Before you start

Paraguayan cédula de identidad
Proof of address
Proof of income — a labour contract, an IPS certificate, or tax registration and returns
A RUC if you will be invoicing

Step-by-step

1
Get the cédula first
Without it you are at best a non-resident customer on worse terms, and frequently simply declined.
In personWho: You
2
Weigh a cooperative against a bank
Paraguay's cooperativas take savings, lend, issue cards and run branches, and in Central department they are often closer, friendlier on paperwork and better rated locally. The trade-off is thinner international payment rails, which matters if you are paid from abroad.
In personWho: You
3
Open guaraní and dollar accounts together
Dollar accounts are ordinary in Paraguay and property transactions are frequently quoted in dollars. Doing both at once avoids repeating the document exercise.
In personWho: You
4
Set up the app before you need it
Paraguayan bank apps and QR payment are widely accepted, which matters more here than in the capital — branch opening hours are shorter and the queue at a highway-strip branch on a Friday afternoon is its own experience.
Mobile appWho: You

Documents you’ll need

Paraguayan cédula de identidad
Proof of address
Proof of income or employment
RUC certificate if self-employed
Initial deposit

Things most newcomers don’t know

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 — worth getting early rather than at the end.

Source: DNM — solvency annex

Cooperatives are a real option here, not a fallback.

In Central department they are frequently the primary financial institution for households, and their documentation requirements are often lighter than a bank's.

The guaraní has been unusually steady.

The BCP's reference rate sat around 5,949 to the dollar in August 2026, which makes holding guaraní balances far less alarming here than in several neighbouring countries.

Source: Banco Central del Paraguay — cotización referencial

Common mistakes to avoid

Trying to open an account on a tourist stamp.
Choosing a cooperative without checking it can receive the international transfers your salary arrives by.
Letting address documentation go stale and finding the account frozen.

Some of this may be out of date.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