Access to a local bank account is one of the key elements when obtaining residency, starting a business, or investing in Paraguay. An account in a Paraguayan bank allows not only for smooth financial transactions locally but also opens the door to utilizing local financial products.
Why Open a Bank Account in Paraguay?
- Access to local and international transfers
- Ability to receive salaries or income from rental/property
- Conducting local business activities requires access to a local bank account.
- Ability to apply for mortgage and investment loans in the future. A built history through using local banking may help in the future if you wish to apply for permanent residency or citizenship.
Requirements to Open an Account
To open a bank account as a foreigner, you typically will need:
- Passport
- Cedula (local ID in Paraguay)
- Documents confirming the address and source of funds
- Filling out bank forms (on-site or online)
📌 Requirements may vary depending on the bank – that’s why we help you choose the best option and guide you through the entire process.
How Do We Help?
- We advise on choosing the right bank according to your needs
- We will schedule an appointment and prepare all necessary documents
- We can accompany you in the bank (upon request), providing language support
- We assist in understanding and signing the agreement with the bank
- If necessary – we support opening a business account
Main Banks Operating in Paraguay
Here is a list of the most important commercial banks in Paraguay with which we cooperate or that serve foreigners:
- Banco Itaú Paraguay – one of the largest banks in the country, with Brazilian capital, offering a wide range of personal and business products
- Banco Basa – a dynamically developing bank, popular among entrepreneurs
- Banco Familiar – a client-friendly bank with a simplified account opening procedure
- Sudameris Bank – a bank with a good offering for investors and foreign residents
- Banco Continental – a bank with an extensive branch network and credit offering
- Interfisa Banco – a bank with convenient online banking and a mobile app
- Banco Nacional de Fomento (BNF) – a state bank, often used for administrative and official purposes
When Is the Best Time to Open an Account?
A bank account in Paraguay can be opened only after receiving a local ID (cédula). The best time to set it up is right after receiving the cédula – usually during your second visit to the country.
After receiving the cédula, the bank opens what is called a basic account (cuenta básica), which allows monthly deposits up to the equivalent of $1,000 in Paraguayan guaraníes. This type of account allows for basic banking operations but does not grant access to credit cards, which are very attractive in Paraguay – offering high discounts, reaching even 40% in some restaurants and supermarkets.
It is possible to upgrade the account to a full version after presenting a minimum 6-month financial history, such as regular VAT tax declarations (to be submitted after the first month of conducting business or being a registered taxpayer).
It is worth knowing that deposits in basic accounts can accumulate, meaning that by having 2–3 such accounts, we can gather sufficient funds to cover current living expenses or running a business without the need to immediately open a full bank account.