Methods of Payment
At the consumer level, the most common method of payment in Guyana is cash. For firms, many utilize letters of credit, bank drafts, and managers cheques. Creditinfo Guyana provides credit ratings for firms. Credit cards and debit cards are usually accepted by large businesses, but do not have a wide market penetration. For example, many gas stations still do not accept credit cards.
Guyana’s Banking system is regulated by the Bank of Guyana under the Bank of Guyana Act 1998. Additionally, Guyana has an anti-money laundering and financing Terrorism Act.
Foreign Exchange Controls
The Government of Guyana does not use foreign exchange controls. U.S. dollars are exchanged at cambios and banks.
U.S. Banks and Local Correspondent Banks
Guyana is keen on increasing correspondent banking relationships. Local banks have existing banking relationships with U.S. banks. Additionally, American firms seeking loans and export credit insurance may contact EXIM bank for competitive rate.
For more information about the methods of payment or other trade finance options, please read the Trade Finance Guide.