Discusses the most common methods of payment, such as open account, letter of credit, cash in advance, documentary collections, factoring, etc. Includes credit-rating and collection agencies in this country. Includes primary credit or charge cards used in this country.
Last Published: 1/9/2020

Exports to Uruguay are usually financed through export letters of credit, sales on open account, or drafts on foreign buyers.  Multinationals, large, and medium-sized firms are still the main users of letters of credit.  Local business practices do not generally include paying for goods with cash in advance.  Payments by credit cards or electronic mechanisms are gaining popularity.
There are no foreign currency restrictions in Uruguay.  Payment for any kind of import can be made on the terms agreed by the parties (i.e., a letter of credit or a sight draft with deferred payment, etc.). 

The international banking departments of major U.S. banks generally finance U.S. exports. Special programs under the Export-Import Bank of the United States, the Overseas Private Investment Corporation (OPIC), and the Small Business Administration are not being actively used since Uruguay was classified as a high-income country, in July 2013.
For local credit rating agencies see links below:

Prepared by our U.S. Embassies abroad. With its network of 108 offices across the United States and in more than 75 countries, the U.S. Commercial Service of the U.S. Department of Commerce utilizes its global presence and international marketing expertise to help U.S. companies sell their products and services worldwide. Locate the U.S. Commercial Service trade specialist in the U.S. nearest you by visiting http://export.gov/usoffices.