Banks and exchange offices
Banks and exchange offices
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In all of the bigger cities are situated representations of a bank. Normally they do not change In Paraguay the exchange is made by the Cambios (changing offices). It is appropriate to take national money along with you if you go on an inland tour. The money can be changed in Asunción as cheques are normally not accepted in small villages as well as credit cards. Of course in the capital, in international hotels and restaurants or shopping centres the credit card can be used. It is better to take along with you travellers' cheques and cash in US$ and not DM or other European money as the Dollar is the trade currency of Paraguay. Banks are opened from Monday to Friday from 8.45 a.m. - 3.00 p.m. and the Cambio Guarani in the Shoppingcentre del Sol, Av.Aviadores del Chaco, 1st floor, is opened on Saturdays, too.
Paraguay has become attractive for investors, savers and money-washers because of its independent rate of exchange, the possibilities to keep a savings account in every currency desired, and the import and export of any currency and without restrictions. Not for nothing Paraguay is called the Switzerland of South America. Well-known international banks offer interest rates of about 7%-11% for accounts in US-Dollars and up to 25% for accounts in the national currency Guarani, depending on the risk. At the moment, all banks ask a charge for each dollar what is deposits on a dollar-account! This law can change according to desire and mood however, ever after whether many or few dollars are in the circulation at the moment. Paraguay has a considerable number of national and international banks, like Citybank, Lloyds-Bank, ABN Amro Bank and ING-Bank. All of them have their main offices in Asunción.
The credits are a heavy bad in Paraguay. Common banks request 3% per month, and for credits in US-Dollars even 50%! But it has to be like that as one gets up to 25% for the invested money. For a loan on the credit card one has to pay 42,50%.
Many banks only change currencies
to their clients (one have to have an account there).
It is saver to change currency in an exchange-office.
If you change in the street: check and count over very well!
