It covers payment methods and information on banking systems, foreign exchange controls, and U.S. and correspondent banking.
Methods of Payment: The most common method of payment in Guyana is cash. For firms, many utilize letters of credit, bank drafts, managers cheque. Credit info Guyana provides credit rating for firms. Credit cards and debit cards are usually accepted by large businesses, but do not have a wide market penetration. For example, hardly any gas stations 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.
U.S. Banks and Local Correspondent Banks
Guyana is keen on increasing corresponding banking relationships. Local banks have existing banking relationship with U.S. banks. Additionally, American firms seeking loans 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.
To access Guyana’s ICS section on financing, visit the U.S. Department of State Investment Climate Statement website.