Where buyers are not well known irrevocable letters of credit should be used. The Standard Bank of South Africa has the capacity to confirm letters of credit issued by prime Uruguayan banks. Uruguay has no foreign exchange control and the Peso is freely convertible into Dollars for any transaction. Free determination of interest rates for deposits and loans. Open, free and unregulated currency market in which transactions can be done in local or foreign currency.
All imports are subject to registration prior to shipment.
In this regard the importer must file an import declaration with the Central Bank. Registration certificates are usually valid for 180 days in which time goods must be cleared through customs. Samples of no commercial value are admitted duty free. Free trade zones have been established in Colonia, Nueva Palmira, Montevideo, Fray Bentos, Florida, Rivera, Nueva Helvecia and Libertad. Customs documents or special licenses are required for certain imports.