How Georgian Businesses Can Easily Receive Payments from International Clients

Based on our experience with 500+ foreign business owners in Georgia, handling international transfers frequently becomes a major obstacle. Many encounter issues in opening and sustaining traditional bank accounts (such as Bank of Georgia and TBC ), especially LLCs. These challenges can create a bottleneck for your business, impeding your capability to attract and collaborate with international clients who are essential for growth and expanding your market reach.

This is where Wise (previously known as Transferwise) becomes a great option. Wise provides an efficient and affordable way for Georgian businesses to effortlessly receive payments from international clients.

What is Wise, and How Does it Work?

Wise is a fintech company that focuses on currency exchange and international money transfers. With Wise, you have access to a multi-currency account that lets you maintain balances in multiple currencies, such as USD, EUR, GBP, among others. Unlike Stripe, Georgian businesses can open a Wise business account for their Individual Entrepreneurs or LLCs to receive international payments easily.

1. Effortless Client Payments: Clients send funds directly to your Wise account in their local currency.

2. Hold or Convert: You can keep the funds in Wise or seamlessly convert them to Georgian Lari (GEL) at their transparent mid-market exchange rate.

3. Flexible Transfers: Withdraw directly to your Georgian bank account or use Wise to pay business expenses.

The Wise Advantage for Georgian Businesses

• Ease of Setup: Avoid the complicated paperwork of traditional banks – ideal for LLCs.

• Competitive Fees: Significantly reduce costs on fees and exchange rates compared to most banks.

• Global Reach: Expand your client base globally with the capability to receive payments in various currencies.

• Speed & Convenience: Enjoy rapid payment processing and easy online management. 

Getting Started with Wise

Setting up a Wise Business account is quick and intuitive. Visit their website and follow the simple registration process. You will need to submit your business registration document and basic information about your business.

The verification process takes up to 2 days and in two days Georgian businesses are able to receive international payments via Wise.

Can LLCs and Individual Entrepreneurs use Wise to pay taxes?

Wise is useful for receiving payments from clients abroad,but it won't work if you need to pay taxes to the Georgian treasury. However, there are few solutions and send us an email or a message in a chat.

Wise is useful for receiving payments from clients abroad, but it won't work if you need to pay taxes to the Georgian treasury. Multiple solutions are available, feel free to message us in the chat, and we'll assist you at no cost.