How to Bank in the US with Paraguay Residency

Opening a bank account in Paraguay is one of the most frustrating parts of moving here. I learned that the hard way. You can have your residency, your cedula, and even a shiny new address helps quite a bit—and you could still get turned away at the bank. That’s why banking in the US with Paraguay residency can be a game-changer for many.

That’s why I stopped trying to make the local system work—and started building smarter international banking strategies instead for banking in the US with Paraguay residency. The best place to start? The United States. Yes, even if you don’t live there.

After helping dozens of clients who are now Paraguay tax residents (just like me), we’ve built a simple, straightforward way to open bank accounts in the US and other countries—even without living there.

In this guide, I’ll break down how to do it, what tools and documents you’ll need, and why Paraguay is actually one of the worst places to bank (and what to do instead).

I’ll also share how I personally got around these roadblocks, what banking solutions as a Paraguay tax resident are worth looking into, and where to get started—even if you’re not ready to bring income into the country yet.

Let’s walk through exactly how to bank smarter when Paraguay is your base.

Banking in Paraguay: Is It Worth It?

Let me start with the truth: just because you have residency in Paraguay doesn’t mean you can open a proper bank account here. Many clients have this misconception, because in most countries, if you hold residency, you can open a solid bank account. In Paraguay, the reality is quite different.  

But if you walk into any of the major banks—like Ueno, Sudameris, or Itaú—and try to open an account with just your cedula, they’re almost guaranteed to say no. Actually, Ueno is quite good at opening a basic account in branch for you, but most banks won’t do that for you.

If you want a real bank account in Paraguay—not just the basic bank account most banks will give you, which are pretty worthless—you need to show the banks that you’re financially active inside the country.

That means providing at least 6 to 8 months of accounting, with reports that clearly show both income and expenses. That’s important: it can’t be zero income in Paraguay. It also can’t be only expenses. The reports need to show actual money moving in and out to meet compliance standards.

This is where we help a lot of our clients: if you’re serious about getting a proper bank account in Paraguay, we assist with accounting and financial reporting, so that within a few months, you’ll have the right track record to move forward.

Once that’s set, we can also help you to get access to a local account with international bank details, including USD details—which is important if you want to move money between Paraguay and other countries.

What If I Don’t Have Paraguay-sourced Income?

If you don’t have Paraguay sourced income, you still have options. All residents can open basic bank accounts via the bank apps in Paraguay.

The banks wont open these accounts for you in branch, but once you download the bank apps, you will be able to open a basic account, with around a 1100 USD per month limit, all online. You can even get a debit card with most of these accounts, however that’s needed so much now as Google and Apple Pay are now available with most banks in Paraguay.

Apple Pay started rolling out in 2024 with the main banks, being Ueno, Itaú, and Sudameris. But it is rolled out to more banks now. Google Pay has been available for all banks for much longer, so you will have no issues there.

Now, back to not having Paraguay-sourced income. You can still get access to US bank accounts in Paraguay, but it will take some time – typically between 6-8 months of IVA filing are needed to get access, with both income and expenses reported.

As mentioned above, our accounting team assists with this filing if needed, and there is no need for you to bring income into Paraguay for us to show you have income in the country. Reach out to us if you would like us to assist with your monthly accounting, or even in obtaining the RUC (taxpayer ID), so you can get this banking process underway.

How to Bank in the US with Paraguay Residency

If you’re living in Paraguay or using it as your tax residency base, you’ve probably already realized that Paraguay is not the place to do your main banking. That’s why so many of my clients—and myself included—turn to the United States for banking solutions.

And yes, it’s possible to open a bank account in the US even if you don’t live there full time. I’ve done it myself, and I’ve helped hundreds of others do the same through our US Banking Essentials course.

Let’s go over the basics of non-resident banking in the USA:

• You don’t need a US address or residency to open a US bank account. What you do need is a clear structure that makes sense—usually in the form of a US-based LLC if you’re going the business route, or a personal setup if you’re traveling to the US in person.
• If you have visa-free travel access to the US, your options are easier. You can walk into most major banks and get started with just a passport and a few key documents.
• For business banking, having a US LLC is the simplest and most recognized way to get a US corporate bank account. You’ll need an EIN, a business address (which can be virtual), and in some cases, an ITIN (which we also help with for clients who need it).
• Once your business is set up, you can connect your US account to payment platforms like Stripe, PayPal, Wise, and others, making it much easier to collect payments globally.

Now, this might sound like a lot—and it can be overwhelming at first. That’s exactly why we created the US Banking Essentials course.

It’s an audio course (delivered via private podcast) that you can listen to anytime, from anywhere. I walk you through every step—how to open personal and business bank accounts in the US, which banks work best, what documents you need, how to structure your company, and more. It’s only $29, and you don’t need to sit at your computer to get through it.

We don’t offer 1-on-1 services with this course, and there are no referrals or contacts included—it’s a do-it-yourself solution. But it’s perfect for people who want to understand how to access US banking as a Paraguay tax resident or digital nomad without having to figure it all out from scratch.

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Global Banking Options Beyond the US?

While the US offers excellent global banking solutions, it’s not the only option for Paraguay tax residents seeking reliable international banking.

Over the years, we’ve assisted clients in establishing accounts in various jurisdictions, each with its different advantages, tailored to the clients needs. Here’s a closer look at some of these alternatives:

Panama: A Strategic Banking Hub

Panama has long been recognized for its international banking sector. Opening a bank account here typically requires:

• Personal Visit: Most banks necessitate an in-person visit, although some may allow remote openings through authorized representatives.
• Documentation: A valid passport, a second form of ID (like a driver’s license), proof of income (such as pay stubs or tax returns), and bank reference letters are commonly required.
• Minimum Deposit: Depending on the bank, initial deposits can range from $1000 to $10,000.

Panama’s territorial tax system means that offshore income isn’t taxed, making it appealing for international entrepreneurs.

However, due to stringent due diligence processes, it’s best to have all documentation in order prior to your appointment. For clients interested in Panama, we provide full personal and corporate account setups.

Georgia: Efficient and Foreigner-Friendly

Georgia can be a favorable destination for expats and digital nomads for global banking. The account opening process is relatively straightforward:

• In-Person or Proxy: While visiting a branch in person is common, it’s also possible to appoint a representative with a notarized power of attorney to open an account on your behalf.
• Required Documents: A passport, proof of address, and sometimes a bank reference letter.

Banks like the Bank of Georgia and TBC Bank are known for their efficient services. Georgia’s liberal banking policies and low fees make it an attractive option. We’ve assisted clients in setting up accounts in Georgia, ensuring they meet all necessary criteria.

Armenia: Accessible and Multicurrency Options

Armenia offers accessible banking services to non-residents:

• Account Opening: Both residents and non-residents can open accounts, often with just a passport and a completed application form.
• Currency Options: Accounts can be opened in Armenian drams, US dollars, euros, and other major currencies.

Banks such as Ameriabank and Inecobank provide comprehensive online and mobile banking services. Armenia’s banking sector is known for its stability and customer-centric approach.

We help our clients understand the nuances of Armenian banking and facilitate full account opening.

Tailored Solutions for Diverse Needs

In my own personal experience, there’s no universal solution when it comes to international banking. Factors such as your business operations, residency status, and personal preferences play a significant role in determining the best banking jurisdiction.

Whether you’re looking for personal or corporate accounts, banking in Paraguay or elsewhere, we offer customized strategies to align with your specific needs. If you’re considering expanding your banking footprint beyond Paraguay or the US, feel free to reach out.

Final Thoughts: Your Global Banking Strategy Starts with One Move

If there’s one thing I’ve learned from my years of helping global citizens set up residencies and bank accounts around the world, it’s that your banking strategy can’t be an afterthought.

Banking in Paraguay is possible—but it’s difficult, slow, and not something I recommend unless you absolutely need it. That’s why so many of us turn to smarter options like banking in the US, Panama, Georgia, or Armenia, even when they already have tax residency in Paraguay.

If you’re ready to get serious about your financial structure, your next step is simple. Our US Banking Essentials course is a $29 private podcast course that walks you through exactly how to open US personal and business bank accounts—even if you’re not a US citizen or resident. It’s quick, no-fluff, and designed for people who just want to get it done right.

And if you haven’t yet started your global residency plan, I also have complete strategy guides for both Paraguay residency and Uruguay residency—so you can build a clean, legal foundation for living and banking internationally.

At the end of the day, banking is about access, freedom, and control over your money. And if you’re building a life outside your home country, it’s one of the first—and most important—systems to get in place. Banking in the US with Paraguay residency is possible for many, and a diversification option you should strongly consider as a global citizen.

FAQ – Banking in the US with Paraguay Residency

Read more on banking and lifestyle in Paraguay: How to Bank in the US with Paraguay Residency

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