Banking In Paraguay For Expats

Ever wondered what it’s like to navigate the banking system in a country where paperwork is an art form and patience is more than just a virtue? Welcome to banking in Paraguay, where traditional South American financial practices meet modern banking needs for many foreigners who reside here, like myself.

I’ve dealt with the challenges and headaches that banking in Paraguay causes many foreigners firsthand, and I can tell you that while Paraguay’s banking system might seem like an overcomplicated maze at first, it’s actually built on solid foundations with reasoning for many of the outrageous demands the banking system here asks.

In this guide, I will walk you through the challenges of banking in Paraguay for foreigners like myself, how to overcome these challenges, and the best banking options for short- and long-term expats in Paraguay.

Paraguay’s Banking and Financial System

Officially, you’ll find around 390 financial institutions operating in Paraguay’s banking market, with around 17 licensed banks leading the way. Big names like BNF Bank (Paraguay’s national bank), Continental Bank, Ueno, and Itaú Bank handle most banking services, while the Central Bank of Paraguay keeps everything in check (located just downtown Asuncion near Plaza Uruguayo).

The banking sector is Paraguay pretty solid, holding assets worth about 70% of Paraguay’s GDP. If you’re worried about your money’s safety, there’s good news for you – deposits are insured up to 138 million Guaranis (that’s about $21,436 in USD). While not the same amount as you may see in the US, this is still a large amount for the country and people of Paraguay.

For expats looking to shift assets from their home country and bank in Paraguay, I should mention banking in Paraguay for expats is more strict than you might expect. I see many foreigners coming to Paraguay to get residency thinking they can get into the Paraguayan banking system easily once you have a cedula… which is true… kind of. Let’s explore this.

While you can open a bank account in Paraguay once you have your cedula and residency processed (learn more about assistance in the Paraguay residency and cedula process), you will only have access to a basic bank account until you have income in the country.

Most locals simply use these basic bank accounts (some are still even unbanked and use cash, although there are more easy registration fintech banks popping up around the country) instead of opting for a more advanced account with higher limits, simply because of the fact that they only have a few hundred USD (in local currency) each month.

They don’t need high limits accounts, and these are the accounts you have access to when you first obtain your residency.

Types of Bank Accounts Available for Expats

When it comes to banking in Paraguay, you’ll have several account options to pick from. The most common ones are checking accounts (cuentas corrientes), savings accounts (cuentas de ahorro), and foreign currency accounts that handle USD and EUR transactions.

If you’re just getting started with banking in Paraguay, or just became a resident and don’t have any movement in Paraguay, basic accounts opened with your cédula (national ID) are your best bet.

You can open all of these accounts online (you can’t open these accounts in branch – it’s not possible), and some of the banking apps will only register you if you are physically present in Paraguay (using a VPN, if your outside Paraguay wont work).

The limits for these basic accounts are 3 times the monthly minimum wage… meaning you have access to just over 1000 USD in monthly limits and movement within each account. If you exceed this limit, you may be asked by the bank to provide proof of where the funds above the limit have come from… and trust me, banks in Paraguay, love documents, and may ask you for more if needed.

Foreign Currency Accounts

Foreign currency accounts are what I see most foreigners are after. A bank account in USD or Euros is possible to obtain alongside your local currency account, but you need various documents in order to obtain these accounts.

Most banks want to see you have at least a few months of reported income in Paraguay, along with a minimum of 6 months IVA filing, showing you expenses in the country, and of course your income (its recommended that your income is higher than the monthly expenses).

Many banks here in Paraguay purposefully start out your accounts with low limits, and after 3-6 months, will reassess (this usually needs to be asked for in branch) these limits based on your account balance and activity.

If you are looking to learn more about getting residency in Paraguay, or about reporting your income in the country (even if you don’t have true income or a business in Paraguay, but want income on paper to start accessing better accounts) reach out to Worldwise Capital for more info.

If you need monthly reporting, whether you are reporting 0 IVA or you have income or expenses in Paraguay, Paraguay Postal is the resource you need for this!

Each bank has its own perks and requirements, so it’s worth shopping around to see which bank is best for your needs. Some cater specifically to foreigners with English-speaking staff and international transfer services, while others focus more on local banking needs.

Which Bank is Recommended for Foreigners?

There are various options to choose from when you first get your residency here in Paraguay for banking. I recommend to open bank accounts with all or most of the banks that offer digital accounts (be careful, as some banks will choose to close your account if there is no movement in it for 2-3 months).

The banks that currently offer the digital basic savings accounts are:

• Ueno bank
• Itau
• Continental
• Atlas bank
• GNB
• Banco Rio
• Eko (Familiar’s fintech branch)
• Mango (digital only fintech bank)

While you can have digital basic accounts at all of the above banks, remember you only have a small monthly limit in each account. Ueno bank easily stands out as the platform that is the easiest to use for daily banking and transfers (some of the above apps are a nightmare with the UX and UI), and Ueno offers great products, an immediate credit card (you have to get this in branch once you open the basic account on the app), and 24/7 customer service (yes, they never close… even on weekends or at 2AM)!

Ueno Bank in Paraguay: The Country’s First FinTech Bank

When I first arrived in Paraguay years ago, banking was much different than it is today. Setting up an account required a long list of documents, in-person visits, and often a connection to a local employer or business. Back then, the idea of a fully digital bank was unheard of.

But today, Paraguay’s banking sector has evolved, and Ueno Bank has completely changed the game. As the country’s first fintech bank, Ueno is everywhere—you’ll see its branding on billboards, hear locals talking about it, and quickly realize that it’s one of the easiest banks and apps to manage your money in Paraguay.

I even opened my Ueno account without my Paraguay phone number (I used a foreigner number) and I was outside of the country when I opened it. Keep in mind processes are always changing and updating, so this may not be the case for you, but it’s worth a shot to try if you are abroad.

What makes Ueno stand out is how simple and modern the experience is. You can access a full range of banking services, including instant transfers, QR code payments at local businesses, and a digital debit card that works with Apple Pay and Google Pay. If you prefer a physical card, you can request one, making it easy to withdraw cash from ATMs or use it for everyday purchases.

One of the biggest advantages of Ueno is that it eliminates many of the frustrations that expats often face when dealing with traditional banks. You don’t have to worry about long lines, mountains of paperwork, or strict requirements to get started. Instead, Ueno offers an easy, modern banking solution that fits the lifestyle of digital nomads, entrepreneurs, and expats living in Paraguay.

I highly recommend using Ueno, as it is quickly becoming one of the biggest and most used banks in the country. Take a look at this thread breaking down the competition of the top 3 banks in the country, and why Ueno will (likely) be the winner.

Common Challenges of Banking in Paraguay for Expats

The biggest hurdle you’ll face in Paraguayan banks is the language barrier and the bureaucracy (as I always say… Paraguayans love stamps).

Most bank staff speak only Spanish, and banking documents come in Spanish too. While bigger banks in Asunción might have some English-speaking employees, don’t count on it. I suggest bringing a Spanish-speaking friend to help with important transactions for banking in Paraguay.

Banking practices here differ from what you might be used to. Paper-based processes are still common, and things move slower than in many Western countries. You might need to visit the branch several times to complete what seems like a simple task (trust me, I’ve had to do this more times than I can count… its best to just assume anything that needs to be done needs to be done in branch).

The paperwork can feel overwhelming. Banks often ask for multiple copies of documents, official stamps, and notarized translations. Some tips that helped me for banking in Paraguay:

• Schedule morning appointments when staff are less rushed
• Keep a folder with copies of all your important documents
• Get a local phone Paraguayan number – banks send verification codes via SMS
• Find out which branch has English-speaking staff and stick to that one
• Take photos of completed forms in case you need to fill them out again, or in case the forms get lost (this has happened to me multiple times)

Time moves differently in Paraguayan banks. What might seem like a quick transaction could take hours. Bring a book, charge your phone, and pack some patience. Remember, it’s not personal – it’s just how things work here in Paraguay!

Conclusion: Is Banking in Paraguay for Expats Actually Good?

Here’s the thing… banking in Paraguay is actually quite safe and secure. Now, easy is not a word I would necessarily use for banking in Paraguay for expats (or for the general public), but once you are securely in the Paraguayan banking system and have your accounts set up properly and funded, you are off to the races.

If you are needing help with setting up your income, monthly tax reporting, or banking in Paraguay, check out Worldwise Capital for assistance. While the Paraguayan banking system is not simple, it is a great option for banking and global diversification in a country where you (likely) already hold residency.

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