Banking in Paraguay

Banco Itau is one of the main ones.  I like their services as they basically have everything internet and phone banking, atm's, supermarket points where you can even go on Saturdays and Sundays.

All banks have internet and phone banking and I think that in general banking is quite developed in Paraguay so plenty of options to shop around.

One of the steps of obtaining the permanent residency in Paraguay is to deposit $US 5000 in a Parguayan bank account. I heard there are some problems wih opening a bank account without owining a Paraguayan cedula.

In your experience what banks are the easiest to open a bank account? Does Migraciones advice a specific bank?

That $5000 is no longer obligatory, anything from $100 goes, but of course the more you can show, the faster you're application will go through...

Banks that I've been told of that will open accounts for Expats is Banco de Fomento and Financiara Atlas. Another member here mentioned another bank in one of the earlier posts but I'm not sure which one it is any more.

Nico youŽre right, 5.000 is not necessary but the more you can show the better. More solvency, more "arraigo", buying property (according to law, of more than 10 hectares is better).

Financiera Interfisa is also one institution where you can open an account.

Does Western Union work down there as far as sending money back to the States?

As long as you pay their tariffs they work damn fine down here.

One thing I forgot to mention that šmay-beš important is that as far as concerning receiving money here, locals or the oneŽs that sends money from abroad (Argentina and Europe as far as my experience goes) prefer a transfer system/bank called šMoneyGramš I donŽt know what their counter-part in the US will be.

I believe that we have moneygram here too. what we had done in the past up here is send down one of our atm cards to the brother-in-law and then the amount that we want him to withdraw from any bank down there we deposit it in our bank up here. Of course you get hit by exchange rates and atm fees but it seemed to work out rather well. Never had a bank account in Paraguay so we weren't sure how debit cards are down there. If it's the same as up here then I guess that we could potentially send a card up here and do just the opposite by depositing money in a back down there.

We do the same with the ATM card, works well.  Western Union is also something we do a lot of for various insurance bills though.  One interesting thing about Western Union though is that the charges to send money vary significantly depending on where you send it from in the US.   We've found that Washington DC and NY are about 40% cheaper to send money out of than here in NM.  Have no idea why that is, but something to keep in mind.

Thanks for that info. It seems as though the atm thing will be the easiest thing to do so we may try that out for a bit and if need be try the western union/moneygram thing

Anyone knows if it is possible to deposit checks drawn on US bank accounts in Paraguay? What is the hold (15/30 labor days)? Any fees?

Does anybody know if American debit cards work in the bank machines or inside the bank as far as drawing money?
I know in Thailand they work, not sure about South America

RonaldWMiller62 wrote:

Does anybody know if American debit cards work in the bank machines or inside the bank as far as drawing money?
I know in Thailand they work, not sure about South America

Yes they do. I use a visa debit card every month and withdraw in US dollar from Sudameris ATMs. They charge $5 fee per transaction plus whatever your home bank  charges.

Thanks Bombero, most helpful. In fact, everyone here has been most helpful.

Does the $5k deposit prevent them from taking their time with your application, or do you recommend more?

Also, how long do you have to leave that $5k untouched? What if that money can be used to fly you out if you change your mind?

$5000 is all that is required, they won't accept more. It takes about 6-8 months for your permanent admission card to be issued.  You will then be given a letter to the bank authorising withdrawal.  If you withdraw your application you will get the same letter, but I have no idea how long that will take.

Ussually PR is given in 3-4 months, the money can be withdraw after the application.

If the PR takes more than 5 months, it is because there are some problems with paper work, with this new director, papers are running pretty much on time, so they ussually issue PR in 3-4 months.

There is no section in the migration law where it says that you need to leave your money all time before your application is granted with PR, please consdier that deposits are protected with bank secrecy according to our laws.

Jfinestra wrote:

Ussually PR is given in 3-4 months, the money can be withdraw after the application.

If the PR takes more than 5 months, it is because there are some problems with paper work, with this new director, papers are running pretty much on time, so they ussually issue PR in 3-4 months.

There is no section in the migration law where it says that you need to leave your money all time before your application is granted with PR, please consider that deposits are protected with bank secrecy according to our laws.

for my understanding of your post,immigration do not require or do not have mechanism to require that money has to be in the bank after application is submitted. I imply that bank might require that money cannot be withdraw without letter from immigration.Thus it is entirely up to bank if the money could be withdrew. Thus I think It should be important to find a bank to allow you to withdraw money early if so desire.

Yes you can pick your money any time you want, money is of free circulation.

Can someone tell me what the requirements are by the bank in order to open a bank account>>>
thanks
jc

From my experience which is somewhat unique as opposed to a person not married to a Paraguayan national as my wife is a native...first of all without the residency card (which is now mandated by law to be issued within 30 days...if you present all required documents) you will have to show some means of self-sufficiency or monthly income...best to have it in your country of origin. The former requirement of $5000 is waived if you are married with a citizen.One most important note, which can not be stressed enough...by all means, in advance...get multiple "certified" copies of your birth certificate...probably about 4-5. I know it seems far fetched but it is true.

My best advice is to check online and see exactly which one of the Consulate General locations (USA) serves your state of residency and confer with them via telephone as to the exact requirements AND YOU MUST have all documents "legalized" (approved & stamped) by the official at the consulate. The fees range from as little as $10 - about $100 for a special power of attorney...most are $30-$35 each. You've got to do it in advance or you'll get to know the Fedex man very well. "Nuff said?"

Yes so far so good for me without problems. I've been to Paraguay 8 times previous to my relocation. Best bet is to inform your bank that you'll be visiting Paraguay so the "red flag" folks won't decline your usage.

As far as money transfer...for amounts under $1000usd the debit card is by far the most advantageous and economical. Try to use a card from a bank which either reimburses your international usage or doesn't charge at all (few left)and remember, you will be charged a transaction fee for the currency exchange into the local currency. As of this date it seems that the daily allowance at the atm's is about 2 million guaranies so have at least two accounts from which you can draw with a card.

MoneyGram and Western Union of course are here and widely available.

Fastest method in opening a bank account is to have "legalized" proof of a monthly income like social security retirement or a monthly payment of retirement income. The original documents which are notarized in your home country need to be sent to the Consulate General of Paraguay for your jurisdiction.

You can then have these documents translated and then locally notarized in Paraguay for presentation at a bank, financeria (savings bank)or cooperativa (like a credit union) along with notarized and translated copy of your passport and a legalized and translated copy of your birth certificate. "Yes, I know it's crazy and seems like over kill...but someone somewhere said 'truth is stranger than fiction' and this is truth and reality in Paraguay."

Forget walking in and out in a few moments with an open account. That won't happen. After you've submitted all of those required papers, you'll wait at least a week maybe more time. Keep in mind that all of the seemingly useless paper work and waiting is not the bank policy, but is a dictate of that old feller "Uncle Sam" to the very obedient Central Bank. Just saying....complete the requirements and take it easy. This procedure is not relegated to foreigners, but locals alike.

Once you're been approved you can have both a checking and savings account along with online banking and atm cards(debit) through most all banks. Not sure that all of them have the same capabilities as far as perks. One thing to note is that several of the local banks have incentives at the stores for using their cards.

Finally, on occasion the bank reports as to safety and other factors are published in large national papers like ABC and La Nacion. Also you can do some due diligence online via sites like Moody's, Standard & Poors (Americas) and other financial and business magazines online. You can get ratings like Bankrate.com gives for American banks and credit unions.

After all of this, my wife and I decided on Banco Regional (major partner Rabo Bank-Netherlands) because they are listed as the only AAA rated private bank in the world and 3rd safest! Rabo owns 40% of Regional, which is largely an ag oriented institution with many locations around Asuncion and presence in other larger cities. Other banks which are well regarded in the ratings at this time were Itau,BBVA,Vision and Atlas. Others are rated as ok with only one on the "endangered" list. I won't single them out. We also went with Financeria Interfisa (2nd largest) because of the sister-in-law's working there for a long time.

Having that cedula is the primary spoke in the wheel for rolling on past opening the account. Just be patient, it will happen.

MoneyGram has locations throughout the "Gran Asuncion" and a primary agent is Maxicambios. Of course Western Union is here as well, however MG is less costly.

I think you made a wise decision going with Banco Regional, the Rabobank was the only major bank from the Netherlands that didn't need money from the goverment to stay alive during the financial crisis.

I already have an account at Interfisa without having to come up without any translated or notarized papers (only the Interpol document you need when apllying for residency), but to be honest I got some help from a lawyer. Interfisa has the best rating among financieras.

In the future I might want to open a real bank account, but if it's such a pain in the butt I might pass on that.

In just over 3 weeks I will have my Paraguayan cedula.  I then want to open a local savings account in a bank that has ATM access and preferably internet banking.
 
Does any one know of a local bank where I can open a savings account with just a cedula, passport and money.  I do not have any legalized bank statements or proof of income, Paraguayan relatives, business contacts or any other source of assistance. 

It doesn't matter if I have to wait a week or two for the account to be opened, just that it happens.

Not a credit union or other non-bank financial institution, just a bank.

I'm not from the USA, so I don't have to comply with any USA mandated rules.

Any ideas, anyone?

Gabtar wrote:

In just over 3 weeks I will have my Paraguayan cedula.  I then want to open a local savings account in a bank that has ATM access and preferably internet banking.
 
Does any one know of a local bank where I can open a savings account with just a cedula, passport and money.  I do not have any legalized bank statements or proof of income, Paraguayan relatives, business contacts or any other source of assistance. 

It doesn't matter if I have to wait a week or two for the account to be opened, just that it happens.

Not a credit union or other non-bank financial institution, just a bank.

I'm not from the USA, so I don't have to comply with any USA mandated rules.

Any ideas, anyone?

Did you manage to open an account?

OK, to answer my own request, I went to a branch of Banco Familiar in Av Espana armed only with my cedula and some money.  In 20 minutes I had opened a savings account, and in one week I will return to the bank and pick up my debit card attached to that account.
I had to deposit 100,000GS to open the account and I have to maintain that amount as a minimum.  I can deposit 5,000,000GS per day.  I supplied my address and phone number, and told them I was retired and receiving a pension from Australia, and had no income in Paraguay.  They could not have cared less, and did not ask to see any proof of anything except my cedula.
Too easy.

Gabtar wrote:

OK, to answer my own request, I went to a branch of Banco Familiar in Av Espana armed only with my cedula and some money.  In 20 minutes I had opened a savings account, and in one week I will return to the bank and pick up my debit card attached to that account.
I had to deposit 100,000GS to open the account and I have to maintain that amount as a minimum.  I can deposit 5,000,000GS per day.  I supplied my address and phone number, and told them I was retired and receiving a pension from Australia, and had no income in Paraguay.  They could not have cared less, and did not ask to see any proof of anything except my cedula.
Too easy.

5 Million Guaranies a day sounds a little low. Is this number correct?

Yes, thats correct.  Its a savings account and I think it is designed to be for the common man, and not for business or moving your life savings or superannuation to Paraguay, and is limited to prevent money laundering. It will be more than sufficient for me. All I want is a local account with a debit card and access to an ATM. It is also another tool when setting up a life here.

Thanks. 5 Million is a lot of money for a month here. Did you happen to ask them about their other accounts? Any idea how's their checking account?

Sorry, I didn't ask about anything else.  After reading the horror stories on this forum about opening accounts, when it became obvious I was going to get an account on the spot I shut up in case I muddied the waters and tripped some alarm that would have required me signing over my first born to open an account.