Banking for Expats in Paraguay: Is Ueno Bank a Game Changer?

By Alexandra Allover | March 3, 2025

For expats in South America, especially those following the Flag Theory, the goal is to plant as many flags as possible—especially when it comes to banking. The more international bank accounts you have, the better protected and flexible your finances are. Free online banks have made this easier than ever.

For the longest time, Paraguay wasn’t even on the radar for international banking. Opening an account was slow, required endless paperwork, and often demanded local ties. While it’s possible, you most certainly need some assistance to do it. But that’s changing. Enter Ueno Bank—Paraguay’s first fully digital bank, promising expats a modern, hassle-free experience.

But is it really as smooth as advertised? Let’s break down the pros and cons of banking in Paraguay with Ueno.

A Game-Changer for Expats?

Banking in Paraguay has long been a headache for foreigners. No cédula ? No account. Even with the cédula (national ID card), expect a bureaucratic marathon—proof of address, income statements, and weeks of waiting.

Then came Ueno Bank. Born from Financiera Ueno and turbocharged by its merger with Vision Bank, it was a game-changer. Now, expats with a Paraguayan cédula can open an account in minutes—all through the app. No endless paperwork, no branch visits, just a few taps and you’re in.

For a country where traditional banks have been slow to welcome outsiders, this is a big deal. But does it live up to the hype? My partner Paul and I recently opened an account with Ueno bank and want to tell you about our experience.

The Pros: Modern, Accessible, and Perky

My first attempt at opening a Ueno account was from abroad. At the time, I was in Brazil with a Brazilian number—no luck. So, I put it on my to-do list for my return to Paraguay. Once back, it worked instantly. The app even offered to switch to a foreign number, but that’s a story for later.

Ueno’s digital-first idea shines. The app is sleek, handling everything from transfers to QR code payments in local stores—an expat’s dream for hassle-free banking. You get a virtual debit card (compatible with Google Pay and Apple Pay) for global online purchases, and you can order a physical card in addition.

Their 24/7 digital branches are a quirky bonus—picture ATMs with video-call support and free coffee while you sort your finances. In theory, it’s all smooth: minimal requirements (just your cédula), modern features, and a level of convenience that finally makes Paraguayan banking feel expat-friendly.

The Cons: Digital Hiccups and a Phone Number Catch

But it’s not all that easy. Ueno’s rapid rise—it’s now Paraguay’s second-largest bank by clients—has exposed some serious growing pains. The Vision Bank merger triggered outages, leaving users staring at frozen balances or stalled transfers. If you take the time to read the hundreds of 1-star reviews on Google Maps, one thing becomes clear: people are not happy.

Customer service? A slog. Long wait times, patchy responses, and an overall feeling of being left in the dark.

As digital nomads, we love diversifying our banking options. But with travel comes changing SIM cards and pre-paid phone numbers, which can be a hassle if a bank locks you into a local number. Before putting money into our Ueno account, we wanted to test this. The app teases an option to switch to a foreign number post-setup, so clearly, it’s meant to be possible… right?

Wrong.

The app always returned an internal server error when trying to change numbers. VPNs didn’t help. So, we took the next logical step—a visit to the bank.

A Very Fancy Wild Goose Chase

At Ueno’s flagship branch, we grabbed a ticket, settled in, and enjoyed the free fancy espresso served in handmade pottery—a surprising, classy touch.

The modern interior has see-through booths with white privacy curtains, video-chat machines, and ATMs hidden in a jungle-themed section. Aesthetic? 10/10. Efficiency? Not so much.

After waiting our turn, we were directed to a young employee who had us fill out a paper form to change the number. After that we were sent to the “ATM jungle section” to feed our “único contrato” slip into a machine that supposedly digitizes it. Then back to another employee to verify if it reached the system.

All of this took two hours!

A simple number change—something that should be handled in seconds—became a paper-based treasure hunt. The employee assured us it would update in 24 hours. Two weeks later… nothing yet.

We went back, and this time, a different employee casually mentioned that she didn’t think changing to a foreign number was even possible. The country codes in the app? Not valid. But she put in a request anyway. We were told to expect an update within 24 hours.

At this point, I’m not so optimistic anymore.

So, does the app technically support foreign numbers? Maybe. But as of now, it didn’t work for us. Maybe it worked for others, or maybe it will take time for them so figure it out?

Digital-Only… In Theory

Beyond the phone number fiasco, digitalization itself feels half-baked. Twice we had to physically visit the branch and spent an afternoon there, never successfully. This defeats the whole “digital-first” promise. For expats who travel frequently, this is a major flaw—because if we can’t log in once we leave Paraguay and our pre-paid numbers expired, then what’s the point?

Right now, Ueno hasn’t convinced us to trust them with real money. Until their customer service improves and they can guarantee we won’t be locked out of our accounts abroad, we’ll be keeping our balance at zero.

Verdict: Ueno – A Promising Bank with Growing Pains

For anyone settling in Paraguay, Ueno looks great on paper—modern, digital-first, and packed with features that make everyday banking easy. But for digital nomads and perpetual travelers, the current system has too many uncertainties. For now, Ueno is a nice experiment rather than a core banking solution.

That said, opening a traditional bank account in Paraguay is absolutely possible—it just takes the right approach. With the right guidance, the process is smoother than it seems. If you’re interested, let us know—we can help.

Where Does It Fit into a Nomad’s Financial Strategy?

As long-term travelers, we don’t just rely on one bank—or even one country—for our finances. Flag Theory teaches us to diversify: banking in one place, residency in another, investments across multiple asset classes. Whether it’s crypto, metals, stocks, or foreign accounts, our goal is security and flexibility, not putting all our eggs in one basket.

If this strategy sounds interesting, we’ll be breaking it down in detail in this article on investment strategies for digital nomads.

In the meantime feel free to schedule a free call with Paul or me to learn how we do it.