Closing a Georgian Bank Account Remotely: How to Close Your Account Without Visiting Georgia
Georgia Assistant helps you close a Georgian bank account remotely under a power of attorney
390 $
5 days
Closing a Georgian Bank Account Remotely with Georgia Assistant
The price includes:
obtaining and reviewing the requirements of your particular bank, preparing a customized power of attorney, arranging a notarized Georgian translation if necessary, a lawyer's visit to the bank branch, withdrawing or transferring the remaining funds and closing the account, and obtaining an official bank closure certificate.
Required documents:
notarized power of attorney, passport photo
Opening a bank account in Georgia is a popular and convenient option. It can take just one visit, but closing an account at a Georgian bank is a different matter. If you no longer use your card or your tax status has changed, you should not leave the account active. Many Georgian financial institutions do not allow remote closure through a website, mobile app, or telephone call. Terminating the agreement requires the account holder or their representative to attend in person.
Georgia Assistant offers official remote closure of accounts at Georgian banks (BoG, TBC, and others) by power of attorney. We handle all bank procedures on your behalf, arrange the withdrawal of remaining funds, and provide an official closure certificate.
Why Should You Close a Georgian Bank Account?
A bank account is not simply a “card I no longer use.” It represents an active agreement with mutual obligations between you and the bank. Whatever your reason for no longer using your Georgian bank account, you need to formally close it to avoid financial losses and possible legal issues under Georgian law and the laws of your home country.
Unlike in some countries, an unused account at a Georgian bank is not automatically closed. Ignoring it may cause three serious problems:
- Georgian banks, including Bank of Georgia and TBC, continue to charge monthly fees for account maintenance, mobile banking, and SMS notifications. When the card balance reaches zero, the account may go into a negative balance (a technical overdraft). The debt then grows as daily charges accrue, and a significant sum can accumulate over one or two years.
- As long as an account at a foreign bank remains legally registered in your name, you may be required to submit an annual report on movements of funds in foreign accounts to the tax authorities in your home country, even if the account is empty. Failing to report each unclosed foreign account may result in annual penalties.
- Risk of compulsory closure during compliance checks. Georgian banks regularly conduct KYC reviews of foreign customers. If the bank sends a request to your Georgian phone number asking you to confirm the source of your income or update your passport details, and you ignore it, your account may be blocked. Recovering funds remotely from an account frozen by the bank’s security department can then become extremely difficult.
- If your account has a negative balance and you leave it open, this information stays in the banking system. It may cause problems when opening a new account in Georgia, applying for a residence permit, or even entering the country.
Formal account closure is the only way to terminate the agreement completely, settle your obligations to the bank, and obtain documentation for the tax authorities of your home country.
Can You Close a Georgian Bank Account Remotely?
Strict security requirements and compliance controls in Georgia place considerable restrictions on remote termination of banking agreements. Georgian banks are subject to international anti-money laundering (AML) regulations and Know Your Customer (KYC) requirements.
Every institution must legally verify the authenticity of the account holder’s signature and intention to act, preventing fraud and unauthorized actions by third parties. Because there is no single nationwide procedure governing this process, each bank sets its own rules. Some allow video verification, while others require an original notarized power of attorney with an apostille.
Closing an Account Through a Mobile App
You generally cannot fully close an account through a phone app, the bank’s website, or a call to customer support. Most major Georgian banks, including Bank of Georgia (BoG), TBC Bank, Credo, and Liberty Bank, do not allow customers to close a multi-currency current account or terminate their banking agreement entirely through mobile banking, their online account, or telephone support.
Mobile banking may allow you to block the physical card only. The underlying account remains open, the bank continues charging maintenance fees, and any debt may continue to grow.
Closing an Account by Power of Attorney
If the account holder is outside Georgia, the only lawful way to close the account is to appoint a representative. The Georgian Civil Code and banking regulations recognize account closure under a notarized power of attorney.
You issue a power of attorney in your current country of residence. Our lawyer takes the document to your bank in Tbilisi, withdraws or transfers any remaining funds, signs the application, and closes the account completely. This is a lawful procedure routinely accepted by Georgian banks.
However, there are several legal details you need to know:
- Specific powers. A financial institution will not accept a general power of attorney with vague wording. The document must expressly grant detailed authority to close an account at the named bank, terminate the comprehensive banking agreement, cancel cards, submit applications, and withdraw remaining funds at the cash desk or transfer them to other bank details.
- Compliance review. When your representative arrives with the power of attorney, the Georgian bank’s security department initiates a document review. This takes from several hours to two or three business days. The bank checks the authenticity of the notarized documents and may call the customer to confirm their intentions.
- Zero-balance procedure. Under the law, an account cannot technically be closed unless its balance is zero. Even one lari or a few tetri remaining, or a small outstanding debt, will prevent closure. The authorized lawyer must first pay any debt at the bank or withdraw the remaining funds and bring all subaccounts (in lari, US dollars, and euros) to zero. Only then can the main account be closed.
Timeframes and Fees: What You Need to Know
Closing an account with a Georgian financial institution involves several technical and legal steps. The total time required and any additional expenses depend on the individual bank’s rules and the current state of the account balance.
What Determines How Long It Takes to Close a Georgian Bank Account?
When a customer visits a bank branch in person, the employee can technically close the account within 15–30 minutes. Remote closure by power of attorney, however, takes up to five business days. This includes the following mandatory stages:
- Delivery of the original power of attorney to Georgia (1–3 days). Banks do not accept electronic scans or photocopies. The original paper document bearing the notary’s physical seal must be delivered to Tbilisi.
- Notarized translation into Georgian (1 business day). The bank’s legal department accepts documents only in the official state language. Georgia Assistant’s lawyers arrange a certified translation and have it notarized in Georgia.
- Compliance checks (2 hours to 2 business days). The bank’s security department must verify the authenticity of the power of attorney. Banks such as Bank of Georgia (BoG) and TBC Bank strictly enforce this requirement to prevent fraud. Security officers may contact the notary who issued the document or call the customer directly to verify their identity and confirm their wish to close the account.
- Technical closure and zeroing the balance (1 business day). Once the power of attorney is approved, the lawyer can access the cash desk to withdraw any balance or settle a negative amount, sign the closure application, and have the account cancelled in the system.
Bank Charges and Associated Costs
When closing an account, customers may face various bank fees, some of which are not immediately obvious. It is important to understand them in advance:
- Account closure fee. Most major Georgian banks (BoG, TBC) do not charge a direct fee merely for terminating a banking agreement. Smaller institutions, such as Credo Bank, may charge a fixed fee for closing inactive accounts held by nonresidents.
- Repayment of a technical overdraft. If a card has not been used for a long period, monthly charges (SMS banking, account maintenance, Solo or TBC Concept packages) can create a negative balance. The bank will not close the account until this debt is fully paid at the cash desk.
- Withdrawal or transfer fee. If money remains in the account, the bank charges the standard fee under your tariff plan when releasing it to an authorized representative at the cash desk (usually 0.5–1% for foreign currency).
Fee for an official certificate. A certificate in Georgian or English bearing the bank’s original stamp, confirming that all accounts have been closed and there are no outstanding claims, is normally issued for a fee. The charge ranges from лари 10 to лари 30 depending on the bank and urgency.
Why a Bank May Refuse to Close an Account Remotely
A bank’s security and legal departments may refuse an account closure under a power of attorney due to errors in the document or ignored notifications from the bank.
The most common reasons for refusal are:
- If the power of attorney does not expressly grant the “right to terminate the banking agreement, bring the balance to zero, and close subaccounts,” the bank will reject it. An ordinary general power of attorney is insufficient.
- During compliance checks, the bank calls the customer by telephone or video. If you do not answer or cannot verify your identity, the process will be blocked.
- A bank cannot technically close an account if it has been frozen by the Revenue Service (Georgian tax authorities) or enforcement officers, or if there is an active loan linked to the account.
- If you have renewed your international passport but the bank still holds your old details, the bank will refuse the documents until its records are updated.
- If amounts on the card are on hold or an incoming SWIFT transfer is pending, the balance cannot be fully cleared and the account cannot be closed.
What We Offer
Georgia Assistant manages all interactions with Georgian financial institutions and guarantees formal termination of the agreement without your personal attendance. Closing an account in a foreign jurisdiction requires strict compliance with banking procedures. Our specialists supervise the security department’s compliance checks, verify that internal bank forms are completed correctly, and resolve technical issues involved in closing every subaccount.
We ensure that the procedure is legally sound, protect clients from accumulating hidden card maintenance debts, and provide official documents that can be used when reporting to the tax authorities in their home country.
- Service price: USD 390. A fixed price that does not change during the process and includes no hidden surcharges.
- Completion time: 5 business days from delivery of the original paper documents to our office in Tbilisi.
Step-by-Step Guide: How to Close an Account in Georgia Remotely
Georgia Assistant follows a clear remote-service procedure consisting of five consecutive stages:
- Drafting a power of attorney. You send us a copy of your international passport and identify your bank. Our lawyers prepare precise wording that grants all the specific powers required by the bank and send you the completed document.
- Notarizing and sending the documents. You print the template, have it notarized by a notary in your current country of residence, and courier the original paper document to us in Tbilisi by express delivery.
- Notarized translation in Tbilisi. After receiving the package, our specialists promptly arrange a certified Georgian translation of the power of attorney and have the translator’s signature notarized locally for the bank’s legal department.
- Bank visit and compliance verification. Our lawyer visits the branch in person and submits the application. During the document review, the bank’s security team may arrange a verification call with you to confirm your identity. We coordinate the time in advance so that you are available.
- Clearing the balance and obtaining the certificate. We help withdraw or transfer your remaining funds remotely, or repay any negative balance caused by card maintenance charges. The bank then formally closes the account. Our lawyer collects the original closure certificate bearing the bank’s blue stamp and sends it to you.
What Documents Do You Need to Close a Georgian Bank Account?
You will need an original properly executed notarized power of attorney and a clear copy of your international passport. It must be the passport originally used to open the account. If that passport has expired and you have obtained a new one, you will need to provide copies of both so the bank’s lawyers can identify you in its system.
Georgian banks do not accept scans, electronic copies, or digitally signed documents for this procedure. The lawyer in Tbilisi must receive the original paper power of attorney bearing the notary’s physical signature and seal, delivered by courier.
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Frequently Asked Questions
Yes. Under the law, a Georgian bank cannot close an account that has a nonzero balance. If money remains in any subaccount, our authorized lawyer will formally withdraw it at the bank’s cash desk or transfer it to other bank details that you specify as part of the closure procedure. The bank will only sign the termination application after the balance has been reduced to zero.
Under the National Bank of Georgia’s rules, an account cannot technically be closed with a nonzero balance. Before closure, every currency subaccount must show exactly zero. If funds remain on your cards, Georgia Assistant’s lawyer uses the specific authorization in the power of attorney to collect the balance at the cash desk and send it to you using the agreed method (an international payment system or your account in another country). If monthly maintenance fees have instead created a negative balance, the lawyer first deposits enough money to repay the debt; only then does the bank cancel the account.
Document legalization requirements depend on the country where you are located. Georgia has legal assistance agreements with most CIS countries (including Russia, Belarus, and Kazakhstan), so an apostille is not required; ordinary certification by a local notary is sufficient for the bank. If you issue the power of attorney in an EU country, the United States, Canada, or Turkey, an apostille on the original document is mandatory.
Once the bank approves the application to terminate your banking agreement, your access to online banking and the mobile app will be completely and permanently blocked. All linked digital and physical cards will be cancelled. If you need account statements for tax reporting for earlier periods, be sure to download them before our lawyer visits the bank.
Yes. Losing your SIM card or access to your old phone number does not prevent account closure. Because our lawyer visits a central BoG or TBC branch with the original notarized power of attorney, they have the authority to sign paper applications without needing SMS verification codes sent to your old number.
Yes. At the end of the process, the bank issues an official certificate in Georgian and English bearing its blue stamp. It states that all accounts are closed, the agreements are terminated, and the bank has no financial or legal claims against you. We collect the original certificate and send it to you.
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