Best Banks for Expats in Paraguay
Opening a bank account in Paraguay is easier than many countries, especially once you have residency. Several banks cater to foreigners with English-speaking staff and international transfer capabilities. Here are the best options for expats.
How We Selected
- Willingness to work with foreigners
- English-speaking staff
- Good online/mobile banking
- Reasonable fees
- International transfer capabilities
- USD account options
Banco Itaú
International bank (Brazilian) with professional service and good international capabilities. Excellent for expats needing regular international transfers.
Banco Atlas
Most foreigner-friendly local bank. Will open accounts for tourists with passport only. Good starter bank for newcomers.
BBVA
Spanish international bank with solid reputation. Professional service and good online platform. Requires residency for most products.
Banco Continental
Large local bank with extensive network. Popular for savings accounts with competitive interest rates. Full range of products.
Banco Familiar
Works with foreigners and tourists. Less formal than larger banks. Good option for basic banking needs.
Pro Tips
- 1Open Banco Atlas first while waiting for residency
- 2Once you have cedula, open account at preferred bank
- 3Keep Wise/Revolut for international transfers (better rates)
- 4USD accounts useful for holding dollars locally
- 5Visit main branches for better English support
- 6Dress professionally for bank visits
Frequently Asked Questions
Can I open a bank account without residency?
Yes, Banco Atlas and Banco Familiar will open basic accounts with just a passport. Full banking services require residency (cedula).
Which bank has the best international transfers?
Banco Itaú is best for regular SWIFT transfers. However, Wise typically offers better exchange rates and lower fees for most transfers.
Can I get a credit card as a foreigner?
Yes, but you'll need residency and usually several months of account history. Some banks require proof of income or a security deposit.
Are there USD accounts available?
Yes, most major banks offer USD savings accounts. Useful for holding dollars and protecting against guaraní fluctuation.
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