Getting deposit back & conversion - post residency process

25POSTS

4 years ago

I am heading back to PY next week to complete the residency process and obtain cedula. I will be taking my initial deposit back and due to ongoing uncertainty in the world with yet another "wave", I plan on taking the funds with me, rather than open a regular bank account, for now.

- Please share thoughts / knowledge / experiences about getting the initial deposit back out.

- My initial EUR deposit was converted to PYG and now, about 4 months later, it is worth about $300 EUR less that my initial deposit. How would you go about taking it out without taking another hit?

- Can I take EUR out right away or do I get PYG back and then have to go to currency exchange with it? Or Western Union / MoneyGram? How about buying crypto with PYG? Or open a regular bank account, park PGY there and wait for better exchange rate? Thank you.

1 member reacted to this post

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tsamekul Member

23POSTS

4 years ago

Also eager to see any responses. I don't have any experience with this yet.

lizzaritimonohi2 Active member

25POSTS

4 years ago

UPDATE: Feb '22. Been there and took the money out. Went to the same window where I initially made the deposit and handed them the original receipt with stamps on it. The man took the document, stamp, stamp, stamp, sign, sign, sign and counted out the money. Not a single question asked. All-in-all, took about 300 EUR hit on conversions and exchange rate but going to an exchange store (i.e. Cambios Chaco) would have been more expensive actually. So, chalked that cost to 'mission accomplished'.

NOTE: It helps to look the part... Dressed well and just doing business. There were several (typical) entitled gringos in line, dressed like slobs with their shorts and flip-flops, demanding they speak to someone who speaks English, being loud and obnoxious ... They did not have such an easy time.

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ddow01 Active member

36POSTS

4 years ago

Great info, especially the dressing well part. How easy is it for taller foreigners to get suitable attire in Paraguay or would you recommend we bring what is needed? For those of us who want to be taken reasonably seriously but not elitist, what would you describe as the right look?

lizzaritimonohi2 Active member

25POSTS

4 years ago

Getting "suitable attire" is not an issue. There are 2 higher-end malls a few blocks of each other. As far as "taller foreigners".. Hmm. For the most part, selection-wise, I wouldn't describe locals as "tall", so depending on how tall - tall is, maybe bring something just to be safe, if it's your first visit.

As far as being "taken seriously but not elitist"... That's exactly my recommendation! It's more about taking a little care in one's appearance. You can wear an Armani suit but if it looks like it came out of the bottom of your backpack and used as a pillow on the 14 hour layover, it matters little. It's still sloppy. Shorts scream "foreigner" and not in a good way.

My attorney, his staff and other business people I saw walking around, usually wear dress slacks and shoes with a dress button-up shirt. Sometimes a tie but mostly no tie. Pressed and tucked in, rather than expensive.

Honestly, similar rules as any other country