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Brunei – Banking

Main Local Banks in Brunei

Brunei’s banking system is relatively small, with several local banks operating in the country. Some of the largest banks in Brunei include:

Each of these banks offers a range of products and services, including current and savings accounts, investment services, and loans.

There are no major UK or USA banks operating in Brunei at this time.

Accounts and Services Aimed at Expats

Some banks in Brunei offer accounts and services specifically aimed at expats. For example, BIBD offers an expat package that includes a range of banking services, as well as assistance with relocating to Brunei. The package includes an account in either Brunei dollars or a foreign currency, as well as a debit card, online banking, and mobile banking.

Typical Bank Opening Hours

Banking hours in Brunei can vary depending on the bank and the location. Generally, banks are open from Monday to Friday, from 9 am to 3 pm. Some banks may have extended hours, and some branches may be open on Saturdays. It is always best to check with the bank directly for their specific opening hours.

Areas of Concern for Expats

Expats should be aware of the potential for fees associated with certain transactions in Brunei’s banking system. Some banks may charge fees for foreign currency transactions or international money transfers. Expats should also be aware of the different regulations and laws in Brunei’s banking system, including the country’s strict Islamic banking laws.

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Opening a Bank Account

Opening a bank account in Brunei as an expat can be a straightforward process. Here are the steps to follow:

  1. Choose a bank: Research the different banks in Brunei and choose one that offers services that suit your needs. Make sure to check whether the bank offers services in English or another language you speak fluently.
  2. Prepare your documents: You will need to provide several documents to open an account, including your passport, work permit or residency permit, and proof of address. You may also need to provide additional documentation, such as bank statements or references from your previous bank.
  3. Attend the appointment: Go to the bank with your documents. The bank representative will guide you through the account opening process, which may include filling out forms and providing additional information.
  4. Receive your account details: Once your account is open, the bank will provide you with your account details, such as your account number and routing number. You can start using your account right away, either online or by visiting a branch.

It’s worth noting that some banks in Brunei may require a minimum deposit to open an account, as well as ongoing maintenance fees. It’s important to check the fee schedule and make sure you understand the costs associated with your account before opening it.

In addition, expats should be aware of the different regulations and laws in Brunei’s banking system. The country has strict Islamic banking laws, which may impact the types of products and services available to expats. Expats should also be aware of the potential for fees associated with certain transactions in Brunei’s banking system.

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