Blog · 2025-07-27

How to open a bank account in Paraguay as a non-resident in 2025

Opening a bank account in Paraguay as a non-resident is a task that demands attention to local requirements and procedures. Paraguay's banking system appeals to expats thanks to a stable economy, accounts denominated in both US dollars and guaraníes, the absence of currency controls and a favourable tax regime. This article takes a detailed look at how a non-resident can open a bank account in Paraguay: what documents are needed, which types of accounts are available and what sets the leading banks apart. We will also cover the tax angles and the ways to overcome the obstacles you may run into.

Do you need residency to open an account?

First, it is important to grasp the key point: the overwhelming majority of Paraguayan banks require a foreign client to hold a local ID - the Paraguayan cédula. In practice, opening an account without resident status is extremely difficult. While there is no legal ban on non-residents (and both residents and non-residents may, in law, freely open accounts at Paraguayan banks), in reality banks usually turn away tourists and temporary visitors who have no residence permit and no cédula.

Both routes - opening an account as a non-resident, or after obtaining residency - are worth weighing separately:

• Opening an account without residency. This is theoretically possible but realistically available only in isolated cases. Some banks may make an exception for a foreigner with a strong justification (a large deposit or an investment project, for instance), but the standard policy is to require a residence permit. Without a Paraguayan cédula, a bank simply will not begin the process. Even though the law does not forbid non-residents from holding an account, persuading a bank to open one without local documents is very hard.
• Opening an account after obtaining residency. This is the most reliable path. Once a foreigner secures a residence permit in Paraguay and is issued a cédula, they become, for practical purposes, an equal of any local client. With a cédula in hand you can walk into any bank and open an account without difficulty. The residency process in Paraguay is relatively simple and quick - especially for investors.

For a non-resident, the best move is to obtain permanent residency in Paraguay. It opens the door to every banking service without restriction. Opening an account directly as a non-resident, without permanent residency, is possible only in exceptional cases, so from here on we will assume the foreigner already holds a Paraguayan cédula or is in the process of obtaining one.

Paraguay's main banks and what sets them apart

Paraguay's banking sector is made up of both domestic and international banks. Which one you choose depends on your goals: branch coverage, foreign-currency accounts, fees, online services and experience with foreign clients. The largest banks include the state-owned Banco Nacional de Fomento (BNF), the regional Banco Itaú (a subsidiary of Brazil's Itaú Unibanco), as well as Banco Continental and BBVA Paraguay. These banks have wide branch networks and offer the full range of services to private and corporate clients.

Beyond them, several other reputable banks are worth a look:

• Banco Itaú Paraguay is one of the market leaders, with modern digital infrastructure and an ATM network across the country. As a foreign-owned bank, Itaú is often geared to international service standards. It periodically runs promotions on US-dollar accounts with lower minimum-balance requirements.
• Bancop is a fast-growing cooperative-type bank known for the convenience of its transfers. Clients praise its instant internal transfers and the lack of red tape when carrying out operations, which makes Bancop appealing for hands-on money management.
• Banco Familiar is focused on retail banking and is a good fit for opening accounts in the national currency (guaraníes). It is known for a client-friendly approach and quality Spanish-language service. Its requirements for dollar accounts, however, are stricter - a higher minimum deposit and additional checks, for example.
• Digital banks (neobanks). In recent years the purely digital banks Ueno and Eko have appeared and greatly simplified the process for residents. They let you open an account through a mobile app in a matter of minutes - all you need is a Paraguayan cédula and a local phone number. Ueno and Eko issue international debit and credit cards and provide the full suite of online banking. These digital accounts, however, are available only to holders of a Paraguayan ID; a non-resident without one cannot use them.

When choosing a bank, match your needs against what is on offer: do you need dollar accounts, do you expect frequent international transfers, is English-language service important? The larger banks (Itaú, BBVA, Continental) are more used to foreign clients and may offer part of their service in English, whereas smaller local banks may expect Spanish. Either way, the reliability of Paraguay's major banks is high and is supervised by the Central Bank. Retail deposits are state-insured - there is a deposit guarantee fund covering up to ₲138 million guaraníes (roughly 20,000-28,000 dollars), though the mechanism for actually paying it out is still being refined. Just as important, Paraguay has no currency restrictions: residents freely open accounts in local and foreign currencies, and the movement of funds is barely limited by law. That is a plus for anyone who wants to move money abroad freely or hold savings in several currencies.

Types of bank account in Paraguay

Paraguayan banks offer several types of account. Here are the main ones.

Current account (cuenta corriente)

A current account is designed for day-to-day operations and offers the greatest flexibility in handling your money. It is convenient for making an unlimited number of payments and transfers and for withdrawing cash; it usually comes with a debit card and may also include a cheque book for cashless settlements.

Features of a current account:

• Freedom of operation: there are no limits on the number of transactions - you can deposit and withdraw as often as you like.
• Settlement tools: the issuing of cheques (for commercial settlements) and the setting-up of automatic payments.
• Credit history: using a current account can help build a credit history with the bank.

Bear in mind that a current account is the most demanding to obtain of all account types. The bank generally sets requirements around the client's financial standing. A minimum opening deposit is needed (set by each bank individually), along with proof of regular income or of the client's level of wealth. The bank may, for example, ask for a certificate of monthly income or a statement from another account. This is because a current account grants full access to financial instruments, including the possibility of going into overdraft (where the bank offers it).

Savings account (cuenta de ahorro)

A savings account is intended for holding funds and earning interest on the balance. It is ideal if your goal is to build up capital in a safe place. Savings accounts at Paraguayan banks are available both in the national currency (guaraníes) and in foreign currencies (most often US dollars). Their advantages include:

• Interest accrual: the balance earns interest at a rate that can be quite attractive (usually above inflation), letting your savings grow over time.
• A low barrier to entry: the requirements to open a savings account are generally softer than for a current account. The minimum deposit and balance can be small. At some banks you can open a savings account with a token amount - around 100,000 PYG (about 14 dollars) is enough for a basic guaraní account, for instance.
• Dual currency: you can open accounts in guaraníes and in dollars (and sometimes euros), giving you flexibility in the currency you hold your money in.
• Ease of management: savings accounts often come without a cheque book but let you freely top up and withdraw money (sometimes with a cap on the number of free operations per month). Many banks offer convenient online management of such accounts.

Some banks add extra perks to savings accounts - cash-back or loyalty programmes, say, where part of the amount is returned if you meet certain conditions. Although the core function remains building up savings, you keep flexible access to your money: you can withdraw or transfer funds at any time without losing interest (unless it is a fixed-term deposit).

Foreign-currency account

Accounts held in a foreign currency (most often US dollars, less often euros) deserve a separate mention. Both current and savings accounts can be opened in foreign currency. Such accounts are popular with foreigners and investors because they protect savings from the possible volatility of the local currency, the guaraní. The advantage of a foreign-currency account is that funds are held in, say, dollars, which brings stability amid swings in the guaraní exchange rate and simplifies international settlements.

Features of foreign-currency accounts in Paraguay:

• Income requirements: banks want assurance that the client can maintain a substantial balance. They often ask for proof of monthly income of at least 2,000-2,500 dollars (or the equivalent in another currency). This acts as a kind of solvency filter.
• Cash-currency fees: if you fund such an account with cash dollars or euros, many banks charge a fee - usually 2.2-4% of the cash amount deposited. This covers conversion and the handling of the currency. Non-cash transfers in foreign currency into the account are generally free or cheaper.
• Types of foreign-currency account: both a current and a savings foreign-currency account are available. The terms are similar to guaraní accounts, but all operations run in the chosen currency. Interest on a dollar savings account, for example, may be lower than on a guaraní account (given the dollar's low inflation).

When opening a foreign-currency account, it is important to clarify all the fees with the bank: besides the cash-deposit fee there may be limits on cash withdrawals (a daily cap, for instance) or conversion fees on transfers abroad. Otherwise, a foreign-currency account is an excellent tool for protecting capital against currency risk and a convenient channel for international payments.

Digital account

Digital accounts, opened entirely online through bank apps, are gaining ground in Paraguay. As mentioned, Ueno and Eko offer this service. A digital account is usually a simplified savings account with certain limits, but with the easiest possible opening and management process:

• Remote opening: to set up a digital account you simply download the bank's app, fill in a form and scan your documents. A Paraguayan ID (cédula) is required to pass identity verification. The whole process takes minutes or hours, with no branch visit.
• Operation limits: digital accounts generally carry caps on turnover. A popular digital account, for instance, limits monthly inflows to three minimum wages (as set in Paraguay) - the equivalent of roughly 8-9 million guaraníes a month. These limits reflect the simplified KYC process.
• A minimal service set: a digital account usually does not offer a cheque book or credit. Its purpose is basic banking - holding funds, paying bills, making transfers, receiving salary. In return, it typically comes with a virtual or physical debit card for payments right away.

For a non-resident, a digital account becomes an option only after a cédula is issued. Its value lies in the fast start: an expat with a cédula can open a digital account (with Ueno, for example) straight away and use the core banking features while the paperwork for traditional banks is being prepared. Note that even with online registration the bank may invite the client to appear in person once to confirm their identity and signatures, especially when raising account limits. Even so, a digital banking platform is an excellent solution for new residents, sparing them the red tape and language barrier of a branch.

Corporate account (for business)

A non-resident who plans to run a business in Paraguay may need a corporate bank account in the company's name. Foreigners are entitled to register companies in Paraguay and open accounts for these legal entities. Non-resident foreigners may serve as founders and directors of a local firm, but the law requires at least one Paraguay-resident director in the company's structure. A local legal representative of the company must also be appointed. These conditions are easily met by bringing in local partners or nominee directors through law firms.

Once the company is registered (as an SRL - a limited-liability company, for example), you can open a corporate account at a bank. The process largely mirrors that for a personal account but calls for more documents:

• The company's founding documents (articles of association, certificate of registration).
• The resolution appointing the director(s) and their documents (passports, ID).
• The company's RUC - its tax number in Paraguay.
• Possibly, references on business reputation, a business plan or a description of activities, if the account is being opened for a foreign company.

The upside is that both company registration and account opening can be carried out remotely, by power of attorney through specialist firms. A foreigner therefore does not have to be present in person at every stage. Once the formalities are done, the bank will set a date for a visit to finalise activation - usually the director or company representative will need to appear with the original documents.

A corporate account offers the full range of capabilities for international settlements, handling large sums and running a business. But maintaining one also entails tax discipline: the company must file reports even if it operates outside Paraguay. On the whole, though, a foreign investor can indeed set up a firm in Paraguay remotely and open an account - lawyers note how welcoming local legislation is toward foreign investors.

Requirements and documents for opening an account in Paraguay

Once you have settled on a bank and an account type, the next step is preparing the documents and meeting the bank's requirements. Below are the standard requirements for a foreigner opening a bank account (a personal account):

• Age: 18 or over (legal adulthood). Younger people may be able to open an account with parental consent.
• Proof of identity: a Paraguayan Cédula de Identidad (for residents) or a passport - but a passport is accepted only where there is proof of legal status in the country. As noted, holding a Paraguayan cédula is the key requirement - without it a bank will most likely refuse. A foreigner's passport can serve as a supplementary identity document, but it does not replace the local ID.
• Taxpayer registration number (RUC): not always required to open an ordinary personal account, but the bank may ask for it if you plan large operations or intend to use the account for business. A RUC is definitely needed to open a commercial (corporate) account or a settlement account for business activity. You can obtain a RUC from the tax authority (SET) once you have your residence permit and cédula.
• Proof of address: a recent utility bill, a rental agreement or another official letter bearing your name and address. Although some banks may no longer require this, it is best to have it on hand. If you have recently moved and the utility bill is not in your name, you can provide a notarised letter from the property owner.
• Proof of income: statements from your main bank account for roughly the last six months, an employer's salary certificate or another document confirming that your source of funds is legitimate. The bank wants assurance that incoming funds are not tied to dubious activity and that you can maintain the account. For the self-employed, a letter from an accountant or a tax return will do. If you intend to make a large deposit, a reference letter from your foreign bank or employer confirming your good standing can be useful.
• The bank's application form: the standard form filled in when opening an account. It is handed to you at the branch (or available online on the bank's site). It captures personal details, contact information, the purpose of the account and the operations you expect. It is wise to state your expected account turnover honestly and in detail, so the bank has no further questions down the line.
• Additional documents: at the bank's discretion - a CV, say, or a letter explaining why you want an account in Paraguay (if you are not a local resident). Some banks may ask for a letter of recommendation from an existing client of the bank or a respected figure in Paraguay to vouch for your reputation. This is not universal, but it is worth being ready for.

An important detail: all documents issued abroad (a birth certificate, an income certificate, bank statements and so on) must be translated into Spanish and legalised. Paraguay is not a party to the Hague Apostille Convention, so foreign documents may require consular legalisation. It is advisable to arrange a notarised Spanish translation of your documents through a certified translator in advance. That speeds things up - a bank will more readily accept a Spanish-language package without having to translate it internally.

Step by step: opening an account in Paraguay

Once you have a cédula in hand and your documents assembled, the account-opening process in Paraguay is quite transparent. Here is a step-by-step guide.

Choose the bank and account type. Decide in advance which bank you will go to and which account you need. It is a good idea to study the chosen bank's website or consult a member of staff online or by phone to clarify that particular bank's requirements for foreigners. As we discussed, some banks are geared to specific services (Itaú to foreign-currency accounts, Bancop to fast transfers, and so on). Check whether the bank has programmes for foreign clients and English-language support (if you do not speak Spanish).

Book an appointment (optional). In larger cities (Asunción, for example) it is better to book an appointment at the branch. That saves time and lets the bank prepare specifically for opening an account. Many branches, however, also take walk-ins.

Visit the bank. You must appear in person at the branch with the originals of all your documents. Opening an account is traditionally done face to face - a staff member has to see you and your documents. At the branch, tell reception or the manager that you wish to open an account ("quiero abrir una cuenta bancaria"). You will be directed to a client relationship manager.

• Keep in mind that communication is mostly in Spanish. At international banks such as Itaú or BBVA a staff member who speaks English can sometimes be found, but this is not guaranteed. If you do not know Spanish, bring an interpreter or a Spanish-speaking friend - it will smooth the conversation and your understanding of the terms.
• The manager will ask for your documents and pose standard questions: "What is the purpose of the account?", "What monthly turnover do you expect?", "Do you plan international transfers?" and so on. Answer honestly; these questions help the bank classify your account and meet KYC (know-your-customer) requirements.

Fill in the form and submit documents. You will complete the account-opening forms (staff will help you do so on the spot). If anything is unclear in Spanish, do not hesitate to ask for clarification. The bank employee will check your documents and may take copies. You may be asked to write a short free-form statement explaining why you want the account - for example: "Necesito una cuenta para depósitos de ahorros y operaciones personales" ("I need an account for savings and personal operations").

• Specimen signature: you will be asked to provide several signatures on a specimen card. This card stays with the bank and will be used later to verify your signature on documents and cheques.
• FATCA declaration: if you are a US citizen or a US tax resident, you will be given a form under FATCA (the US law on tax reporting for foreign accounts). You must provide your US tax number (SSN or TIN) and confirm that you are notifying the US tax authorities of the foreign account.

Initial deposit. Almost all banks ask for an opening deposit to activate the account. The amount depends on the account type:

• For a guaraní savings account it may be a token sum (as mentioned, around ₲100,000). At some banks the minimum is higher - check this point (some set a minimum of, say, ₲1 million, about 140 dollars).
• For a dollar account the minimum deposit is usually larger (the equivalent of 100 or 500 dollars and up, depending on the bank).
• A tip: bring cash for the first deposit. If you have dollars on you but the account is in guaraníes, you can exchange them at the bank. But remember the fee: on a cash foreign-currency deposit the bank will withhold a percentage for the exchange. The alternative is to make an international transfer to the new account, though it will not clear instantly.
• The manager will give you the account details and you will pay in the money at the counter or a terminal inside the branch. Be sure to keep the deposit receipt you are given.

Wait for approval. Once you have submitted the documents and made the deposit, your application goes to the bank's compliance team for processing. In most cases the account is activated within one to three business days. The bank may verify your details and screen you against international blacklists (for financial fraud, terrorism and the like). If all is well, you will receive an email or phone notification that the account has been opened. In rare cases the bank requests additional information - asking you to explain the source of funds if you deposited a large sum straight away, or to supply a further document.

Receiving your details and card. Once approved, you will be given a pack of banking materials:

• Account details: the account number (in Paraguay it often coincides with the client-agreement number) and instructions for international transfers (the bank's SWIFT/BIC code and address).
• Debit card: a debit card (Visa Electron, Visa Debit or Mastercard Maestro) is usually issued for access to your funds. At some banks the card can be produced on the spot at the branch; at others you wait a few days. You can collect it in person or receive it by post.
• Online banking access: a staff member will help you register for the online-banking system or mobile app. You will usually receive temporary passwords or instructions on setting up your account. Be sure to enable SMS or push notifications to keep track of your money.
• Cheque book: if you opened a current account with cheque functionality, you will be offered the chance to order a cheque book. Cheques are not used very often in Paraguay, but they can be handy for business. They take a few days to produce and are usually collected at the branch.
• Fees and terms: you will be given a schedule of service fees (or pointed to the website). Clarify daily cash-withdrawal limits, transfer fees and other key terms.

Start using the account. Once you have all the details, you can use the account fully: top it up with transfers from abroad, pay local bills (housing, utilities and so on) and receive salary or other income. It is a good idea to run a small test transaction first (transfer money to yourself, say, or buy something inexpensive with the card) to be sure everything works. If questions come up, do not hesitate to contact the bank's support.

Tax angles and financial advantages

Paraguay attracts foreigners not only through the ease of opening accounts (once you have residency) but also through its favourable tax system. It operates a territorial principle of taxation, meaning that only income earned within Paraguay is taxed. The key points on the tax terms and obligations of an account holder are as follows:

• Income tax (Impuesto a la Renta Personal): a rate of 8-10%, one of the lowest in the region. Moreover, Paraguay does not tax income earned abroad, foreign-held assets or capital gains realised outside the country.
• Interest on deposits: the interest a bank pays on your deposit or account balance is formally treated as local income. Under the tax code, interest income is taxed at source at a rate of 4.5%. In practice the bank automatically withholds this small tax from the interest paid to you. Given the modest deposit rates, however, the amount is usually negligible.
• Tax residency: if you have simply opened an account but do not live in Paraguay permanently, you do not automatically become a tax resident. A tax resident is someone who spends at least 120 days a year in the country. Many foreigners make use of this: they open an account and keep their savings there but live in Paraguay for less than four months a year - in which case they are under no obligation to file a return in Paraguay at all.
• No currency controls: as already noted, Paraguay does not restrict the movement of capital. Free currency exchange and cross-border transfers without special permits are a major advantage for businesses and individuals alike. You can move money to and from accounts abroad without obstacles and open multi-currency accounts. This liberal policy, alongside low taxes, makes Paraguayan accounts a convenient tool for financial planning.
• Financial-transaction tax: Paraguay has no equivalent of a bank-transaction tax (the kind some countries levy on transfers). Account operations attract only the bank's own fees under its schedule; there are no state charges on ordinary transactions.

By following this guidance, a foreigner can successfully open an account in Paraguay and enjoy all the advantages of the local banking system. Paraguay today is an open, welcoming jurisdiction for anyone seeking new horizons for their finances.

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