Financial Services to send and use foreign money to Paraguay

https://international.schwab.com/

Requirements:

• Proof of residency in Paraguay, such as a bank statement
• A passport, it doesn't need to be the Paraguay passport

Benefits

• Free registered US account with the ability to receive and send ACH.
• You can also receive SEPA transfers to a European bank, which are then converted to USD with a 1% fee.
• https://international.schwab.com/resource/instructions-to-transfer-money-to-your-schwab-account
• Non-contactless debit card; you can withdraw cash from all ATMs at market exchange rates, and Schwab reimburses the ATM withdrawal fee.

https://monerium.app

A bank account that can receive and send to third-party accounts, which can be opened with a Cedula and PY residency.

The use of a wallet as a metamask is required, because upon deposit, the funds are converted into a proprietary EUR stablecoin, and upon sending, a conversion always occurs. Both deposits and sendings are 1:1 with no fees.

Therefore, it is also useful for receiving payments from third parties, for example, as a freelancer, without sharing any european ID data.

Fees: no fees

More information on the company: https://monerium.com

https://bilderlings.com

A bank account that can receive and send to third-party accounts, which can be opened with a Cedula and PY residency.

USE THE APP: During the registration from the "website" there is step where they may ask your passport country,
here you should select Paraguay, and then during the next steps of verification you will be able to show them your Cedula.
Another user said that the Bilderlings team may contact you by email asking other documents related to your Paraguay residency.
I advise to use the "app" instead of the website to register your account.

Fees:
- https://assets.bilderlings.com/prices/Domestic_Individual_en.pdf
- https://bilderlings.com/personal/pricing/
- 30 free SEPA transfers for month, then 0.35€ fee for next transfers.

Cashback up to 1%: https://bilderlings.com/personal/cashback-and-perks/

https://app.mtpelerin.com

Another EUR account, which can be opened with cedula and PY residency.

However, when withdrawing EUR over approximately 548 euros, there is a 1.3% fee, which can be reduced by purchasing tokens.

Upon receiving, you also have to choose which token to automatically convert to. You can choose Bitcoin or other tokens, including stablecoins tied to the euro.

https://wise.com

The account must be opened as a European resident, the virtual card must be activated, and possibly the physical one, "and later", the residency must be changed to Paraguay.

It will no longer be possible to renew cards, but existing ones should remain functional.

Opened bank accounts will remain active.

This is my current personally situation after more then one year, but others are saying that Wise after a while it will close the account by doing this. So make your choice wisely.

The USD account allows you to:

• send ACH with a flat fee of $1.13
• receive ACH with zero fees

Receiving limits: $20,000,000

Movement limits: $35,000,000

The EUR account allows you to receive and send with zero fees.

https://avici.money

Another EUR and USD accounts, which can be opened with cedula and PY residency.

It supports also deposit and conversion with different stablecoins and cryptos.

Fees to send:
- ACH $1
- Wire $15
- SEPA 1€
- RTP $1.

It seems that by using the beta on iOS testflight, you can temporary get the virtual card for free instead of $10.

It is confirmed that even the business account can be opened with py EAS.

https://www.hsbc.com.hk

A big bank, cards with low FX fees, access to asian currencies.

Opening from here: https://www.hsbc.com.hk/international/banking-in-hong-kong

Fees: https://www.hsbc.com.hk/fees

To maintain the account free, without monthly fee, you will need to maintain HKD 10.000 on it. (nearly 1080 EUR or 1279 USD)

It can't be opened fully from Paraguay, and only some passports are allowed.
You will also need to physically receive a card to enable the account.
Only some countries are allowed to receive the card. (Paraguay isn't one of them)
So you will need to open the account with one of the allowed passports, in one of the allowed place, to receive the card.
Then you can change the residency to Paraguay.
To see the allowed passports and allowed places to receive the card, you have to look ad the bottom of this page:
https://www.hsbc.com.hk/international/banking-in-hong-kong

https://solo.ge/en - Packages

Good bank with benefits.

To open it you will need:
- An EU passport - Maybe it works with others but I haven't direct report about them.
- Proof of residency (like a py bank statement)
- Proof of source of income

Currencies: GEL / USD / EUR / GBP
26bc3af7-72eb-4cd3-8de0-78d2729cd0ec.xlsx

Fees:
- 9Changes in Annex 1 - Commission Fees (ENG).docx
- 329Changes in Annex 1 - Commission Fees (ENG).docx
- https://conditions.bog.ge/en/

https://grabrfi.com

Fees:
- https://help.grabrfi.com/en/content/full-schedule-of-fees
- https://help.grabrfi.com/en/category/2028-pricing-and-limits

https://genome.eu/

This EUR bank account can NOT be opened with PY Cedula, but it seems that you can still put a Paraguay address
This means that the bank statement will show a Paraguay address that can be used to make KYC verification around.
I still didn't try directly by myself, and I'm not sure how long it will work. But it can be good to try.

Fees: https://genome.eu/personal-pricing-for-eea-resident

This service has been advised by https://t.me/julienvandorland

https://www.paysera.com

The account must be opened as a European resident, and then converted to Paraguayan residency.

When changing residence, do not change your identity document; keep your European passport, or you will be asked for another document as an immigrant to Europe.

Ordering a physical or virtual card before changing residence may allow you to use the card afterwards, but this has not been tested.

Fees: https://www.paysera.com/v2/en/fees

30 free SEPA transfers every month, then 0.30c of fee.

https://www.zen.com

The account must be opened as a European resident, the virtual card activated, and possibly the physical one, "and later", your residency must be changed to Paraguay.

You can also top up with cryptocurrencies - 0.5% fee

EUR SEPA transfer to another account: 0.25 EUR fixed fee

Fee details: https://www.zen.com/files/pricing/individual_pricing.pdf

https://paysend.com

Paysend requires an european or uk phone number.

It has a better exchange rate than WU and Remitly if sending from EUR.

It requires a European phone number or from UK, and an ID from the country of the phone number.

It can't be opened with Paraguay documents currently.

This is the simplest and quickest service.

Once certain thresholds are exceeded, they may begin requesting more documents, including the Cedula.

Paysend requires the number of the account with 16 digits, usually you find this number with lower digits on you py bank app.
So you have to put some zeros to reach the 16 digits, example:
If your account number is 12345678, on paysend you have to put 0000000012345678.
As you can see there are now 16 digits.

Currently there aren't fees if you pay with Cards, Google Pay, SEPA, Plaid.

https://www.remitly.com

Another remittance service, but usually the exchange rate from EUR is better on Paysend.

It can be good if you need to exchange other currencies than EUR to PYG.

https://revolut.com

Useful for sending to local bank cards in Paraguay, with a commission of approximately 1%.

Free sepa transfers.

https://emigro.co

This service permit to pay with PIX, but also make it possile to get paid in PIX without any kind of Brasilian ID.

Fixed fee to receive PIX: 0.47 real.

The payment is received in the form of BRZ stablecoin.

This stablecoin is issued by: https://transfero.com/stablecoins/brz

Once received, it can be freely withdrawn and also converted into USDC from the app, or into USDT, using https://aerodrome.finance or https://app.uniswap.org.

Once converted into USDC or USDT, you can do whatever you want.

I think this app could be useful for Paraguayans working in Ciudad Del Este.

Android: https://play.google.com/store/apps/details?id=co.emigro.app
iOS: https://apps.apple.com/us/app/emigro-pay-without-borders/id6475793514

https://www.kast.xyz

Fees: https://concierge.kast.xyz/hc/en-us/articles/9850062738703-What-Are-the-Fees-and-Conditions-for-KAST-Cards-and-Accounts

https://www.utoppia.com

Various Fees: https://www.utoppia.com/pricing

https://www.kraken.com

- Good for receiving EUR from your accounts and converting to stablecoins and vice versa

https://x4t.com

- It can be good for some use cases, but fees are high

- It allows to deposit and withdraw cash in PY even in higher amount

- It seems that they can even give legal help in exchanges related to buy/sell big properties/terrains

- Fees: https://support.x4t.com/en/article/commissions-fees-and-minimum-trade-limits-1h7dg3v

https://bitwage.com

Useful to avoid setting up an LLC in the US. (you can try to open it even without RUC)

You can also receive EUR and send it to another EUR account; the fee in this case should be 1%.

You can only receive funds from business or crypto accounts.

- Fee

https://support.bitwage.com/what-are-the-fees-to-use-bitwage
https://support.bitwage.com/bitwage-exchange-rate-spreads
https://bitwage.com/en-us/personal/personal-pricing

https://www.payoneer.com

Useful to avoid setting up an LLC in the US.

You can also receive EUR but only for payment and not from your own eu accounts.

You will need to have a website as a proof of your business

Fees: https://www.payoneer.com/about/pricing

https://www.interactivebrokers.com

Trading account for receiving EUR or USD and obtaining the best market exchange rate between the two, and sending back to your accounts.

It's a good idea to make a few small transactions every now and then, not just in and out, to avoid the risk of account closure.

You can send a free outgoing ACH transaction once a month; after that, the cost is $1 per transaction.

https://www.fluidkey.com

Free monthly transfers up to $3,000, then 0.3%.

By increasing your account score, making transfers, or having a large deposit, you can transfer up to $20,000 without a fee: https://docs.fluidkey.com/readme/bank

USD deposits are converted to USDC, and EUR deposits to EURC.

https://www.dukascopy.bank

Fee: https://www.dukascopy.bank/fees/

They were also offering the card, but it seems that they now are disabling it for Paraguay users

https://www.redotpay.com/

Fee: https://helpcenter.redotpay.com/en/collections/11381290-card-fees-and-limitations
Fee 2: https://helpcenter.redotpay.com/en/articles/10622095-can-i-withdraw-cash-from-an-atm-and-are-there-any-extra-fees

https://sling.money

• USD/EUR/MX weight deposit fee: 0.1%
• Zero FX fees

Limits:

• $7,500 week
• $20.000 per month
• Daily card usage: $2,000

Deposits in EURC/USDC/USDP on the Solana network converted to USD or EUR at zero fees.

https://due.network

Non-denominated EUR business account that can receive from anyone, even from business. - Fee: €0.90

Nominal USD individual account. ACH receiving fee: $1.50 + 0.2%

You can also send fiat to other accounts:

EUR fee: €0.90 fixed fee

USD ACH fee examples:

• For $10: $0.53 fee
• For $100: $0.80 fee
• For $1,000: $3.50 fee

https://ugly.cash

• Personal but non-nominal EUR account, zero deposit fee (for now), good exchange rate.
  You can only receive funds from business accounts or personal accounts in your name.
• Personal USD account: fixed fee of $2 to send ACH
• Deposit conversion of USDT/USDT and other stablecoins at 1:1
• Earn: 8%
• Card with 1% FX fee but 1% cashback in other tokens

https://www.xapobank.com

The service has a high price for the annual subscription: 1000 USD.

But maybe it has some very good benefits for you.

Benefits: https://www.xapobank.com/en/membership-benefits

https://www.belo.app

Argentine app that allows you to directly convert bitcoin or stablecoins to PYG on PY accounts.

The exchange rate isn't the best, but it can be convenient.

On weekdays, a transfer can take two hours; on holidays or weekends, it can take up to a day or two.

https://www.ready.co

Deposits in:

• USDC zero fee
• Other cryptocurrencies approximately 0.08% fee

By paying 10 USDC x month you get the Metal Plan, with no FX fee and 3% cashback
- https://www.ready.co/blog/introducing-metal-card

https://fusewallet.com

Since I don't have an iPhone, I can't test it. More details here:

https://fusewallet.com/support

https://www.thekingdombank.com

Fees aren't all clear, you need to make an account to see them better.

Fees: https://www.thekingdombank.com/announcements/campaigns/the-kingdom-bank-fees-dropped

https://getmeru.com

Fees are higher than other services, but it may have many ways to bring money in and out.

Fees: https://getmeru.com/fees

https://gnosispay.com

https://tria.so

Card price: $20 annually (in the future: $25 annually)

https://ether.fi

Information on the 1% FX fee:

https://help.ether.fi/en/articles/304414-what-s-the-foreign-exchange-fx-rate-on-cash-purchase-transactions

Information about the Cashback:

https://help.ether.fi/en/articles/262374-how-does-cashback-work

Travel - If you are using Booking.com, try this, it should be cheaper: https://help.ether.fi/en/articles/334714-ether-fi-travel

https://www.jeton.com

Fees: https://www.jeton.com/fees

I guess that currently there are better services, and it seems that the KYC is now stupidly hard to complete.
Maybe it will be better in some months, or they will just close.
You may try and see if they give something useful to you.

• Binance https://www.binance.com
  Good for the USDT/BTC -> PYG p2p market
• OKX https://www.okx.com/
• Bybit https://www.bybit.com
• El Dorado https://eldorado.io
• BingX https://bingx.com

Where to check out various offers:

https://yadio.io/market.html
https://p2p.army
https://p2p.band - Sometimes you need to change DNS to get access to this

For the best exchange rate to get to Paraguay from crypto, without going through Paysend, but still using an exchange.

Kraken with py residence, not LLC -> crypto -> 0.2% fee -> EUR -> wise -> fee approximately 0.458% -> USD -> fixed fee 1.3 USD -> Schwab -> card -> ATM (market exchange rate and ATM cashback fee)

- With Uglycash
crypto -> defi fee 0.2% or less -> USDt or USDc -> uglycash -> USD -> fixed fee 2 USD -> Schwab -> card -> ATM (market exchange rate and ATM cashback fee)

Kraken in this case is only useful if you start from EUR, and it's a 0.2% fee.

Even the EUR -> USD exchange rate on uglycash doesn't seem bad, so you could also do:

EUR -> UglyCash -> USD -> fixed fee 2 USD -> Schwab -> card -> ATM (market exchange rate and ATM cashback fee)

Uglycash currently also allows you to earn an 8% annual profit, so:

With 1,000 euros, which then become dollars, about 9 days to Recover the $2 in future fees for transferring to Schwab.

So if the amount is higher, obviously fewer days. (With €2,000, about 4/5 days, etc.)

With Schwab, which can also receive EUR transfers, and the USD exchange has a 1% fee, anything above 1% isn't worth it, unless you want to avoid banks and only go crypto -> cash.

Other possibility is using some cards or crypto-cards with some cashback with Paysend.

To complete the KYC on different services and banks outside of Paraguay, usually the will ask you those documents:
- ID
- Proof of address

The ID can be one those:
- Cedula
- Driver license
- Others, but these first two are already good to go

As proof of address, usually the bank statement is a good one.

This is a list of some Paraguay banks that put the address on their bank statements, that you can download and use for the KYC:
- Atlas
- Vaquita
- EKO
- Familiar
- Banco GNB

Usually when you open a bank account in Paraguay they will ask you an address, and they will just accept it.

Ueno is probably the most famous bank in Paraguay right now, but they don't put the address on their bank statement
You can find the address on their "credit card bank statement", but it isn't easy to already get the credit card just by opening the account.

Also, give a look ad the Genome bank account, it can be useful on this regard ...