Before you start

Paraguayan cédula de identidad
Proof of address — a utility bill in your name or a certificado de radicación
Proof of income: a labour contract, an IPS certificate, or tax registration and returns if you are self-employed
A Paraguayan tax identification (RUC) if you will be invoicing

Step-by-step

1
Get the cédula before you start
The bank's identification requirements are built around the national ID. A passport alone puts you in the non-resident category, where the account is harder to open and more expensive to run.
In personWho: You
2
Choose between a bank and a financiera
The BCP supervises banks, finance companies and cooperatives alike, but they are different products. Banks give you the full payment rails; cooperatives are deeply embedded in Paraguayan life and often more forgiving on documentation.
In personWho: You
3
Open guaraní and dollar accounts together
Dollar accounts are ordinary here and rents, property and larger transactions are often quoted in dollars. Doing both at account opening avoids repeating the whole document exercise later.
In personWho: You
4
Register for the mobile app and a debit card
Paraguay's digital banking has moved fast — bank apps and wallets handle most day-to-day payments, and QR payment at small merchants is widespread. Cash still rules at markets and despachos.
Mobile appWho: You

Documents you’ll need

Paraguayan cédula de identidad
Proof of address
Proof of income or employment
RUC certificate if self-employed or invoicing
Initial deposit — amounts vary by institution

Things most newcomers don’t know

An IPS certificate does double duty.

The 'constancia de asegurado ante el IPS' that a bank accepts as proof of income is the same document Migraciones accepts as proof of economic solvency for permanent residence. Getting registered with IPS early solves two problems at once.

Source: DNM solvency annex; standard bank requirements

The guaraní has been unusually steady.

The BCP's reference rate sat around 5,949 to the dollar in August 2026. For a currency in a small landlocked economy that is remarkable, and it is why holding guaraní balances is less alarming here than in several neighbours.

Source: Banco Central del Paraguay — cotización referencial

Dollar accounts are normal, not exotic.

Rents in the upmarket barrios, property sales and many salaries above a certain level are quoted in US dollars, so a dollar account is a practical necessity rather than a hedge.

Common mistakes to avoid

Trying to open an account on a tourist stamp. Expect to be turned away.
Assuming a cooperative account gives you the same international payment rails as a bank — often it does not.
Letting your address documentation go stale; banks do periodic refreshes and freeze accounts that fail them.

Some of this may be out of date. Spotted something inaccurate? Help us keep it right for the next newcomer.