BankingUpdated 2025-01
Can I use US dollars in Paraguay?
USD is widely accepted for large purchases but guaraní is everyday currency. Exchange readily available. Prices often quoted in both currencies.
Key Takeaways
- Guaraní is everyday currency, USD for big purchases
- Exchange rate ~7,200-7,400 PYG per USD
- Exchange houses (cambios) offer best rates
- Wise recommended for USD to PYG transfers
- Rent and cars often priced in USD
US dollars are useful in Paraguay but guaraní (PYG) is the everyday currency. Here's how currency works for expats.
Currency Overview
**Paraguayan Guaraní (PYG)**
- Official currency
- Symbol: ₲
- Large numbers: ~7,300 PYG = $1 USD
- Paper bills: 2,000 to 100,000
- Coins exist but rarely used
USD Acceptance
**Generally Accepted**:
- Real estate transactions
- Car purchases
- High-end hotels
- Some landlords (rent in USD)
- Large electronics purchases
**Not Typically Accepted**:
- Small shops and restaurants
- Supermarkets
- Taxis and Bolt
- Daily purchases
- Most services
Exchange Rates
Easy to exchange:
- Banks
- Casas de cambio (exchange houses)
- Some supermarkets
- ATMs dispense guaraní
Current rate (fluctuates): ~7,200-7,400 PYG per USD
Where to Exchange
**Best Rates**:
- Cambios (exchange houses) in Centro
- Competition keeps rates good
- Maxicambios, Amambay, others
**Convenient but Slightly Worse**:
- Bank exchanges
- Hotel front desks
- Airport (avoid if possible)
ATMs
- Widely available
- Dispense guaraní only
- Withdraw up to ~2-3 million PYG ($300-400)
- Foreign card fees vary
- Use bank ATMs (safer)
Credit Cards
Accepted at:
- Malls and chain stores
- Nice restaurants
- Hotels
- Supermarkets
Often NOT accepted at:
- Small local shops
- Markets
- Street vendors
- Some restaurants
Fees: Foreign transaction fees apply (check your card)
Payment Strategy for Expats
- **Keep USD savings**: In US bank
- **Transfer via Wise**: Best exchange rates
- **Local bank account**: For daily expenses in guaraní
- **Cash backup**: Some guaraní and USD
- **Credit card**: For backup and rewards
Wise (TransferWise)
Most expats use Wise:
- Excellent USD to PYG rates
- Multi-currency account
- Debit card available
- Transfer to local bank
Negotiating in USD
Common for:
- Rent negotiations
- Car purchases
- Major transactions
- Protects against inflation
Pricing Quirks
- Rent often quoted in USD
- Car prices in USD
- Some products priced in USD at checkout
- Electronics sometimes USD-priced
Dollar Account Option
Some Paraguayan banks offer:
- USD savings accounts
- Useful for holding dollars
- Easy conversion when needed
- Banco Itaú, BBVA offer this
Carrying Cash
- Guaraní for daily needs
- Small USD bills useful (emergencies, travel)
- Don't flash large amounts
- ATMs are reliable backup
Inflation Considerations
Guaraní is relatively stable but:
- Some inflation (5-8% typically)
- USD savings hold value better
- Rent in USD protects landlord and tenant
- Many think in USD, pay in guaraní
Practical Tips
- Learn to mentally convert (~7,300 PYG = $1)
- Round to easy numbers (100,000 PYG ≈ $14)
- Ask price in both currencies for big purchases
- Keep receipts (for conversion records)
- Don't accept damaged bills (hard to use)
- New vs old bill designs both valid
Sources
Have More Questions?
Explore our comprehensive guides to Paraguay