Whether you import goods from Paraguay or you simply want to send some money to your friends and family or to your own bank account there, there are several services that can help you achieve this safely and fast. In this article, we shall discuss all there is to know for anyone wishing to deal in any of the above mentioned activities.
Best ways to make a money transfer
As with any other country, your choice of a given method over others for sending money to Paraguay will depend on how quick, how safe and how convenient each method is. The best method is to use an MTO, because Credit Cards are mostly not accepted in Paraguay and banking hours are limited to 7 :30a.m through 11a.m, Monday through Friday.
Well-known money transfer operators will generally offer you better exchange rates and lower fees, also. However, if you choose to send the money through a bank, you are advised to choose one that belongs to the SWIFT network.
Types of options for sending money
You can send money to Paraguay either via credit card, via traveller's cheque, via a money transfer operator (MTO) or online.
Restrictions on receiving money
In conformity with the Investment Incentive Law (60/90) full repatriation of capital and profits to Paraguay is allowed. There are no restrictions existing in Paraguay on the conversion or transfer of foreign currency, apart from bank reporting requirements for transactions exceeding $10,000. Thanks to this law investors also benefit from a number of tax breaks, including exemptions from corporate income tax and VAT.
Restrictions on sending money
There are no restrictions on sending money out of Paraguay, apart from bank reporting requirements for transactions greater than 10000US dollars.
Procedure for Sending Money
The procedure for sending money to Paraguay greatly depends on the methods of transfer used. Typically, using an MTO is easier than any of the other methods.
Brief economic trend
Following a strong first quarter, in which GDP grew as a result of expansions in the manufacturing, services and construction sectors, April witnessed a drop in activity, mainly due to poor performance in the construction and livestock sectors, which suffered from adverse weather conditions. Moody's maintained a "Ba1" rating with a stable outlook for Paraguay in June. They thus highlighted its safe fiscal and macroeconomic policies and lauded the governments efforts to upgrade infrastructure.
Some of the main banks in Paraguay are BANCO ALEMAN, Banco Amambay, Banco Bilbao Vizcaya Argentaria and Banco Central del Paraguay.
Limited banking hours in Paraguay?
As the banking hours in Paraguay are limited it can be difficult to cash travellers cheques. Most banks will only open Monday to Friday between 7:30 AM and 11 AM which means that you have to be up early to be able to use them to cash travellers cheques. As a result of this many people now choose to send money to Paraguay using a direct transfer as the funds will be available to the recipient in local currency. There is no need to use in exchanging facility.
No risk of counterfeit notes in Paraguay?
The currency of Paraguay is the Guarani (PYG) this is accepted in all shops, restaurants, hotels and so on. In addition to using the Guarani the US dollar is also widely accepted while you are in Paraguay. To work out which is the best to send to your recipients take a look at the currency rate Paraguay is following. Once again by doing this your recipient will not have to do exchange any money. This means that there will be no risk of them picking up counterfeit notes. These are flooding the market thanks to illegal street vendors who are exchanging them for foreign currency such as dollars.
Credit cards are not widely accepted in Paraguay?
Finally, there is little point in sending a prepaid credit card to your recipient as a means of completing a currency transfer to Paraguay. This is because there are few places that actually except credit cards. So if you would like your recipients to have their money sooner a money transfer is the best option.