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Opening a bank account in Paraguay: what 4 banks require
Short answer
With a valid Paraguayan cédula, you open a caja de ahorro, the basic deposit account, in the ueno bank or Itaú app, with a selfie and no opening fee. For a foreigner, Banco Basa asks for a passport endorsed by the Ministry of Foreign Affairs or a Paraguayan consulate, plus a resident card certified by an escribanía (notary). A current account requires proof of income according to the bank; at Sudameris, the minimum average balance is ₲3,000,000 or 2,500 USD. Opening times, the amount of the Sudameris initial deposit and conditions for non-residents are still to be confirmed.
The steps
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Get residency, then the cédula
The ueno bank and Itaú apps only open an account with a valid Paraguayan cédula, the identity card the Policía Nacional issues to residents. Banco Basa accepts the temporary or permanent residence card, and ueno bank the permanent residence card for a current account.
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Choose the type of account
A caja de ahorro holds your deposits and works with a debit card. A current account (cuenta corriente) may include a chequebook and an overdraft line (línea de sobregiro), subject to the bank’s approval.
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Gather your proof of income
At Banco Basa, employees provide the last 3 payslips or IPS (social security) statements and an original employment certificate from the current month. Self-employed applicants provide the last 3 VAT (IVA) returns and the latest income tax receipt. Retirees provide the pension slip, the retirement ruling and 3 statements from another bank.
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Open the caja de ahorro in the app
At ueno bank, you enter your cédula details, confirm your phone by SMS, record a video selfie, photograph both sides of the cédula and give your address, occupation and whether you are a politically exposed person; the account opens instantly, with a virtual debit card. At Itaú, the Cuenta Light opens with the cédula and a selfie, free of charge, with transactions of up to 3 minimum wages a month.
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Apply for a current account
At ueno bank, you apply at a ueno bank x branch, when you are over 20, with an active caja de ahorro, the cédula or permanent residence card, proof of income for the last 6 months and the client identification form. Sudameris requires age 18, identification documents and proof of income. Its October 2026 tariff sets a minimum monthly average balance of ₲3,000,000 or 2,500 USD. Confirm the initial deposit amount and the exact document list with the bank.
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Declare your tax status
Itaú's account opening form asks for the source of funds, the purpose of the banking relationship, whether you are subject to FATCA, the US law that requires banks to report accounts held by US taxpayers, and, for a non-resident foreigner, their business ties in Paraguay.
What 4 banks require
| Bank and account | Identity document | Other conditions |
|---|---|---|
| ueno bank, caja de ahorro in the app | Paraguayan cédula | Age 18, no opening or maintenance fee, no minimum balance |
| ueno bank, current account at a branch | Cédula or permanent residence card | Over 20, 6 months of proof of income, bank review |
| Itaú, Cuenta Light in the app | Paraguayan cédula and selfie | Free, transactions of up to 3 minimum wages a month |
| Sudameris, current account | Identification document; accepted type to be confirmed | Age 18, proof of income, minimum average balance of ₲3,000,000 (about 505 USD) or 2,500 USD; initial deposit to be confirmed |
| Banco Basa, caja de ahorro and current account | Cédula, or endorsed passport and temporary or permanent residence card certified by an escribanía | Proof of income depending on your situation |
| Opening times and current account fees | To be confirmed | To be confirmed |
Conditions checked again on the banks’ public pages on October 17, 2026; Sudameris average balance from its October tariff. Banco Basa’s list shows no publication date. The dollar amount uses the Banco Central del Paraguay reference rate of September 22, 2026 (₲5,935 to 1 USD).
Deposit insurance
If a private bank that belongs to the fund is resolved, the Fondo de Garantía de Depósitos, created by Law No. 2334 of 2003 and run by the Banco Central del Paraguay, covers current accounts, cajas de ahorro and savings certificates of deposit (CDA). It repays up to 75 monthly minimum wages per person and per bank, across all accounts: ₲228,300,000 (about 38,467 USD) at the current minimum wage of ₲3,044,000.
In a joint account, that cap is split equally between the holders. Debts owed to the same bank are deducted before the payout is calculated. Bonds and safe deposit box contents are not covered.