Offshore Banking for Paraguayan tax residents (personal banking)
Moving to Paraguay comes with real advantages: low taxes, a relaxed pace of life, and a surprisingly affordable cost of living. But let’s be honest—banking is not one of them. We're talking about a country where bureaucracy is king, paperwork stacks up, and banks are often unprepared to serve the expats they’re now regularly receiving. If you’ve ever had your account blocked just for receiving a “weird” transfer, you know the pain. And if you’ve opened 14 bank accounts just to stay ahead of the chaos—then you’re like me. I’ll show you here every nook and cranny so you can relax and get the bank accounts you need
This guide lays out the top banking options available outside Paraguay, tailored for residents who want simplicity, global access, and financial control. While you’ll find a full overview of each bank further down, most solutions boil down to one of three core needs:
1. Receive and send EUR via SEPA
- Dukascopy Bank: Fully SEPA-capable, Swiss-based, ideal for personal and business use.
- EIB Bank: Claims SEPA support; good for light euro usage.
- Standard Bank: Possible SEPA via offshore desk, fits niche use cases.
- Meru Bank: USD (primary wallet), receives EUR via SEPA (IBAN), accepts stablecoin deposits (auto-converted to USD)
💡 Prefer peer-to-peer? Buy USDT/BTC and sell it in Asunción. Some buyers will take $15k+ worth in one go. Check out paraguaybitcoin.com meetups.
2. Liquidate crypto into local fiat
- Xapo Bank: Lightning payments and BTC-to-fiat flows.
- UZPay: Built for crypto-native users, card and wallet system.
- Towerbank: Publicly crypto-friendly and relatively permissive with origins.
💡 Use X4T exchange or in-person meetups. Usually fee-free. Need to push large amounts into the local banking system? Book a call.
3. Receive USD and spend them locally
- Zenus Bank: USD accounts for non-residents, card included.
- Meru: Designed for LATAM freelancers and remote workers.
- Bank of America: Ideal if you already have U.S. ties.
- HSBC (UK): Solid for holding and spending USD globally.
- Dukascopy Bank: Also handles USD well, with multi-currency flexibility.
💸 Bonus: Long-Term Wealth Protection.
If your goal is long-term asset protection and diversification into Swiss private banking, UBS, Banque Cantonale de Genève (BCGE) and Zürcher Kantonal Bank (ZKB), are still a global gold standard. It’s not made for daily banking, but for preserving large sums in one of the world’s most stable, private jurisdictions and protected with a 100k CHF depositary guatantee from the Swiss Central Bank, this is the place to be.
Think high deposits, in-depth due diligence, and a dedicated private banker. Not everyone needs it—but if you do, nothing else compares. Keep in mind Swiss Franc (CHF) have been performing a little bit better than the USD/EUR for the last many years.
✅Regional Outlier: Bank of Georgia
While not common in LATAM expat circles, Bank of Georgia offers surprisingly open banking for foreigners. SEPA, USD, and crypto-friendly integrations make it a strong dark horse—especially if you want European access without EU-level scrutiny. Remote onboarding is possible, and it accepts clients from Paraguay.
In the end the key is to match your needs with the right provider: don’t overcomplicate it. If you need speed, go fintech. If you want long-term safety, go traditional. And if you’re somewhere in between—there’s a hybrid that works. Whatever your setup, the goal is simple: keep your money moving, accessible, and under control. This guide helps you do just that—from Paraguay, to the world.
Best Banking Options for Tier 1: Up to $100K–$150K
Dukascopy Bank - Switzerland
Dukascopy offers an account 100% accessible online—no need to visit Switzerland. It’s an attractive option for expats seeking a hassle-free Swiss banking solution. The mobile app lets you open accounts, make payments, trade forex, and even access cryptocurrencies. You get 22 currency accounts, each with its own unique IBAN.
Onboarding is usually quick, done via video call, though additional documents may be requested depending on your profile. Unlike traditional Swiss banks, Dukascopy presents itself as a more tech-friendly alternative. Ideal for those who value efficiency and remote access—it's a solid choice.
| Concept | Quality |
|---|---|
| Jurisdiction | Switzerland |
| Minimum Deposit | CHF 1,000 for personal multi-currency accounts |
| Currency Options | Over 20 currencies (CHF, USD, EUR, GBP, JPY, AUD, CAD, etc.) |
| Brokerage | Yes — advanced trading (Forex, CFDs, crypto, stocks) via JForex platform |
| Maintenance Cost | CHF 1/month (waived above certain balance); inactivity fee may apply |
| ATM Withdrawal Cost | Depends on connected cards (e.g., Dukascopy Visa): around CHF 2–5 |
| FX Cost | Very competitive spreads (Forex-level); varies per pair and method |
| Crypto-Level | High — crypto accounts, tokenized metals, own Dukascoin (DUK+) |
| Deposit Protection | Up to CHF 100,000 via Swiss deposit guarantee scheme |
| Reputation | Good — niche bank known for fintech and trading, not for traditional wealth management |
| Account Setup | Easy, Online onboarding available for many jurisdictions (video-based KYC) |
| Support Language | English, French, German, Russian, Chinese, Arabic |
Banque Cantonale de Genève (BCGE) - Switzerland
BCGE is a public bank based in Geneva, known for its accessible approach within the Swiss financial system. Its proposal stands out for low entry costs, good digitization. It is ideal for those who want to diversify small to medium amounts without complications, with Swiss institutional backing. It offers basic products such as personal accounts, remunerated savings and automatic investment plans, which makes it a good option for expats.
Although it accepts international clients, opening is not 100% online and generally requires physical presence in Switzerland or a proxy. A solid alternative for those who prioritize security, multi-currency accounts and basic access to investments, without the need for large assets or complex structures
| Concept | Quality |
|---|---|
| Jurisdiction | Switzerland |
| Minimum Deposit | No explicit minimum for personal accounts; investment plans from CHF 100 |
| Currency Options | CHF, EUR, USD (for both accounts and cards) |
| Brokerage | Yes — via 1816 platform and custody accounts, fees from 0.10% annually |
| Maintenance Cost | CHF 3/month (Privé account); +CHF 12/month for non-residents |
| ATM Withdrawal Cost | CHF 2 (CH), CHF 4 (EUR in CH), CHF 5 (abroad); 4% on credit card cashouts |
| FX Cost | 1.75% handling fee on foreign transactions |
| Crypto-Level | None — no crypto products or integrations available |
| Deposit Protection | Yes — up to CHF 100,000 via Swiss deposit guarantee |
| Reputation | Excellent — public cantonal bank, highly trusted in Switzerland |
| Account Setup | Not online — must visit a branch or use a representative |
| Support Language | French, German, English |
Xapo Bank - Gibraltar
Xapo Bank combines traditional banking with cryptocurrency features. It offers a US dollar-denominated account with an annual interest rate of 4.1% (subject to change) and full access to Lightning payments. You can deposit cryptocurrencies and withdraw them as fiat money, or vice versa, directly from the app.
There is no official minimum deposit, but some users, especially in Latin America, have reported being asked to deposit around $10,000 into their accounts during the registration process. Xapo targets a global, mobile-first user base, ideal for digital nomads and expats. The registration process is simple, completely remote, and generally quick.
A Xapo debit card is available that works worldwide and includes 1% cashback. Downsides include a$1,000 (annual payments), introduce in 2024.
| Concept | Quality |
|---|---|
| Jurisdiction | Gibraltar |
| Minimum Deposit | $10,000 (for activation and ongoing use) |
| Currency Options | USD account (with stablecoin and crypto rails) |
| Brokerage | No traditional brokerage; focus on crypto & stablecoin rails |
| Maintenance Cost | $1,000 USD/per year |
| ATM Withdrawal Cost | No ATM service directly; focus on digital transfers |
| FX Cost | Not disclosed; conversions typically via BTC or USDT rails |
| Crypto-Level | Very high — native BTC integration, stablecoins, yield on USDC |
| Deposit Protection | Guarantee Scheme (up to €100,000). |
| Reputation | Mixed — respected in crypto circles, limited traditional banking footprint |
| Account Setup | Fully online onboarding with KYC/AML (manual approval) |
| Support Language | English only (no multilingual interface) |
Zenus Bank - Puerto Rico
Zenus Bank offers US bank accounts to non-residents, without the need to be a US citizen or travel to the United States. Its fully digital setup makes it ideal for those who want a globally recognized account with a US routing number.
It supports international transfers, holds funds in USD, and comes with a Visa debit card that can be used worldwide. The registration process is done remotely, but you must pass the KYC process and pay a monthly fee of $50, which may deter occasional users. Zenus operates independently of mainland banks. For Latin American users looking to access the US financial system.
| Concept | Quality |
|---|---|
| Jurisdiction | Puerto Rico |
| Minimum Deposit | $50 for basic account; $100–$500 recommended for smooth onboarding |
| Currency Options | USD only |
| Brokerage | No - digital bank account only, no investment products |
| Maintenance Cost | $19.99/month or $199.90/year |
| ATM Withdrawal Cost | $1.50 per withdrawal + ATM may apply fees |
| FX Cost | Conversion through third parties (Wise), external rates |
| Crypto-Level | None - do not offer crypto or stablecoins |
| Deposit Protection | Yes - FDIC covered (up to $250,000 USD) through Evolve Bank |
| Reputation | Good in the global digital banking niche; still limited in scope. |
| Account Setup | 100% online with identity and address verification |
| Support Language | English and Spanish |
EIB Bank - Puerto Rico
EIB Bank is a private digital bank that offers USD and EUR accounts with international transfers, debit cards, and a strong emphasis on remote onboarding.
For expats in Paraguay who want to manage cross-border payments or hold foreign currencies, EIB offers a 100% online experience with multilingual support. Its offering includes investment options, crypto integrations, and a global focus, but the bank is still relatively new and does not have many reviews.
🔎 Keep in mind
Due diligence is recommended before transferring significant funds, especially given the limited public information about its operational history and regulatory backing.
| Concept | Quality |
|---|---|
| Jurisdiction | Puerto Rico (declared); possibly operates offshore via Curazao structure |
| Minimum Deposit | Not publicly stated; likely mid-to-high (private/offshore focus) |
| Currency Options | USD and EUR |
| Brokerage | Not listed; likely limited or private investment referral only |
| Maintenance Cost | Not disclosed; may vary by account or client tier |
| ATM Withdrawal Cost | No mention of debit cards or ATM network access |
| FX Cost | Likely minimal (USD-only focus); no public rates |
| Crypto-Level | Not crypto-friendly — no wallet, exchange, or custody services offered |
| Deposit Protection | Unclear — if regulated in Puerto Rico, may have U.S. territorial protections; offshore structure may bypass this |
| Reputation | Low visibility; appears designed for niche offshore or asset protection use |
| Account Setup | In-person or via intermediary; no online onboarding |
| Support Language | Spanish (site), possibly English for international clients |
Meru Bank - El Salvador
Meru offers fast, 100% online onboarding and a mobile platform designed for people looking for an easy way to store and transfer US dollars. It partners with regulated institutions to provide international transfers, virtual wallets in US dollars, and a global Mastercard—with no account opening fees.
Designed for small businesses and independent professionals around the world, especially in Latin America, Meru makes it easy to send and receive US dollars with minimal friction. Still, for those who need a lightweight US dollar account with few barriers to entry, Meru can be a practical alternative—especially when combined with other fintech tools.
🔎 Keep in mind
It accepts incoming stablecoin transfers but it does NOT keep it as crypto. It converts them to USD automatically, charging 1 USD + 1%
| Concept | Quality |
|---|---|
| Jurisdiction | El Salvador |
| Minimum Deposit | No minimum deposit clearly stated |
| Currency Options | USD, EUR (SEPA) and Stablecoins (as USDT) |
| Brokerage | No traditional brokerage; focused on Bitcoin wallet + USD account |
| Maintenance Cost | $0 monthly fee (as advertised) |
| ATM Withdrawal Cost | Not available — app-based platform only |
| FX Cost | Outgoing to PYG accounts: 2.88% + PYG 8,000 flat fee (~$1.3 USD) |
| Crypto-Level | Very high — native BTC wallet, on-chain + Lightning support |
| Deposit Protection | Not covered by FDIC or traditional schemes; self-custody infrastructure |
| Reputation | Emerging — popular in LATAM crypto circles, but limited banking reach |
| Account Setup | Fully online with KYC |
| Support Language | English and Spanish |
UZPay Bank - Lithuania
UZPay allows users to open multi-currency accounts, send international transfers (SEPA/SWIFT), and trade cryptocurrencies from a single app. It also offers business accounts, making it attractive to entrepreneurs and businesses with regional operations. Designed to provide a comprehensive, innovative, easy-to-use, secure, and accessible financial service, it focuses on countries in the Southern Cone such as Argentina, Brazil, and Paraguay. The registration process is 100% online and aimed at those seeking fast and frictionless financial solutions.
🔎 Keep in mind
There are currently gaps in public information about its regulation, licenses, and associated entities. Although the proposal is attractive, caution is recommended until there is greater transparency about its legal and operational structure
| Concept | Quality |
|---|---|
| Jurisdiction | Lithuania |
| Minimum Deposit | Not explicitly stated; account activation seems immediate with ID |
| Currency Options | EUR, GBP, USD |
| Brokerage | No brokerage or investment products offered |
| Maintenance Cost | $20/year |
| ATM Withdrawal Cost | 3.5% |
| FX Cost | 5.25% (transaction) |
| Crypto-Level | Moderate–High — supports USDT, swaps, and collateralization with crypto |
| Deposit Protection | Not covered by FSCS; funds likely safeguarded via EMI model |
| Reputation | Emerging — functional and active, but limited public transparency |
| Account Setup | Fully online onboarding with KYC |
| Support Language | English only |
Towerbank - Panamá
Towerbank is a crypto-friendly bank while still offering the structure of a traditional financial institution. It provides USD accounts with access to debit cards, online banking, and international transfers—making it a popular option among Latin American entrepreneurs and crypto holders.
There are no high minimum requirements to open or maintain an account, but using it as a traditional bank can lead to noticeable transaction fees. One interesting opportunity with Towerbank is the ability to fund your account using crypto, while benefiting from relatively minimal reporting to other jurisdictions—something that appeals to those valuing privacy and flexibility Opening an account is possible remotely, though documentation and source-of-funds proof are often required. Towerbank also offers corporate accounts and has experience working with tech startups and freelancers.
🔎 Keep in mind
Some users have reported inconsistent onboarding experiences, including delays or rejections without clear explanations
| Concept | Quality |
|---|---|
| Jurisdiction | Panama City, Panama |
| Minimum Deposit | $1.00 (for personal digital accounts, based on local product listings) |
| Currency Options | USD (Towerbank operates in USD as Panama uses it as legal tender) |
| Brokerage | No brokerage; focus on retail and business banking |
| Maintenance Cost | Typically $0–$5/month depending on account type |
| ATM Withdrawal Cost | ~$1.50–$3 per withdrawal; free at some affiliated ATMs |
| FX Cost | Not applicable for local accounts (USD-only); international wire FX applies |
| Crypto-Level | Crypto-friendly — actively promotes crypto use (BTC, USDT, ETH support) |
| Deposit Protection | Yes — up to $10,000 via Fondo de Garantía de Depósitos de Panamá |
| Reputation | Strong regional reputation; positioned as Panama’s most crypto-friendly bank |
| Account Setup | In-person required for most accounts; some onboarding assisted remotely |
| Support Language | Spanish and English |
Bank of Georgia - Georgia
The Solo account from Bank of Georgia is a premium service with full remote onboarding and no opening fee. It supports GEL, USD, EUR, and GBP, and includes a personal banker via WhatsApp. The monthly fee is 80 GEL (or 800 GEL annually), and once your first transfer is received, the bank sends your card by courier.
Solo offers fixed-fee transfers in all currencies, Visa concierge access, and free banking documents. You also get an investment account with 3 free trades, a card with included insurance, and full access to mobile, SMS, and email banking. Courier delivery and priority service in branches are included, plus access to 17 international airport lounges. Premium card options include Visa Platinum and Mastercard World Elite.
It’s a solid, traditional banking option—more stable than most fintechs and rich in services. But Georgia isn’t in SEPA, and its political climate is uncertain.
🔎 Keep in mind
Some users report long-term stability, while others faced sudden account closures when incoming funds weren’t clearly explained. Make sure your first transfers are simple and well-documented to avoid issues.
| Concept | Quality |
|---|---|
| Jurisdiction | Tbilisi, Georgia |
| Minimum Deposit | ~$10–$100 equivalent (varies by account type; low barrier to entry) |
| Currency Options | GEL, USD, EUR, GBP (multi-currency accounts supported) |
| Brokerage | Yes — access to local stock exchange and investment funds |
| Maintenance Cost | ~$1–$3/month depending on account tier |
| ATM Withdrawal Cost | Free at BOG ATMs; ~$2–$3 at others; FX withdrawal charges apply |
| FX Cost | Spread varies; online currency exchange platform available |
| Crypto-Level | Neutral — no direct crypto support, but not restrictive |
| Deposit Protection | Yes — up to GEL 15,000 per depositor via Deposit Insurance Scheme |
| Reputation | High — one of Georgia’s largest and most trusted banks |
| Account Setup | In-person required; some remote onboarding via partner services |
| Support Language | Georgian and English |
Best Banking Options for Tier 2: $150K–$3M
HSBC Bank - United Kingdom
HSBC offers expats seeking long-term financial stability multi-currency accounts, international transfers, and global support through a network spanning more than 60 countries.
Opening an account remotely as a non-resident can be tricky, especially without a US address or an existing relationship with HSBC. However, those who meet the requirements gain access to top-quality services, solid customer support, and a highly regulated banking environment.
As it is not crypto-friendly, this makes it a more suitable option for those focused on traditional finance, savings, or receiving income from abroad.
| Concept | Quality |
|---|---|
| Jurisdiction | London, United Kingdom |
| Minimum Deposit | £1–£500 depending on account type (Basic, Advance, Premier, etc.) |
| Currency Options | GBP primary; multi-currency accounts available (EUR, USD, others via Global Money) |
| Brokerage | Yes — investment accounts, ISAs, ETFs, funds, and share dealing available |
| Maintenance Cost | Free for basic; Premier and Global accounts may have eligibility or fees |
| ATM Withdrawal Cost | Free at HSBC and most UK ATMs; fees apply abroad |
| FX Cost | Currency spread; ~2.75% fee on non-GBP card transactions |
| Crypto-Level | Crypto-unfriendly — blocks some crypto transactions, no crypto products |
| Deposit Protection | Yes — up to £85,000 under UK FSCS scheme |
| Reputation | Global Tier-1 bank with strong UK retail and international presence |
| Account Setup | Online or in-branch; ID verification and UK address usually required |
| Support Language | English; translation services available on request |
Bank of America - USA
Bank of America is known for solid online banking and integration with services like Zelle and Apple Pay. It offers a wide range of personal and business accounts, including options with no monthly fees if basic criteria are met.
For expats living in Paraguay with U.S. ties—whether family, property, or income—having a U.S.-based account can simplify international transfers, USD savings, and compliance. However, opening an account as a non-resident is not straightforward. Without a U.S. address, SSN, or ITIN, access is limited—especially post-2020. Even when visiting the U.S., requirements vary by branch and are subject to change.
🔎 Keep in mind
Onboarding is often paperwork-heavy and may require in-person visits or U.S.-based documentation.
| Concept | Quality |
|---|---|
| Jurisdiction | Charlotte, North Carolina, USA |
| Minimum Deposit | $25–$100 for most checking/savings accounts |
| Currency Options | USD (domestic); limited access to foreign currency services |
| Brokerage | Yes — via Merrill (subsidiary): stocks, ETFs, retirement, robo-advisor |
| Maintenance Cost | ~$12/month (waivable by balance or activity for standard accounts) |
| ATM Withdrawal Cost | Free at BoA ATMs; ~$2.50–$5 at non-network and international ATMs |
| FX Cost | ~3% fee on foreign card transactions; FX wires subject to spread |
| Crypto-Level | Not crypto-friendly — does not support crypto services; restricts transfers to exchanges |
| Deposit Protection | Yes — up to $250,000 via FDIC coverage |
| Reputation | One of the "Big Four" U.S. banks; global reputation but limited agility |
| Account Setup | In-person or online (U.S. address, SSN or ITIN typically required) |
| Support Language | English, Spanish (multilingual support via website and phone) |
Standard Bank International - South Africa
Standard Bank offers a range of personal and business accounts, multi-currency services, and international transfers—alongside reliable traditional banking like investment accounts, offshore options, and premium services through its international division. For expats living in Paraguay who want financial diversification beyond the U.S. or Europe—or who maintain business or personal ties in Africa—Standard Bank can be a strategic gateway.
Account opening is possible for non-residents, but documentation requirements are strict. While some onboarding can start online, verification may require in-person steps or a South African address.
🔎 Keep in mind
Foreign access depends heavily on local compliance and is best suited for those with regional interests
| Concept | Quality |
|---|---|
| Jurisdiction | Johannesburg, South Africa |
| Minimum Deposit | ZAR 100–250 depending on account type (approx. $5–15 USD) |
| Currency Options | ZAR primary; foreign currency accounts available (USD, GBP, EUR, etc.) |
| Brokerage | Yes — via Standard Bank Wealth and Investment division |
| Maintenance Cost | Monthly fees vary: ~ZAR 4.95 to ZAR 120 depending on account |
| ATM Withdrawal Cost | Free or ~ZAR 10–30 depending on ATM used and account tier |
| FX Cost | Currency spread + possible flat fee for international transfers |
| Crypto-Level | Neutral — no crypto services, but doesn’t block related transactions |
| Deposit Protection | Yes — covered under South African Deposit Insurance Scheme (limited to ZAR 100,000 per depositor) |
| Reputation | high institutional trust; one of Africa’s largest and oldest banks |
| Account Setup | In-person for locals; expats must apply with local residence or partner |
| Support Language | English, Afrikaans, isiZulu, and other major South African languages |
Zürcher Kantonal Bank (ZKB) - Switzerland
ZKB positions itself as a reliable option for expats looking to protect their capital. Its products range from personal accounts to self-managed or guided investment services, aimed at clients with more defined wealth objectives. Account opening is possible for foreigners, but not immediate, for non-resident Swiss citizens it is very easy.
Physical presence in Switzerland or the assistance of an authorized intermediary is required, and the regulatory compliance process can be demanding depending on the client's profile if the client is not a Swiss citizen. Still, for those seeking diversification and willing to comply with the formalities, it is a very high quality banking option. Recommended for who value Swiss structural strength over operational flexibility.
| Concept | Quality |
|---|---|
| Jurisdiction | Switzerland |
| Minimum Deposit | No fixed minimum stated; subject to product type and onboarding |
| Currency Options | CHF, EUR, USD, GBP, and others (multi-currency accounts available) |
| Brokerage | Yes — ZKB eTrading and advisory investment services |
| Maintenance Cost | Basic accounts from CHF 3/month; can be waived with conditions |
| ATM Withdrawal Cost | ZKB ATMs: free; Other Swiss banks: CHF 2; Abroad: CHF 5 or 1.75% |
| FX Cost | ~1.75% markup on foreign transactions (standard for Swiss banks) |
| Crypto-Level | Limited — No direct crypto accounts, but access via investment funds |
| Deposit Protection | CHF 100,000 via Swiss deposit insurance (esisuisse) |
| Reputation | Excellent — one of the largest cantonal banks, very stable |
| Account Setup | In-person required; remote onboarding for foreigners is case-by-case |
| Support Language | German, English; French on request |
Best Banking Options for Tier 3: $3M+
UBS Private - Switzerland
UBS offers wealth management, investment services, and multi-currency accounts tailored to high-net-worth individuals. For expats living in Paraguay, UBS is not a day-to-day banking option—but rather a long-term asset protection and investment vehicle. Opening an account typically requires a substantial initial deposit (often six figures), and onboarding involves in-depth financial background checks and relationship building with a private banker.
UBS is fully aligned with international reporting standards (CRS). That said, for those looking to diversify wealth in one of the most secure jurisdictions globally, UBS remains a gold standard.
| Concept | Quality |
|---|---|
| Jurisdiction | Zurich, Switzerland |
| Minimum Deposit | CHF 250,000 for Wealth Management; some retail accounts from CHF 10,000 |
| Currency Options | CHF, USD, EUR, GBP, and others (multi-currency accounts supported) |
| Brokerage | Yes — full investment services: stocks, funds, ETFs, private banking |
| Maintenance Cost | Varies; typically ~CHF 30–CHF 300/month depending on assets and tier |
| ATM Withdrawal Cost | Free at UBS ATMs; ~CHF 2–5 at others; FX fees may apply |
| FX Cost | Currency spreads + fees; varies by transaction type |
| Crypto-Level | Conservative — no retail crypto services; indirect access via funds only |
| Deposit Protection | Yes — up to CHF 100,000 under Swiss deposit protection scheme |
| Reputation | Excellent — premier Swiss bank with global prestige |
| Account Setup | In-person for most clients; onboarding possible via representative |
| Support Language | English, German, French, Italian (no Spanish UI, but support possible) |
Note
Other options for this amount of money and/or category could be to look at countries such as Singapore or Liechtenstein, which are also great options in terms of private banking, given that the main concern of these large banks is that all the money comes from a legal source and that the person can prove it.
Keep or Migrate Your Existing Bank Account
Many residents in Paraguay continue using their original bank accounts from abroad. If you properly establish tax residency in Paraguay—with a cédula, tax certificate, tax return, and a local address—most traditional banks will let you maintain your account as a non-resident. You keep the same IBAN, online access, and cards, though some banks may downgrade credit cards to debit.
Some banks even allow you to officially migrate your account to Paraguay. Charles Schwab Global is a standout example, fully supporting Paraguayan residency without limiting functionality. If you don’t already have an account there, it’s possible—though not guaranteed—to open one in your original country, use it for a while, then update the residency later. Just know they may reject the change.
This route is often more stable and cost-effective than starting fresh with a new bank.
Wise also allows you to change your residency to Paraguay, but doing so significantly limits your account features. You may lose access to local receiving accounts, cards, or other core services. In most cases, it’s not worth it.
Revolut and N26 do not support Paraguay as a valid residency country. However, both services tend to be lenient with residency verification in practice. You can often use them for a while after moving, especially if you retain a mailing address in your previous country. Eventually, though, they may request proof and restrict your account if you can’t comply.
Final Thoughts
Paraguayan banks are frustratingly outdated, but your financial setup doesn’t have to be. With the right international or offshore account—or even a non-resident account in your country of origin—you can build a flexible and stable banking system while enjoying the benefits of Paraguay’s tax regime.
Every month, new banking options are becoming available to Paraguayan tax residents. Bookmark this article - we’ll be updating it continuously with the latest and best options.