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Banking in Paraguay

Best banks in Paraguay for expats & digital nomads

Opening a bank account is one of the first things you do after moving to Paraguay. Here are the accounts that work for newcomers and non-residents, plus the fintech we would set up before you fly.

How to open a bank account in Paraguay

A Paraguayan cédula de identidad (national ID, obtained after residency) is required by virtually every bank; a foreign passport alone is not enough and you must be physically in Paraguay. A cuenta básica opens with just the cédula and low limits; a full account with USD and international SWIFT transfers requires a RUC and proof of local income (typically 3-6 months of tax declarations).

Top banks in Paraguay

Banco Itaú Paraguay

traditional
Default expat choice, USD/BRL transfers

Largest private bank (Brazilian-owned); good app, USD and PYG accounts, and the most English-speaking branch staff.

Banco Continental

traditional
Business accounts and EUR-denominated accounts

Paraguay's largest bank by assets after absorbing Banco Río (Aug 2025); one of few offering euro accounts; strong branch network.

Sudameris Bank

traditional
Private banking, higher-asset clients

Large, selective bank with solid online banking; USD and PYG accounts, investor-oriented.

Banco GNB Paraguay

traditional
International/USD transfers

Colombian-owned (Grupo Gilinski); acquired BBVA Paraguay in 2021. Strong SWIFT/USD infrastructure and Latin American transfers.

Banco Familiar

traditional
Newcomers wanting simple everyday banking

Retail-focused bank with wide provincial network; often described as more accessible and expat-friendly with a well-rated app.

ueno bank

digital
Fastest fully-digital account for residents

100% digital bank; opens an account in minutes via app with a cédula, no maintenance fees, international virtual debit card. Better for daily use than large USD wires.

International accounts & neobanks

Wise

Paraguay is NOT in Wise's list of countries where residents can open and hold a balance, so Paraguayan residents cannot maintain a Wise multi-currency account; often used only for sending/receiving international transfers.

Payoneer

A dependable way for Paraguayan freelancers to receive Upwork/Fiverr and direct-client payments (USD/EUR/GBP receiving accounts) and withdraw to a local bank. It is a payments platform, not a local bank account.

Availability changes; confirm on each provider's site.

Next steps in Paraguay

See the full Paraguay tax, cost and visa profile, or compare Paraguay with other destinations. Not sure where to go yet? Take the finder quiz.