Before you start

Paraguayan cédula de identidad
Proof of address
Proof of income — labour contract, IPS certificate, or tax registration and returns
A clear, documentable answer about where your money comes from

Step-by-step

1
Get the cédula first
Without it you are a non-resident customer at best, on worse terms, and often simply declined.
In personWho: You
2
Open guaraní and dollar accounts together
Dollars are ordinary here and property, rents and larger transactions are frequently quoted in them. Doing both at once saves repeating the document exercise.
In personWho: You
3
Use casas de cambio deliberately, not incidentally
Exchange houses are everywhere and their rates differ meaningfully from each other and from the shops'. Check the Banco Central's published reference rate first — it was around 5,949 guaraníes to the dollar in August 2026 — and treat any spread beyond that as the price of convenience.
In personWho: You
4
Expect source-of-funds questions and answer them with documents
A frontier commercial city with heavy cash trade means banks apply their know-your-customer duties visibly. This is not personal, and the way through it is paperwork rather than argument.
In personWho: You

Documents you’ll need

Cédula de identidad
Proof of address
Proof of income or employment
RUC certificate if invoicing
Documentation of the source of any large initial deposit

Things most newcomers don’t know

Three currencies in daily use is a cost, not just a curiosity.

Every conversion is a spread, and shops that quote in dollars or reais and give change in guaraníes choose their own rate. Knowing the BCP reference rate is worth real money here.

Source: Banco Central del Paraguay — cotización referencial

The IPS certificate does double duty.

The document a bank accepts as proof of income is the same one Migraciones accepts as proof of economic solvency for permanent residence.

Source: DNM — solvency annex

Compliance friction is higher here than in the capital.

It is a function of the city's trade profile rather than of you, and the answer is to arrive with documentation of where funds came from rather than to shop around for a bank that asks less.

Common mistakes to avoid

Trying to open an account on a tourist stamp.
Accepting a shop's dollar-to-guaraní conversion without knowing the reference rate.
Making a large first deposit in cash with no documentary trail behind it.

Some of this may be out of date.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

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