Local Currency and Exchange Information

The official currency of Paraguay is the Paraguayan Guaraní (PYG). It is advisable to exchange some money before arriving or upon arrival at an airport or local exchange office.

As of October 2023, the exchange rate is approximately 1 USD = 7,300 PYG. However, exchange rates can fluctuate, so it is wise to check current rates before exchanging.

Currency exchange services are widely available in banks, hotels, and dedicated exchange offices. Always compare rates as they can vary significantly.

Payment Methods and Banking Options

In Asuncion, both cash and card payments are accepted, but cash is still the preferred method for many transactions, especially in smaller shops and markets.

• ATMs: ATMs are widely available in urban areas. Most accept international cards, but always check for Visa or MasterCard logos.
• Credit Cards: Visa and MasterCard are the most commonly accepted credit cards. However, some establishments may impose a surcharge for card payments.
• Mobile Payments: Popular mobile payment apps may not be widely used, so it's better to rely on cash or cards.

Tipping Customs and Payment Etiquette

Tipping in Asuncion is generally appreciated but not mandatory. Here are some guidelines:

• Restaurants: A tip of around 10% is customary if service is not included in the bill.
• Taxis: Rounding up the fare or adding a small amount is appreciated.
• Hotels: It is customary to tip porters about 1,000 PYG per bag and housekeepers a similar amount per day.

Always be discreet when tipping, as it is considered polite to do so quietly.

Cost Considerations and Budgeting Tips

Asuncion is relatively affordable compared to many other cities in South America. Here are some common costs to consider:

• Meals: A meal at an inexpensive restaurant averages around 30,000 PYG, while a three-course meal for two at a mid-range restaurant can range from 150,000 PYG.
• Transport: Public transportation is inexpensive, with bus fares around 2,500 PYG. Taxis have a low starting fare but ensure to agree on a price beforehand if not using a meter.
• Attractions: Entrance fees to museums and attractions range from 10,000 to 50,000 PYG.

To budget effectively, consider setting a daily spending limit and tracking your expenses to avoid overspending.

Practical Financial Advice for Travelers

• Carry Cash: Always have some cash on hand, as smaller businesses may not accept cards.
• Notify Your Bank: Inform your bank of your travel plans to avoid any issues with card transactions while abroad.
• Use Local ATMs: Withdraw larger amounts at once to minimize transaction fees, but be cautious and use ATMs located in well-lit, busy areas for safety.
• Keep Emergency Cash: Set aside a small amount of cash in a secure place for emergencies.
• Check for Fees: Be aware of any foreign transaction fees from your bank when using your card abroad.

By being informed and prepared, you can manage your finances effectively while enjoying your visit to Asuncion.