Uruguay Country Commercial Guide
Learn about the market conditions, opportunities, regulations, and business conditions in uruguay, prepared by at U.S. Embassies worldwide by Commerce Department, State Department and other U.S. agencies’ professionals
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Trade Financing
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U.S. companies interested in offering terms to foreign clients should contact the U.S. Export Import Bank to inquire about programs designed to protect U.S. firms selling abroad. Special programs of the Development Finance Corporation (DFC) and the U.S. Trade and Development Agency are not available since Uruguay was classified as a high-income country in July 2013. Export-Import Bank of the United States (EXIM Bank) programs are available. In February 2025, Uruguay’s government-owned Banco de la Republica signed a memorandum of understanding with the Export-Import Bank of the United States to facilitate financing of U.S. exports to Uruguay. For more information about the methods of payment or other trade finance options, please read the Trade Finance Guide. 

Methods of Payment

Uruguay’s large importers are comfortable working with letters of credit, although they usually prefer to work with open accounts or documentary collections. Local business practices do not generally include cash in advance. Multinationals, large, and medium-sized firms are still the main users of letters of credit. Other methods of payment such as credit cards or other electronic means are gaining popularity. There are no foreign currency restrictions in Uruguay and international transactions can be completed in U.S. dollars. Payment for any kind of import can be made with terms agreed upon by both 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. 

Banking Systems

The banking system is generally sound and has good capital, solvency, and liquidity ratios. Profitability, in the context of low international interest rates and low demand for credit, is a problem. Uruguay’s public financial sector currently consists of one government-owned commercial bank (Banco de la República) and one government-owned mortgage bank (Banco Hipotecario del Uruguay). The market has foreign banks, cooperatives, offshore banks, external financial institutions, credit administrators, foreign exchange houses, and financial service companies. A list of institutions and more details can be found here. The largest bank is the government-owned Banco de la República, which accounts for over 50 percent of total deposits. Long-term banking credit has traditionally been difficult for companies to obtain and U.S. firms that can provide financing solutions will be more competitive in the market. In terms of investment, foreign investors can access credit with the same market terms as nationals.
The financial sector in Uruguay is open to foreign participation and a transparent supervisory and regulatory system sustains it. 

A severe banking crisis in 2002 put the entire financial system at risk, but good management practices and timely support from the United States and IMF allowed the system to get back on track. After the crisis, Uruguay reformed its Central Bank’s charter and enhanced its regulatory and supervisory roles. At present the local banking sector is sound. Offshore banks are subject to the same laws, regulations, and controls as local banks, with the government requiring licensing through a formal process that includes a background investigation. Since the crisis, most companies that took advantage of Uruguay’s offshore banking law have left the country, and today only a few remain. More information can be found here: 

Foreign Exchange Controls

The local currency is Uruguayan peso (UYU).  Uruguay does not apply foreign exchange controls.

U.S. Banks and Local Correspondent Banks

Citibank has maintained a presence in Uruguay since 1915 and is the only U.S. bank currently operating in Uruguay. Citibank sold its private banking operation to the Itaú bank in 2013 and is currently only servicing corporate banking clients. All local banks have correspondent banking arrangements with major U.S. banks. All of Uruguay’s banks, including government-owned Banco de la Republica, are in the process of adapting to Foreign Account Tax Compliance Act (FATCA) regulations. More information can be found here. 

For additional information, visit the U.S. Department of State Investment Climate Statements. 

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Global Business Navigator Chatbot Beta

Welcome to the Global Business Navigator, an artificial intelligence (AI) Chatbot from the International Trade Administration (ITA). This tool, currently in beta version testing, is designed to provide general information on the exporting process and the resources available to assist new and experienced U.S. exporters. The Chatbot, developed using Microsoft’s Azure AI services, is trained on ITA’s export-related content and aims to quickly get users the information they need. The Chatbot is intended to make the benefits of exporting more accessible by understanding non-expert language, idiomatic expressions, and foreign languages.

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