


Attempting to open a bank account in Paraguay is no easy feat, and fellow expats living in the country each have their own horror stories. Nevertheless, despite the challenges, I was determined to open a bank account and share my findings with my followers.
Paraguay is not an international banking hub like Panama, which is accustomed to serving expats and international travelers. The country's banking system is more domestic-oriented, and few banks are eager to deal with the process of opening accounts for foreigners, as it can be quite a headache. Some expats have mentioned that Paraguayan banks have become more expat-friendly over time, but there is still a long way to go before they can fully cater to the needs of foreigners.
Checklist for Opening a Paraguay Bank Account:
Cedula (national ID)
Paraguay phone number
Previous year's tax return
Proof of income
Paraguay address
Bank reference letter
Itaú Bank:
I decided to start my bank account journey at Itaú Bank, the largest bank in Paraguay, and a well-known Brazilian bank. My rationale was that they would likely be the safest and easiest option for international wire transfers. I headed to the Itaú branch at Paseo La Galeria mall, hoping to find someone who spoke English. At the bank, I was given a waiting number and ushered into a waiting room. When my number was called, I faced a language barrier, but the bank managed to find someone who could translate. They requested my Cedula, a bank reference letter, and my previous year's tax returns. I provided all the necessary documents, but unfortunately, they refused to enter the password for my tax return file, claiming it was against bank policy. This left me with no choice but to return home and convert the file to a non-password-protected format. When I returned later that day, I discovered that the bank closes at 1:30 pm everyday. Returning the following day, I submitted the non-password-protected document, only to be asked to provide bills with my name on them, which I did not have since I was no living in the country. This additional requirement was not mentioned before and added to my frustration. Ultimately, I left the bank without successfully opening an account.



UENO:
Next, I tried UENO, a payment and financial services company. Fellow expats had recommended it as a simpler option. The company allowed account opening through their app as long as I had a Cedula. Excitedly, I downloaded the UENO app and filled in all the necessary information, including a picture of my Cedula. However, I encountered an error when entering a non-Paraguayan phone number. To overcome this, I purchased a local SIM card and a basic phone. After manually updating the number associated with my account, I finally received my debit card. UENO was convenient for paying small bills, but it had limitations with deposit amounts and lacked full-scale banking services.





Banco Familiar:
Undeterred, I decided to explore Banco Familiar, another Paraguayan bank recommended by other expats. While language barriers persisted, I used Google Translate and basic Spanish to apply for an account. Surprisingly, the bank only required my Cedula and tax returns for the application. After submitting the necessary documents, I was informed that my account would be ready after some basic due diligence, with an expected setup by the following Monday. However, delays occurred, and my account wasn't available until the end of the week. Patience proved to be essential throughout the process.


Insights and Recommendations:
Paraguayan banks often impose restrictions on foreign account holders, allowing only minimal initial deposits. To establish higher balances and perform larger transfers, it's crucial to open an account early, especially if you plan to move, start a business, or invest in real estate in Paraguay. However, if you have no such plans, avoiding a local bank account might be more suitable due to the difficulties in transferring funds and the limited account capabilities.
In conclusion, my experience setting up bank accounts in Paraguay provided valuable insights into the country's banking landscape. Despite the challenges, I hope that sharing my journey will assist others seeking to navigate the complexities of opening bank accounts in Paraguay.