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.

In Chile, payment to foreign suppliers is often made via an irrevocable letter of credit from a Chilean commercial bank. This is relatively fast and simple, with no lengthy delays in the remittance of foreign currency. Payments are made upon receipt of notice of shipment of goods. Other methods of payment to suppliers include cash against documents and open account. The credit insurance industry it is developed in the country and major private agencies such as Mapfre, Continental, HDI, Solunion, and Coface have local offices in Santiago. This is also available to U.S. exporters as part of the offer of the U.S. Export Import Bank (EXIM). For more information, visit the EXIM Bank. For agricultural and food products, the U.S. Department of Agriculture’s Commodity Credit Corporation offers export credit guarantees for U.S. exporters.

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.