The Paraguayan Banking System
Paraguay has a stable and regulated banking system. Banks are supervised by the Banco Central del Paraguay (BCP) and have weathered past financial crises without systemic shocks. For expatriates, the Paraguayan banking system is an important building block for financial integration.
Opening an Account as a Foreigner
With a valid Cedula, foreigners can open a bank account in Paraguay without difficulty. Without a Cedula it is significantly harder. That alone is a good reason to start the Cedula process early.
Recommended banks for expatriates include Banco Continental, Banco Atlas, Banco BASA and Banco Familiar. Banco Familiar is particularly expat-friendly, has simplified requirements for new residents, and offers one of the best-rated banking apps in the country. All of these institutions offer good conditions for foreign-currency accounts and transfers.
Accounts in Foreign Currencies
Paraguay allows accounts in US dollars and other foreign currencies. This is especially attractive for expatriates with income in euros or dollars who want to hold funds without currency risk. There are no exchange controls – money can be transferred freely.
Interest Rates and Investment Options
Interest rates in Paraguay are attractive by international standards. Fixed-term deposits in Paraguayan Guaraní offer 5–10%, in USD 2–4%. For security-oriented investors, fixed-term accounts are a simple and safe option.
For more complex investment strategies, ParaguayJoker recommends working with a local financial advisor. We can refer you to suitable partners on request. In the context of Paraguay's tax advantages attractive combinations of local investment and tax-optimised structures are available.
