Is It Worth Opening a Bank Account in Paraguay?
If you’re planning to move to Paraguay—or you’ve already got your residency—opening a local bank account might be one of the smartest moves to make. Whether you’re relocating, diversifying internationally, or just looking for a bit more freedom, this guide will walk you through how to open a Paraguayan bank account, what you’ll need, and why it might be worth it—even if you don’t live here full time.
What Do You Need to Open a Bank Account in Paraguay?
To open a personal account in Paraguay, you’ll need just two things:
A Paraguayan ID (you’ll get this once you have temporary or permanent residency).
A local phone number (SIM card registered under your name).
Already sorted? Great. If not, I can help you get a Paraguayan SIM remotely, no matter where you are.
Which Bank Should You Choose?
Several banks in Paraguay allow you to open accounts even if you’re currently abroad. The most popular options are:
Itaú – ideal if you’re dealing with international transfers.
Ueno Bank – fully digital, modern, and crypto-friendly.
Banco Familiar – simple, efficient, and lower on paperwork.
Is It Bureaucratic?
Not really. The easiest option is to start with a basic account, designed for monthly movements under USD 1,000. It has some clear advantages:
No minimum balance requirements.
No monthly maintenance fees.
No tax reporting needed unless you want credit cards or business services.
You can open basic accounts at up to 4 different banks if needed. No major hassle.
Why Open a Bank Account in Paraguay?
Even if you don’t live full time in Paraguay, a local bank account gives you serious flexibility:
Pay rent or services in Guaraníes (without losing money on exchange rates).
Withdraw cash easily at ATMs or branches with just your ID.
Pay for internet or phone plans locally.
Handle local taxes or fines.
Make payments to Paraguayan service providers or suppliers without drama.
And if your monthly expenses go beyond USD 1,000? Just open a second account. No need to overcomplicate things.
How Do You Fund Your Account?
Here are the most common ways to add money to your Paraguayan bank:
Local bank transfers (receive payments, or deposit cash directly).
Western Union or Wise – fast and straightforward.
Binance P2P – increasingly popular among crypto users converting to Guaraníes.
International wire transfers – still an option, though fees can hit up to USD 60.
When Is It Not a Good Idea to Open a Paraguayan Bank Account?
There are cases where opening a bank account here might not be worth the headache—especially if you’re thinking long-term or higher volume.
If you want to increase your monthly limits or request more advanced services, the bank will likely ask you to provide proof of local income, register as a Paraguayan tax resident, and start filing monthly income declarations. That alone could push you into a more complex tax scenario, especially if your actual business activity is abroad. You could end up paying taxes locally, even if your income is entirely international.
That’s just for a personal account.
Now—if you’re thinking of opening a sole proprietorship (unipersonal) and want a business account to manage client payments or expenses… things get even trickier. In that case, you’ll need both a lawyer and an accountant, and the bureaucracy goes up several levels.
I’ll cover that process in detail in another blog post soon.