Exchanging money in Paraguay

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Paraguay Expat and Travel Articles

Exchanging money in Paraguay

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If you move to Paraguay, you’re going to need some Guaranis (the Paraguayan currency) to spend. Here are some tips for how, and when, to do it, so you get the best possible deal.

Where to exchange money in Paraguay

When you’re ready to change your money into Guaranis, look around for one of the many cambios (currency exchanges) or banks. If you’re in the business district, or near a shopping center, you’ll probably find at least one on every block.

They generally have a board you can see from outside that tells you the current exchange rate with major currencies. From what I’ve seen, the exchange rate doesn’t vary much between the different cambios.

If you exchange more than US$ 500, you’ll need to show some government ID – a passport or cedula. Depending on where you exchange your money, they may ask with smaller amounts. Sometimes, when exchanging large amounts of money, you’ll be asked for your address and phone number.

If someone off the street asks if you want to exchange money, there’s a good chance you’ll end up getting less than you should. Just be safe and use the commercial exchanges.

When to exchange your money

Obviously, you’re going to need to have some money once you arrive.

Before I visit a country, I make sure that I always have at least enough money to buy a meal or two and pay for taxi ride from the airport. Since I don’t want to count on the currency exchanges at the airports being open, or having a good rate, I get this cash well in advance.

Right before your trip, find out the current exchange rate and write it down. Once you land, you can see if the airport currency exchange has a good rate and pick up some local cash. If the rate is bad, just pass them by.

At your hotel, ask if they can change money and, if so, what their rate is. This is another time when it pays to know the real rate in advance.

If the airport and the hotel didn’t have good exchange rates, then take a walk around the banking district or near the shopping malls to see what rates you can get. At this point, you’re probably going to need to get some more cash, no matter what the exchange rate is. Pick the place where you get the best deal and exchange some of your money.

You probably won’t want to exchange all of your money at this point. If you’re going to be in Paraguay for a while, you can take your time to exchange your money when you get the best rates.

Over one two month period, I saw the exchange rate between the Guarani and the Dollar go from 3980 to 1, to 3650 to 1, and back up to 3880 to 1. This was during some very public budget problems in the US. So pay attention to what a “normal” rate is, and when you see that you get more for your Dollar, or Euro, or whatever, exchange a larger amount of your money.

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Tags: • banking • cash • cedula • passport • tips • currency • best rates • exchange rate • shopping malls • shopping center • currency exchange •

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