Banking Stack for Paraguayan Residents
Setting up your banking infrastructure is one of the first things you need to tackle when getting settled. Here is the specific stack I use for both business and personal operations - focusing on low fees, stability, and ease of use that works for most people.
Business Banking
For business operations, you want stability and the ability to handle multiple currencies efficiently.
1. Mercury (Main USD Account)
You can use Mercury as your primary account to receive USD from clients, as it has a low fee and is very stable. You can issue invoices directly, and the cards give you cashback.
Sign-up Bonus:
Sign up using this affiliate link
And put yourself at the front of the queue. (If you don't use an affiliate link, you will likely be placed at the end of the queue)
You get $250 (and I get $250) if you receive more than $10k in your first 3 months.
2. OneSafe (Multi-Currency & Crypto)
Use OneSafe to receive EUR, SPEI (MXN), PIX (Brazil), and crypto. It handles these specific currencies better than most.
Warning: OneSafe got quite popular so they’re more picky with customers than they used to be. They asked me to show proof of 10k income monthly in my US LLC from other sources. You can also pay to get in front of the queue.
Personal Banking
Once your business revenue is secured, you can pay your Owner’s Withdrawal from Mercury directly to either Charles Schwab International or UglyCash with no fees.
1. Charles Schwab International (Investing & ATMs)
Use this for investing and for taking money out of ATMs worldwide.
For the most cost-effective cash withdrawal from an ATM, Charles Schwab International is the cheapest and the best option.
But when you use the card at a store, you'll often have to sign the receipt, which can be an annoying process. So not recommended to use for Daily In-Store Purchases. Also, it doesn’t support 3D Secure. So it often fails to process online transactions with international merchants.
UglyCash solves these problems.
2. UglyCash (Day-to-Day Spending)
Use UglyCash for your daily expenses. Android users can now use UglyCash with Google Wallet. Apple Pay support will likely follow later.
You can deposit USDT/USDC and ACH (from all accounts). You can also deposit EUR, but only from an account in your own name. They do not support other crypto deposits.
Base Benefits is 1% cashback and 1% FX fee.
Coupon Code: Use MartinViking, Or Join UglyCash here.
3. ByBit (Crypto Deposits)
Use ByBit for depositing crypto and spending.
The Good thing is that they have a virtual card, which is pretty good.
The Bad is that the interface can feel a bit "scammy" as it is hard to see exactly how much you are actually spending on fees. ( I still haven't figured out how the fee structure actually works and their cashback )
The UglyCash interface is much better, though ByBit allows for broader crypto deposits (UglyCash is restricted to Stables/ACH/Eur).
Coupon Code: Use code MJVLMKL, Or Join Bybit here.
Ready to set it up?
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