Comparison of services through which you can send and receive crypto, pay by card, and make transfers in the EU/US, and most importantly, which you can open with just your Paraguayan ID card or driver’s license, no passport required
Although the Western world is rushing down the path of draconian regulations (AML, CRS, MiCA, FATCA, etc.) and widespread spying, new crypto-friendly startups are emerging in various destinations that allow the use of crypto, are connected to SEPA, thus enabling bank transfers within the EU, and, incredibly — you can easily open them with just your Paraguayan (or other Latin American) ID card or driver’s license. If you don’t have one yet, we will be happy to arrange it for you.
In the following article, I will describe and compare crypto services that are:
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crypto-friendly (and allow you to receive and send at least stablecoins across different networks)
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are connected to the EU SEPA (or US) banking network, some of which also allow you to receive SEPA transactions
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have a payment card (in EUR/USD/or other currency), physical or virtual, with which you can pay anywhere (via NFC)
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can be opened without a passport, only with a Paraguayan (or other Latin American) ID card (this means that from the outset you are registered with the service as a Paraguayan resident, and the service operator does not recognize any other tax residence)
I want to point out that there are other excellent bank accounts and crypto cards (XAPO) that allow SEPA transfers and support Paraguayan residents. Still, you need a real passport to open them, and they are pretty expensive (XAPO costs USD 1,000/year).
There are similar excellent crypto cards (RedotPay, CypherWallet, ReadyCard) that can be verified with Paraguayan documents only, but they do not allow SEPA payments.
1. Jeton
Jeton is one of my favorite services.
You can complete KYC for a Paraguayan ID card/driver’s license in 3 minutes. Your account is held in USD or EUR, and you can optionally open an account in any other currency (I also use CZK).
You can deposit fiat or crypto into your account:
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for free and instantly(!) directly from your Revolut (a question to consider — do you really want to link it to your Revolut?)
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for free with any crypto (stablecoins above ERC20/TRC20/Solana, BTC, BCH, ETH, DOGE, SOL, TRX, etc.)
However, you do not have a SEPA or other externally available account to which a bank transfer could be made.
You can withdraw fiat or crypto:
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To a SEPA account for free (!) — it will arrive the next day, you are the sender of the SEPA payment (i.e., your name), which looks very trustworthy (other SEPA payment services use proxies). It is also possible to define a “Reference”, i.e., a payment description, so you can pay any invoices in the EU where you need a variable (/VS) or constant symbol (/VS).
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To your other Jeton account or the account of another Jeton user
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By sending crypto (see above supported currencies) to any address
Internal exchange of fiat to crypto and vice versa is at a practically mid-market rate (excellent).
For $10, you can activate a virtual VISA card that you can use anywhere (from your mobile phone via NFC).
You can immediately generate a bank statement from your account with your Paraguayan address, so you have another functional “proof of address” that you can use for other services almost immediately.
Limits:
Unfortunately, Jeton has its limits, which is probably its biggest weakness. You can deposit a maximum of EUR 1,000 (per transfer) into an EU bank and withdraw a maximum of EUR 2,500 (per transfer). A maximum of EUR 500 can be deposited onto the card.
In the case of UK banks, these limits are higher — you can deposit up to GBP 5,000 and up to GBP 1,000 to a card. You can withdraw up to GBP 25,000 to another UK account.
If you need higher limits, I recommend switching to a higher ether.fi program (Luxe, Pinnacle), where the limits are up to EUR 200,000, for a fee of 0.2% of the transaction.
2. Uglycash
Uglycash is a popular solution for Paraguayan freelancers. You can do KYC on any Paraguayan document.
You can deposit fiat or crypto into your account using:
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By transfer to a US/EUR/Mexican bank account (special KYC is required for each). In the case of a EURO bank account, you will receive the IBAN and BIC proxy account (so-called “Bridge Building”) through which you can deposit your account via SEPA transfer (free of charge)
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instantly from any other Uglycash users, which is, of course, also free
You can withdraw fiat or crypto:
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to a SEPA account for free at a slightly worse exchange rate (0.849 EUR for 1 USD instead of the mid-market rate of 0.8533 EUR for 1 USD). It arrived the next day. However, it did not come from my name, but from the proxy account “Bridge Building Sp.z.o.o.”. If you want incoming SEPA transfers from your name, I recommend using the Jeton service mentioned above.
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to cash via Moneygram — an interesting service that works in most countries around the world, including Paraguay (this option is also available with Decaf wallet)
You can also request a physical debit card to be sent anywhere in the world for a shipping fee of $58. Each withdrawal is charged at 1.5% plus $1. I did not find the option of virtual cards there (the Jeton mentioned above does not support physical cards).
Uglycash has a robust loyalty program (in eUSD) for referrals, where both parties receive rewards. So don’t hesitate to use my referral link.
3. Meru
Meru is another service that is very popular with Latino freelancers. KYC for Paraguayan documents went smoothly.
You can deposit fiat or crypto into your account:
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with a VISA/Mastercard payment card for a relatively high fee (for $100, you will receive $93.99 in your account; for $1,000, you will receive $942.73 in your account)
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via Pix (Brazil), PayPal, AirTM, Deel, Wise, Payoneer, Upwork, Binance
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USDC cryptocurrency via Stellar for a fixed fee of 0.50 USDC
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USDC cryptocurrency via Base or Polygon for a fixed fee of 1 USDC + 1.5%
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Supports SEPA to IBAN, but unfortunately, I was only able to get on the waiting list.
The most advantageous way to top up Meru is via USDC on Stellar, at a rate of 0.50 USDC per top-up.
You can withdraw fiat or crypto:
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directly to a Paraguayan bank account (!), again at an undervalued exchange rate (1 USD = 6979 PYG, the average is 1 USD = 7211 plus a fee of 8165 PYG) or any other account in Latin America, the US, Canada, or China
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directly to an EU account—the fee is horrendous, for 100 USD you get 76.25 EUR (the average is 85.31 EUR), for 1000 USD you get 814.25 EUR (the average is 853.1 EUR)
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to cash via MoneyGram — an interesting service that works in most countries around the world, including Paraguay (this option is also available with Decaf wallet)
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to USDC/Stellar, USDC+USDT/Polygon, and USDT/Tron cryptocurrencies
Meru allows you to generate a custodian web3 wallet where you can receive various cryptocurrencies across different networks, including Bitcoin.
Unlike other solutions, it allows you to set up recurring payments and pay for various local services in Colombia, Venezuela, and the US (electricity, water, phones, mobile TV operators, etc.). Similarly, it allows you to purchase gift cards in these countries (including Spotify, Amazon, eBay, Xbox, Steam, and others).
You can also request a free virtual VISA card in dollars, which Apple Pay and Google Wallet support.
Similar to Jeton, you can easily generate a nice PDF list of transactions with your Paraguayan address, which you can use as “proof of address” for other services.
Meru can be a good service if you need to pay for several services in Latin America/the US. It is too expensive for transfers to the EU.
4. Ether.fi
Ether.fi is my favorite app, along with Jeton. Especially for those who can’t afford the expensive XAPO at $1,000 a year, Ether.fi is a much more affordable alternative. KYC is, of course, purely with Paraguayan documents.
You can deposit fiat or crypto into your account using:
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Any stablecoin, including BTC, ETH, and its Liquid versions via the Ethereum/Base/Scroll network
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By bank transfer (!), you have an IBAN account for SEPA payments held at the proxy “Bridge Building Sp.z.o.o.” The fee is 0.2% + 0.5% (FX), which is very competitive; the exchange rate is the de facto mid-market rate. SEPA payments arrive the next day. If you want the sender of the payment to be your name, I recommend using the Jeton service. The maximum deposit is EUR 4,000
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By bank transfer via ACH/FedWire, especially from US accounts. The fee is only 0.2% and the account is held directly in your name (not proxy). The maximum deposit is USD 4,000.
You can withdraw fiat or crypto:
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by bank transfer via Plaid to a US bank account
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SEPA bank transfer to any personal or corporate EU account for a fee of 0.6%, which is still good (for $100 you get €84.66, the average is €85.31). The payment will come through the proxy “Bridge Building Sp.z.o.o.”
Ether.fi allows you to obtain both a “Cash” virtual card and physical cards (with basic membership, you are entitled to three virtual cards and one physical card). The cards can be easily recharged with crypto or fiat transfer (SEPA/ACH/FedWire).
Ether.fi has four types of membership (Core, Luxe, Pinnacle, VIP). I will describe the benefits of the first two, which are relatively easy to achieve.
After registration, you automatically have a Core membership. As with any other membership, you receive an ETHFI reward every 3 months (ETHFI is Ether.fi’s own token, which can be purchased on Binance, for example).
When using the card, you get 2% cashback on every purchase made. And 1% cashback from every client you refer + 10% points from their deposits.
Through travel.ether.fi, you can book hotels with 5% cashback for each visit.
If you decide to upgrade to the higher LUXE program, you will receive 3% cashback (instead of 2%) and a metal payment card. The price also includes one free entry to a crypto event. The fee for crypto-to-fiat transfers will be only 0.1%, and your monthly transfer limit will increase from $10K to $50K.
To get the higher LUXE program, you need 15,000 membership points, which you can earn in the following ways:
Or you can skip all that and stake 15,000 ETHFI (currently worth $18,600) to get the LUXE program, or store them in your Vault account.
5. Decaf wallet
Decaf wallet is another popular service in Paraguay, mainly because of the option to withdraw cash via MoneyGram. KYC runs on Paraguayan documents.
You can deposit fiat or crypto into your account:
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USDC, Solana, and Stellar are only on the Solana or Stellar network (Decaf wallet is relatively limited in this respect)
You can withdraw fiat or crypto:
The service also offers a payment card, but I was unable to request and activate it.
Which service is best for me?
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For smaller banking transactions in the EU/UK, I recommend Jeton.com. There are no fees, and SEPA transactions are made in your name.
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For larger bank transactions and card payments (up to $200k per month, Pinnacle program), I recommend Ether.fi, which offers up to 3% cashback (SEPA transactions use a proxy). It is a cheaper alternative to XAPO.
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If you want to make bank transactions to the US, UglyCash may be a good option.
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If you need to pay for several specific services in Latin America/the US, then Meru. It is too expensive for transfers to the EU.
Summary
Being cut off from the EU system, without reporting or spying, not only works but is improving every year.
As we can see, there are several new services that you can use exclusively as a Paraguayan (tax) resident and simply pay for any services in both the EU and the US without being victims of excessive reporting.