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.
Last Published: 3/30/2019

Payment can be arranged through internationally accepted payment modes such as confirmed irrevocable letters of credit, bills of collection, and open accounts.  Some basic financial services, including merchant services, are not offered in Liberia.  Only two banks, Ecobank Liberia and the United Bank for Africa (UBA), offer international Visa debit card services for their customers.  Many commercial banks operate MoneyGram and Western Union outlets for payments and fund transfers inside and outside Liberia.  Large sums of money must be transferred via bank draft or other financial instruments.  However, bank fees related to currency exchange and wire transfer can be high due to the limited number of corresponding banking relationships for commercial banks in Liberia.  The Central Bank of Liberia (CBL) requires transferring banks to file normal cash transaction reports, and depending on the amount of transfer, the waiting period ranges from a few hours to three business days.  CBL regulations limit individuals without bank accounts to two over-the-counter transfers of up to USD$5,000 within a 30-day period.   

For more information about the methods of payment or other trade finance options, please read the Trade Finance Guide.

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.



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