you:

Run a SaaS business billing in EUR
Pay international contractors in USD
Use platforms like AWS, PayPal, or Google Ads
Serve non-Georgian clients
Want to choose when and how to convert funds
The moment your revenue isn’t purely Georgian, this becomes essential.

If you run a business that touches foreign currencies, this applies to you. Many entrepreneurs working remotely still default to local-currency accounts because they’re familiar or easy to open. But once you start billing international clients or using global tools like AWS or Google Ads, the costs of currency conversion start stacking up.

Let’s say you run a SaaS business registered in Tbilisi. Your clients pay monthly in euros, but your bank only handles GEL. You’d be hit twice: once on the incoming payment, and again when converting for local payments. That’s money lost without adding any value. A multi-currency account in Georgia helps you avoid that and gives you control over how and when to convert funds.

Consultants working with overseas clients, digital agencies with EUR or USD contracts, product companies exporting outside the region, and tech firms using cross-border platforms all benefit from this structure. In fact, it becomes essential the moment your revenue streams aren’t purely Georgian.

How to Open a Multi-Currency Account in Georgia

The process is not overly complicated, but local banks apply stricter due diligence if your company is foreign-owned or operating in tech. You'll need to register a company first, either as an LLC or an Individual Entrepreneur. Once you’ve done that, banks will typically request a copy of your business registration certificate, proof of tax ID, and your company charter. The bank may also ask for a business plan or contract samples to understand how you operate and where your revenue comes from.

Some banks might require in-person visits, especially for the initial onboarding. But with a legal representative, it’s possible to open your business bank account remotely. Gegidze often helps with this process, ensuring your documents are aligned with what local banks expect.

Make sure to discuss your currency needs in advance. Some banks will activate only one or two currencies by default, and you may need to specifically request additional IBANs for USD or EUR. Each currency functions like a mini-account under your main business profile.

Understanding How Georgian Banks Handle Multi-Currency Accounts

Feature	Multi-Currency Account in Georgia	Traditional GEL-Only Account
Number of IBANs	One per currency (USD, EUR, GEL)	One in GEL
FX Fees	1–3% internal markup	Often auto-converted at bank’s rate
Time to Receive Transfers	1–2 business days for international payments	1–3 business days
Access to Fintech (e.g. Wise)	Compatible	Often requires additional steps

Once your multi-currency account is active, you'll notice that each sub-account behaves independently. If you receive a USD transfer, it won't automatically show up in your GEL balance. Likewise, sending EUR from your GEL account requires manual conversion. Most Georgian banks offer online banking platforms where you can convert currencies internally at the bank’s offered rate.

However, these internal conversion rates often include a markup, usually 1 to 3 percent. While that’s cheaper than some international wire services, it can still cut into your profits if you’re transferring large amounts. Some businesses choose to receive foreign currency in their Georgian account and then move it to fintech platforms like Wise or Payoneer for better conversion rates.

The speed of transfers is another factor to consider. Incoming international payments usually take one to two business days, depending on the currency and correspondent banks involved. Outbound transfers may take two to three days and require clear documentation, including invoices or service descriptions.

Banks like TBC and Bank of Georgia are generally efficient, but don’t expect lightning-fast payments like you might in the UK or EU. This is where clear communication with your bank matters.

How Multi-Currency Accounts Affect Your Taxes and Bookkeeping

Here’s where things get more serious. Having a multi-currency account in Georgia means you must report your income accurately in local terms. Georgia’s tax system is territorial, so you only pay tax on income sourced in Georgia. But foreign income must still be reported, and that means converting every transaction to GEL.

You must:

Convert all foreign income to GEL using the NBG rate for each transaction date
Report every currency movement, even internal transfers
Maintain digital invoices, receipts, and contracts
Translate documents into Georgian if audited

The National Bank of Georgia publishes daily exchange rates, and that’s the benchmark used for tax filings. If you receive a $2,000 payment on June 5th, your accountant must convert it using the NBG exchange rate for that specific date. This becomes complex when you have dozens of incoming and outgoing payments across multiple currencies.

You’re also required to maintain structured digital records. That includes invoices, receipts, and contracts, many of which must be translated into Georgian if requested by the tax authority. English-only documents may work for internal tracking, but they don’t count for legal filing. You need to be able to present your records in the Georgian language during audits or formal reviews.

Reverse VAT is another factor. If your Georgian company receives foreign services, such as marketing tools or software subscriptions, you may need to report and file VAT—even if you’re not actively paying Georgian VAT yourself. Multi-currency transactions complicate this further, because your accountant must convert the cost to GEL and file accordingly.

If your business qualifies for Virtual Zone or International Company Status, you must still report earnings, even if they are tax-exempt. The exemption applies to income, not to reporting obligations. Keeping your multi-currency account Georgia compliant requires tight control over every entry.

Real Benefits for Businesses with International Income

The advantages are clear. You can accept payments from clients around the world without waiting for expensive wire transfers to convert to GEL. You can hold your funds in stronger or more stable currencies during periods of lari volatility. And you can avoid the common problem of paying high FX fees just to cover local expenses.

If you're paying international contractors or subscribing to global platforms, paying directly from your USD or EUR sub-account cuts out the need to convert to GEL and back again. This reduces costs and keeps your accounting cleaner.

You also build credibility. Having a structured multi-currency account tells partners and clients that you’re operating professionally. Many Georgian startups struggle to scale internationally because they don’t separate their income streams properly. A multi-currency account solves that problem by design.

This structure also supports long-term planning. If you plan to reinvest profits into marketing or expansion abroad, you don’t want to lock all your earnings in lari. Keeping a portion of your revenue in euros or dollars helps you budget smarter and reduces the pressure to convert at unfavorable rates.

Accounting for Multi-Currency Transactions in Georgia

Why You Can’t Ignore Accounting Rules

In Georgia, all financial statements, tax declarations, and journal entries must be filed in GEL. The Revenue Service does not allow tax records in foreign currencies. If your business uses USD, EUR, or GBP, each transaction must still be reported in Georgian lari.

That includes:

Invoices
Client payments
Expenses
Salaries
Internal transfers between currency sub-accounts

Everything must be converted using the official daily rate from the National Bank of Georgia (NBG).

When to Convert and How

Each transaction must be translated into GEL based on the NBG exchange rate on the date the transaction occurred. That means:

Use the exchange rate from the invoice date, not the payment date
For VAT filings, use the rate from when the tax liability was created
Even if you’re just moving money between your own sub-accounts, you must convert and record properly

What Goes Wrong (and Gets You Audited)

Mistakes in currency conversion are one of the most common audit triggers in Georgia. Common issues include:

Using monthly or average rates instead of daily NBG rates
Not applying foreign exchange gains or losses
Only using bank statements or Excel without audit-ready documentation
Using the payment date instead of the transaction date

Georgian tax law treats currency differences as taxable events. Exchange rate gains count as income, while losses can be deducted. You need to document these clearly in your general ledger.

Pro Tip: Use the Right Tools

Using proper accounting software like Xero, Zoho, or QuickBooks with multi-currency support can simplify this process. You can track each transaction in its original currency, then export reports for your accountant to convert and submit in GEL.

If you want help choosing the right tool or setting it up to meet Georgian requirements, take a look at our full guide to accounting software.

Example: How Currency Gains or Losses Work

You invoice a UK client £3,000 on March 10. The money arrives on March 15, after the GBP/GEL rate has changed.

Here’s what needs to happen:

You record the invoice in GEL using the NBG rate from March 10
When the payment arrives on March 15, you calculate the rate difference
That difference must be booked as either a foreign exchange gain or loss

This applies to income, loan repayments, software subscriptions, any transaction involving currency.

Companies that skip these adjustments or apply one-time yearly conversions risk underreporting their income. That can lead to fines or rejection of your tax declaration. Having a solid accounting partner is not optional, it’s how you keep your business audit-proof in Georgia.

Tax Filing Challenges for Multi-Currency Account Holders

Now, let’s talk taxes. Holding a multi-currency account in Georgia doesn’t give you a tax advantage by itself. But it does require additional care to stay compliant.

If you’re registered as an Individual Entrepreneur under Small Business Status and receiving payments in foreign currencies, those amounts still count toward your turnover. Many freelancers and remote workers mistakenly assume that only GEL payments are subject to tax declarations. That’s incorrect.

The Revenue Service evaluates your total revenue, regardless of currency. You’ll need to declare your full earnings, converted into GEL, each month. The same goes for businesses operating under standard corporate tax regimes. Distributed profit tax, dividend tax, and VAT reporting must all be performed in GEL.

Let’s say your company uses a multi-currency account in Georgia to receive payments from EU clients in EUR, then pays contractors in USD. Every inflow and outflow must be converted, tracked, and reported properly. Failure to convert at the official rate, or using arbitrary exchange values, is seen as a compliance breach.

This is especially important for VAT declarations. Even if you invoice in EUR, your VAT records must show GEL equivalents for input and output tax. If your business provides digital services to foreign clients and enjoys VAT exemptions, you still need to log your revenue accurately in GEL to prove that those services qualify.

For many companies, this is where mistakes happen. Freelancers over-report. Tech firms under-report. And those relying on banks for exchange rates often use rounded figures or weekend rates, which don't match the official NBG list.

To simplify this, we recommend setting a clear internal workflow: all invoices are recorded in their original currency, converted into GEL using NBG's daily rate, and then exported into an accounting ledger. This ensures every tax report is traceable, and your multi-currency account in Georgia is not causing compliance issues.

If you have multiple accounts across currencies or jurisdictions, it’s even more important to involve a Georgian tax expert to make sure your revenue is not double-counted or misclassified.

Bookkeeping Software That Works in Georgia

Managing a multi-currency account in Georgia means your bookkeeping system must be able to handle daily currency fluctuations, real-time conversions, and tax-specific exports.

Here’s what to look for:

Real-time exchange rate syncing with the National Bank of Georgia
Ability to assign different currencies to clients and vendors
Custom tax categories for Georgian VAT rules
GEL-based financial reports for local accounting purposes
Journal entry management for currency gains and losses

Unfortunately, most global software like QuickBooks and Xero don’t offer Georgian tax compliance out of the box. They work well for managing invoices and tracking cash flow in multiple currencies, but you still need to localize your reports manually.

That’s where working with a firm like Gegidze helps. We map international software outputs into Georgian accounting format, including monthly journal reports, turnover summaries in GEL, and profit-loss statements for Revenue Service filings.

For smaller companies, Microsoft Excel can work if maintained properly. But your spreadsheet must contain three things: original currency amounts, correct GEL conversions, and timestamped exchange rates. Otherwise, you won’t survive an audit.

Don’t forget that Georgia’s Revenue Service may request access to your books. If you’re using foreign software, make sure it allows Georgian language exports or comes with editable templates your accountant can use.

Ultimately, the goal is clarity. If your business makes money in EUR, pays rent in GEL, and buys software in USD, your records must reflect all three currencies transparently.

Tips to Avoid Banking Penalties or Audit Flags

Avoid These Common Mistakes

Using business accounts for personal or crypto transfers
Receiving large payments with no matching invoice
Sending monthly payouts to tax havens
Declaring yourself as IT but making physical product purchases

Holding a multi-currency account in Georgia sounds flexible, but it comes with responsibilities. Banks in Georgia are required to monitor cross-border transactions, especially if your account sees large USD or EUR flows. Your account may be frozen or flagged if your activity doesn’t match the business model you submitted during account opening.

Here are a few examples of common red flags:

Receiving repeated high-value payments from unrelated parties without clear invoices
Using your business multi-currency account for personal transfers or crypto purchases
Making large monthly payments to offshore jurisdictions that aren’t declared on your tax report
Running a business declared as IT consulting but constantly paying for physical goods

These patterns can trigger internal reviews from your bank’s compliance department. If your explanations aren’t consistent with your original KYC documents, the account can be blocked or reported to the Revenue Service.

This is especially risky for foreign founders who opened a company remotely and haven’t updated their business plan with the bank after pivoting.

To avoid this, always keep your account use clean and in line with the company’s purpose. If your business model changes, notify your bank. Georgian banks are more flexible than most, but they still operate under strict AML laws and FATCA-CRS obligations.

Also, make sure you’re using the right type of account. Personal multi-currency accounts are not meant for business income. If you use your personal USD account to receive business payments, the Revenue Service may treat those as undeclared revenue. The result? Fines, double taxation, or worse: loss of Small Business Status.

Closing Thoughts

Opening a multi-currency account in Georgia is simple. Managing it correctly is what makes the difference.

To stay compliant, you need:

A bank that supports full multi-currency functionality
A clear understanding of local tax rules
Accounting practices that convert and report everything in GEL

Currency flexibility doesn’t replace your obligation to track, convert, and report accurately. The Georgian tax system is friendly to foreign income but only if your records are clear, structured, and compliant.

If you’re invoicing in USD, getting paid in EUR, or paying contractors abroad, don’t wait until tax season to fix your setup. Get the right tools. Work with an accountant who knows how to report in GEL. Keep your financials clean from day one.

At Gegidze, we’ve supported hundreds of international clients through every step, bank selection, document preparation, tax reporting, and multi-currency compliance.

If you’re not sure whether your current setup is working, book a free consultation. We’ll review what’s in place, flag what’s risky, and help you bring it all under control, whether you work in GEL, EUR, or anything in between.

Frequently asked questions (FAQ)

What is a multi-currency account in Georgia and how does it work?

It’s a single business bank account with separate IBANs for USD, EUR, GEL (and sometimes GBP or RUB). Incoming payments go to the matching currency sub-account, so there’s no auto-conversion. You convert manually only when you choose.

Can foreign-owned companies open a multi-currency account in Georgia?

Yes. Most Georgian banks allow foreign founders to open multi-currency accounts, but you’ll need to register a legal entity (LLC or I.E.) first. Some banks require in-person onboarding, while others accept a legal representative.

How are multi-currency transactions reported for tax purposes?

All revenue, regardless of currency, must be reported in GEL using the National Bank of Georgia’s official daily exchange rate on the transaction date. Even internal transfers between currencies must be recorded accurately.

Do multi-currency accounts offer tax benefits in Georgia?

No direct tax break but they help reduce FX losses, simplify international transactions, and keep your accounting clean. If you qualify for Virtual Zone or Small Business Status, those benefits apply separately.

What mistakes can trigger audits or penalties with multi-currency accounts?

Using personal accounts for business, receiving funds without matching invoices, skipping GEL conversion in reports, or transferring large sums to tax havens can all raise red flags. Banks in Georgia monitor this closely.