Can You Use Wise in Paraguay?
A lot of people have conflicting information about Wise in Paraguay.
Some say you can use it, while others say you definitely can’t. So, what is actually true?
The confusion usually starts when you move to Paraguay and decide whether you should switch your registered address on Wise to your new Paraguayan address or not.
The Address Switch: Three Possible Outcomes
If you officially change your Wise address to Paraguay, one of three things typically happens. It’s very vague, but here is what we’ve seen:
- It continues to work like normal. (Best case scenario).
- It gets restricted. You might face limitations where you can’t receive Euros, and any Euros sent to your old IBAN will be returned to the sender.
- They close your account. They might simply shut you down completely.
Mostly, the outcome depends on which country you are moving from and how that country's regulations compare to Paraguayan regulations. But in short, having a Wise account explicitly registered in Paraguay is usually not advised.
The "Stealth Mode" Strategy
Because of the risks mentioned above, many people never switch their address to Paraguay. In a sense, that works fine for a while. However, this is risky. At some point, Wise might figure out you are no longer a resident of your original country and shut down your account from one day to the next. We have seen a few people get their accounts frozen this way.
The safest bet? Keep the account open to receive payments in different currencies, but don’t spend using the card. If you use the physical card at local shops, you are essentially broadcasting that you are living in Paraguay.
Top Alternatives to Wise
While Wise has great fees and a great card, finding alternatives is straightforward. They might not be as perfect as Wise, but they work.
1. Dukascopy
This is the easiest alternative to set up. It’s great for receiving multiple currencies.
By default, Dukascopy has a limit of $5,000 per quarter. However, this can be upgraded.
I personally upgraded my limit by submitting my company details, six months of account statements, and a few other standard papers.
After this, I was able to expand the limit to $15,000 per quarter (approx. $4,000 per month). You can receive even more than that, but it becomes subject to manual review and takes longer to process.
2. Xapo Bank
Xapo is another strong option. The catch is that you can generally only hold Dollars there, but they are very lenient and allow you to receive from many different currencies.
(Note: We will be releasing a dedicated blog post about Xapo Bank & Dukascopy soon. Subscribe to our newsletter for the latest updates.)
3. Bank of Georgia
This is a solid third option. It is a good bank, but it requires a bit more effort to set up. If you are physically in Georgia, you can open it there easily. You can do it remotely, but it is more of a hassle compared to the options above.