How to Open a Bank Account in Paraguay

Opening a bank account in Paraguay can be straightforward if you come prepared with the necessary documents and follow the right steps. This updated guide (as of 2025) provides an overview of the types of accounts available, the latest requirements, and step-by-step instructions to help expats and international investors open an account in Paraguay.

Types of Bank Accounts in Paraguay

• Savings Account (Cuenta de Ahorro): A basic account ideal for personal savings and daily transactions. Savings accounts usually come with a debit card and have low opening requirements (often no or low minimum balance). They are accessible to most people and may even earn interest on your balance in guaraníes (the local currency) or in foreign currency.

• Current Account (Cuenta Corriente): A checking account suited for frequent transactions and business activities. Current accounts typically come with a checkbook and debit card, and they may require proof of steady income or a higher minimum opening deposit. These accounts have no transaction limits (unlimited withdrawals/payments) but often carry maintenance fees or balance requirements due to their added features (e.g. overdraft, check issuance).

• Foreign Currency Account: This allows you to hold funds in a foreign currency (commonly US dollars). A dollar account can protect your savings from local currency fluctuations, which is useful for international transactions or investors. Banks in Paraguay do offer USD accounts (and less commonly EUR accounts), but opening one might require demonstrating a higher income (around $2,000–$2,500 USD monthly, depending on the bank). Note: Some banks charge fees (about 2–4%) on cash deposits in USD as a compliance measure, so be sure to check the bank’s policy on foreign currency handling.

  
  

Steps to Open a Bank Account in Paraguay

1. Choose a Bank: Research and select a bank that meets your needs. Consider factors like branch accessibility, online banking services, fees, and experience with international clients. Some of Paraguay’s prominent banks include the state-owned Banco Nacional de Fomento (BNF), Banco Itaú (a major regional bank), Banco Continental, and BBVA Paraguay. Each bank may have slightly different requirements and product offerings, so reviewing a few options is wise.

   
   

2. Check Eligibility Requirements: Before applying, verify the bank’s specific requirements – especially if you are a foreign national. Most Paraguayan banks require you to have legal residency (a cédula Paraguaya ID card) to open an account as a foreigner. In practice, this means that non-residents (tourists or short-term visitors) will find it difficult to open an account. Ensure you meet the minimum age (usually 18) and initial deposit criteria for the chosen account. If you are not a resident, ask the bank if they have any programs for foreign clients; a few banks might make exceptions on a case-by-case basis, but generally a residency visa and local ID are needed.

   
   

3. Gather Required Documents: Prepare all the documentation you will need for the application. Common requirements include:

   
   

   • Identification: Paraguayan Cédula de Identidad (for residents) or a valid passport (for foreign nationals). The Paraguayan ID card is considered essential – if you don’t have one, expect to use your passport and proof of legal residency status.

   • Proof of Address: Recent utility bill, rental agreement, or another official document showing your current address. Some banks may accept a notarized letter from a landlord if utilities are not in your name.

   • Proof of Income: Documents showing your source of funds, such as pay stubs, an employment contract, or recent bank statements reflecting incoming salary. If you are self-employed or an investor, the bank may ask for bank reference letters or other evidence of the legitimacy of funds.

   • Tax Identification Number (RUC): The Registro Único del Contribuyente (RUC) is Paraguay’s tax ID number. While not always required for a basic personal account, most banks will ask for a RUC especially if you plan to do business or large transactions. Having a RUC is mandatory for opening certain account types (like a commercial checking account or any account that will be used for business invoicing). You can obtain a RUC from the Subsecretaría de Estado de Tributación (SET) once you have your cédula (the RUC process involves registering with the tax office).

   • Reference Letters (if applicable): Some banks might ask for a reference letter from an existing client or a professional reference, especially if you are new to Paraguay’s banking system. This isn’t always required, but it can help to have a letter from your employer or a current customer of the bank vouching for you.

   • Other Documents: Banks will have you fill out an application form on-site. In some cases, they might ask for a brief letter explaining the purpose of the account (e.g. personal savings, receiving salary, business operations). If your documents (birth certificate, proof of address, etc.) are from abroad, be aware you may need to legalize or translate them. Paraguay is not part of the Hague Apostille Convention, so foreign documents might require consular legalization unless otherwise exempt. It’s a good idea to get any critical documents translated into Spanish by a certified translator, as many banks prefer documents in Spanish.

     
     

4. Visit the Bank (In Person or Online): Traditionally, opening a bank account in Paraguay requires an in-person visit to the branch. Go to the selected bank’s branch with all your documents. You may want to schedule an appointment in advance to ensure a bank officer is available to assist you. During your visit, a bank representative will review your documents, ask some standard questions (for example, about the purpose of the account and your anticipated account activity), and have you complete and sign the application forms. Tip: If you are not fluent in Spanish, consider bringing someone who can translate or inform the bank ahead of time – while some staff at international banks (like Itaú or BBVA) may speak a bit of English, most banking business is conducted in Spanish.

   
   

   • Digital Account Opening: In recent years, some Paraguayan banks have introduced online account openingfor certain basic accounts. For example, you might start the process by registering on the bank’s website or mobile app, uploading scans of your documents, and then confirming your identity via a video call or at a later in-person visit. These digital accounts often still require you to have a Paraguayan ID and may come with limits (one popular 100% digital account option is limited to monthly deposits up to 3 times the minimum wage). If convenience is a priority and your needs are simple, ask if the bank offers a “cuenta digital” or online onboarding. Even with these, expect to show your physical ID at least once for verification.

     
     

5. Complete the Application Forms: Fill out the bank’s account opening forms. The bank officer will usually help you with this, especially if there’s a language barrier or if any sections are unclear. You will provide personal details (name, nationality, occupation, etc.), contact information, and nominate a signature for the account. Ensure all information is accurate and matches your documents. At this stage, if opening a joint account or a corporate account, additional forms and documentation for co-holders or legal representatives will be needed. Review the terms and conditions of the account (fees, usage limits, etc.) before signing. Paraguayan banks will also have you sign a specimen signature card and possibly a FATCA declaration if you are a U.S. citizen (due to U.S. tax compliance requirements).

   
   

6. Make the Initial Deposit: Most banks require an initial deposit to activate the account. This can range from a very small amount (for a basic savings account) to a larger sum (for a checking or USD account). For instance, some banks may allow opening a basic savings account with just Gs. 100,000 (around $14) or even less, whereas a dollar account might require a higher opening balance. The bank will inform you of the minimum deposit — provide the funds in cash or via transfer from another account as required. If you deposit cash in foreign currency (USD), remember there might be a fee for that transaction. Once the deposit is made, you’ll receive a receipt. Keep this handy until your account is fully active.

   
   

7. Wait for Approval: After submitting your application and initial deposit, the bank will process your information. The account approval and setup typically takes a few days. The bank may perform due diligence checks (verifying your identity and documents, potentially running your name through financial blacklist databases, etc.). If everything is in order, approval usually takes anywhere from 24 hours up to a week. The bank will contact you (often by phone or email) to inform you that the account is ready. Occasionally, they might request additional information during this period (for example, clarification on a document or an additional proof of income).

   
   

8. Receive Your Banking Materials: Once approved, you can pick up (or will be mailed) your debit card linked to the account. The bank will provide instructions on setting up your PIN. If you opened a checking account, you may also receive a checkbook, though in Paraguay checks are less commonly used now than electronic transfers. The bank will also give you information on how to access online banking or their mobile app. Make sure to enroll in online banking if available – banks like Itaú and Continental have robust digital platforms to monitor your balance, make transfers, and pay bills easily. At this stage, your account is fully operational and you can begin using it for deposits, withdrawals, and other transactions as allowed.

   
   

Tips for Foreign Nationals

• Residency and ID: For an expat or foreign investor, obtaining at least temporary or permanent residency in Paraguay makes banking much easier. As noted, a Paraguayan cédula (ID card) is required by most banks to open an account. If you’re planning an extended stay or investment in Paraguay, consider securing residency and your ID first. Non-residents have very limited options – virtually all banks will insist on seeing a residency card or permanent admission document before opening an individual account. Working with a local facilitator or law firm (like Creimerman) can expedite the residency and ID process so that you can meet this requirement.

• Language and Documentation: Expect to conduct business in Spanish. Bank forms and staff conversations will be in Spanish, and you’ll likely need to sign documents in Spanish. If you are not comfortable in Spanish, bring a translator or ask if the bank has any English-speaking staff. Also, prepare to have your documents (passport, proof of address, etc.) photocopied and possibly translated. Since Paraguay requires document legalization (in absence of an apostille), having consular-certified copies of key documents can be helpful. Clear communication with the bank will ensure your process goes smoothly – don’t hesitate to ask questions if you don’t understand a term or requirement.

• Currency Exchange & Transfers: Paraguay’s banking system allows accounts in guaraníes (PYG) and US dollars (USD), and you can freely exchange currency through your bank or local exchange houses. However, be mindful of the rules and costs:

  
  

  • Bringing large sums of cash (especially in USD) into the bank can draw scrutiny due to anti-money laundering regulations. If you need to deposit a large amount, be prepared to explain the source of funds (e.g. sale of property, savings from abroad) as part of standard compliance checks.

  • Some banks charge a small fee on foreign currency cash deposits (as noted, 2–4% on USD cash). To avoid fees, you might deposit in local currency and then convert to USD within the account, or use wire transfers.

  • International transfers: You can wire money in and out of Paraguay, but for outgoing international transfers, banks might have daily limits or require you to fill a form stating the purpose of the transfer. Make sure to ask your bank about any limits on sending money abroad. Paraguay is part of global financial networks (SWIFT), and while it has no strict capital controls, banks follow standard international compliance (you may need to provide your tax identification or additional info for large transfers abroad).

  • Exchange rates: Banks will offer currency exchange services, but you might get a better rate at exchange brokers (casas de cambio) in the city for large conversions. Always compare if you plan to convert significant sums.

    
    

• Using the Account Abroad: Paraguayan bank cards (usually on the VISA or Mastercard network) can be used internationally. If you are from the US or Europe, note that Paraguayan debit cards might need to be enabled for international use – talk to your bank about travel plans or foreign online transactions. Also, if you intend to use the account primarily for holding foreign currency (USD), confirm that the bank provides deposit insurance and what fees might apply to moving funds back overseas in the future.

  
  

Major Banks in Paraguay and Their Features

• Banco Nacional de Fomento (BNF): BNF is Paraguay’s state-owned national development bank. It offers a full range of personal and business accounts, loans, and credit cards. Stability and reach are its strong points – BNF has one of the largest branch networks (around 80 branches nationwide), making it convenient if you travel across the country. Being government-backed, it’s considered very stable. However, the account opening process at BNF can be traditional and a bit slow (expect thorough paperwork). BNF is a good choice if you prioritize a wide branch access and are perhaps less concerned with cutting-edge online banking features.

• Banco Itaú Paraguay: Part of the Itaú Unibanco group (one of the largest banks in Latin America), Banco Itaú is known for its modern services and international standards. Itaú provides a variety of personal and business banking solutions, including multi-currency accounts, credit cards, and investment products. It is foreigner-friendly – many expats report smoother experiences with Itaú, and the bank often has staff who can assist English or Portuguese speakers. Itaú also excels in technology: it offers a robust online banking platform and mobile app, so you can manage your account remotely with ease. If you value digital banking and an institution accustomed to dealing with international clients, Itaú is a strong contender.

• Banco Continental: A leading private bank in Paraguay, founded in 1980. Banco Continental is one of the country’s largest full-service banks. It has a focus on commercial and SME banking, but also offers comprehensive personal banking products (savings, checking, investments, etc.). Continental serves over 100,000 clients and has a network of more than 50 branches, along with a full-featured website and online banking system for convenient account access. The bank is known for good customer service and an array of financial products. Choosing Continental can be advantageous if you plan to engage in business activities in Paraguay, as they have expertise in corporate banking while still catering to individual customers.

• Other Banks: BBVA Paraguay (part of Spain’s BBVA group) is another major bank with a strong presence – it offers similar services and a user-friendly digital platform. Sudameris Bank is often mentioned for its experience with foreign clients, similar to Itaú. Additionally, there are smaller banks and finance cooperatives (like Visión Banco or Banco Familiar) which have more lenient requirements but might offer fewer services or lower international integration. Depending on your needs (for example, a quick basic account vs. a sophisticated business account), you may explore these institutions too. Always check that the bank is reputable and understand any fee structures before committing.

  
  

Conclusion

Opening a bank account in Paraguay involves selecting a suitable bank, ensuring you meet the eligibility requirements, gathering the necessary documentation, and following the application process through to approval. For expats and investors, the key is to secure your Paraguayan residency and cédula first, as it unlocks the banking system for you. With the right preparation, you can successfully open a bank account that meets your financial needs – whether it’s for everyday local use, saving in a stable currency, or facilitating international business transactions.

Next Steps: If you want more information about investing abroad or need personalized guidance on opening accounts and doing business in Paraguay, contact us at info@creimermanlaw.com to set up a free 10-minute consultation. Also, don’t forget to subscribe to our YouTube channel for more valuable content on global mobility and investment. At Creimerman, our team of professional global citizens is ready to help you with your personal or professional cross-border ventures and make them a success.