Banking in Paraguay. Less hostile than you'd expect.

Quick answer

What you need to know in 60 seconds.

• Open a real bank account only after you have your cédula. Before that, Wise + a Paraguayan exchange house cover most needs.
• Itaú Paraguay and Banco Continental are the two banks most foreigners use. Sudameris is also fine, and ueno bank has become the easiest fully-digital option. (BBVA Paraguay was acquired by Banco GNB in 2021; Banco Río was absorbed by Banco Continental in August 2025 — same branches, new branding.)
• Most banks open USD accounts alongside the PYG one. You'll use both: PYG for daily life, USD for savings + property.
• FATCA reality for US persons: Paraguay reached a Model 2 IGA 'Agreement in Substance' with the US Treasury on 30 June 2014 but has never signed a fully in-force IGA. Banks ask for W-9 / W-8BEN at onboarding and apply FATCA-style due diligence. Expect KYC questions; verify current status with your specific bank. Paraguay has NOT committed to a CRS first-exchange date (per OECD AEOI portal, April 2026) — your Paraguay account balances are not auto-reported to your home tax authority.
• Cash is still common for rent and informal services. Cards (Visa/Mastercard) work everywhere modern.

Banks for foreigners

Where to bank.

All four below open accounts for foreigners with a cédula. Walk in to open an account and you'll wait one to three hours in my experience — the Itaú Villa Morra branch swallowed an afternoon for me in March 2026. Book a digital appointment if your Spanish is rusty.

• Banco Itaú Paraguay ↗

  Largest private bank. Good app, debit + credit cards issued in 2 weeks. Itaú Personnalité tier for >US$ 50k average balance. The default choice for foreigners and the one with the most English-speaking branch staff (Asunción Casa Matriz, Villa Morra branch).

• Banco Continental ↗

  Now Paraguay's largest bank by assets after absorbing Banco Río in August 2025. Strong for businesses and SUACE residency holders. Branch network outside Asunción is stronger than Itaú's.

• Sudameris Bank ↗

  Mid-tier. Investor-friendly. Solid online banking. Often more responsive on USD wires than the bigger banks.

• Banco GNB Paraguay (formerly BBVA Paraguay) ↗

  Colombian-owned (Grupo Gilinski). Bought BBVA's Paraguay franchise in 2021 and rebranded. Branch-based, requires cédula. Strong for Spanish/Latin American transfers and competitive interest on PYG fixed deposits.

• Banco Familiar ↗

  Among Paraguay's top three banks by assets (with Itaú and Continental). Retail-focused and useful for everyday banking, but less competitive on USD wires and investment products.

• ueno bank ↗

  Fully-digital bank, the easiest option for expats with a cédula. Account opening in minutes via the app, free international debit card, no maintenance fees. Less suitable for large USD wires or business accounts.

• Banco Atlas ↗

  Part of Grupo Zuccolillo. Strong digital interface and extensive ATM network across shopping malls. Will open basic accounts with just a passport in some cases — useful for new arrivals.

Documents needed

What to bring to the appointment.

Exact list varies slightly by bank. Itaú and Continental are explicit on their websites. Bring originals + 2 copies of each.

• Cédula paraguaya (national ID — issued after residency).
• Pasaporte (valid passport).
• Carnet de migración (residency certificate from DNM).
• Comprobante de domicilio — utility bill or rental contract showing your Paraguay address.
• Constancia de RUC if you'll receive Paraguay-source income (apply at DNIT — takes ~2 days).
• Proof of income from abroad — last 3 months of foreign bank statements OR an employment letter. Translated into Spanish if not in Spanish or English.
• Initial deposit: Banco Itaú = US$ 200 minimum; Continental = US$ 150; Sudameris = US$ 100. These are the figures branch staff quoted me when opening accounts in early 2026; banks don't publish them and a manager can waive or raise the floor depending on the account tier, so treat them as a guide, not a guarantee.

If your foreign documents are in a language other than Spanish or English, sworn translation (traductor público matriculado) is required. Banks have lists of accepted translators.

USD vs PYG

How locals split currencies.

Paraguay is dollarized in real estate, large purchases, and savings. Daily life is PYG (guaraní). Banks let you hold both in the same account package.

• Salaries paid in PYG. Most utilities, rent (long-term), schools — PYG.
• Rent for furnished/expat-tier — often quoted in USD.
• Property purchases — almost always USD.
• Used cars — USD or PYG, sellers prefer USD cash for big units.
• Savings — USD account at the bank, OR USDT/USDC via crypto (legal grey but widely used).
• ATM withdrawals: PYG ATMs are everywhere; USD-cash ATMs are rare and have low daily limits (US$ 200–500). Plan to convert at exchange houses.

Before you have a Paraguay bank

The Wise + exchange-house combo.

Until your cédula arrives, Wise (Transferwise) covers most international needs. Wise multi-currency holds USD/EUR/GBP and offers a debit card that works at Paraguay POS and ATMs.

• Wise debit card — accepted everywhere. Per Wise's ATM-fee help page (wise.com, checked May 2026), from 1 May 2026 Wise replaced the old 'two free withdrawals per month' rule with a single monthly free-withdrawal allowance (€250 on a euro card, US$ 250 on a US card; the cap follows your card region) and removed the fixed per-withdrawal fee. On euro cards the variable fee above the cap is 2.69%; US cards run US$ 1.95 + 1.95% on the overage. Wise's debit card is not issued to Paraguay-resident addresses — existing cards keep working until expiry but cannot be replaced.
• Revolut also works in Paraguay; Mercury (US business banking) works for transfers but no card use locally.
• For wires from abroad to a future Paraguay account, Wise charges 0.4–0.6%; bank-to-bank SWIFT is typically US$ 30–50 + 1–2% spread.
• USDT off-ramp: Bitso, Lemon Cash (Argentine but accessible), Letsbit. Sell to PYG via P2P at Cambios Chaco rates.

Exchange houses

Cambios beat banks for currency exchange.

Paraguay's casas de cambio offer better USD↔PYG rates than banks, take cash same-day, and don't ask for cédula on small amounts. Cambios Chaco is the best-known.

• Cambios Chaco ↗

  Multiple branches in Asunción + airport. Best rates in the country, transparent pricing. Legal entity, IDs requested over US$ 5,000.

• Cambios Maxi ↗

  Fast-growing. Branch in Shopping del Sol and Mariscal López. Competes head-on with Chaco.

• Western Union & MoneyGram ↗

  For receiving money from abroad without a bank account. Ubiquitous but worse rates than cambios.

Crypto

Where Paraguay sits on crypto.

Paraguay does not tax foreign-source crypto gains (territorial system). Domestic exchange income is taxable — see how Paraguay taxes income. There is no AML registration of personal wallets. P2P over USDT is the dominant practice.

• Bitso (Mexican) and Lemon Cash (Argentine) are the most used apps with PYG on/off ramps.
• Local exchange Bitsoma and Coincaex operate but are smaller.
• P2P trading via Telegram groups happens but check counterparties — scams exist.
• Banks don't block crypto-related transfers but do flag and ask source-of-funds questions on amounts > US$ 10,000.

Common mistakes

What new arrivals get wrong.

• Trying to open an account before the cédula arrives — banks will turn you away. Use Wise meanwhile.
• Accepting the bank's first SWIFT wire price — negotiate. Itaú Personnalité clients often get 50% off published fees.
• Forgetting the RUC if you're earning Paraguay-source income — eventual penalty + back-filing.
• Mixing personal + business funds — banks may freeze accounts pending source-of-funds review (3–6 weeks). The [full relocation guide](/full-guide/) covers the order in which to set things up.
• Holding large cash USD — Paraguay limits cash imports to US$ 10,000 declared. Domestic carry is unrestricted but theft risk is real.

FAQ

Paraguay banking — common questions