Brunei – Banking

What are the main banks in Brunei?

Brunei Darussalam’s banking sector comprises a modest yet solid collection of licensed commercial institutions operating within a dual framework encompassing both Islamic and conventional finance. Regulatory authority rests with the Brunei Darussalam Central Bank (BDCB), which was founded in 2011 and carries responsibility for monetary policy, currency issuance, and the supervision of financial institutions. Although the selection of banks is narrower than in larger neighbouring economies, the system adequately serves the full spectrum of day-to-day financial needs.

As of 2024, seven commercial banks are licensed in Brunei: two domestic institutions — Baiduri Bank (conventional) and Bank Islam Brunei Darussalam, known as BIBD (Islamic) — alongside five foreign banks with roots in Malaysia, Singapore, the United Kingdom, and China. Collectively, these banks hold total assets of approximately BND 20.9 billion, equivalent to around 98% of GDP.

BIBD’s total assets reached BND 11.2 billion as of 31 December 2024, highlighting its commanding position within the local financial system. The institution was also recognised as the Strongest Bank in Brunei for 2024 by The Asian Banker, following a thorough evaluation of its financial performance. As the country’s foremost provider of Sharia-compliant financial products, BIBD’s official website can be found at bibd.com.bn.

Taken together, the two domestic commercial banks — Baiduri and BIBD — account for roughly 72% of the sector’s total banking assets of approximately BND 20.9 billion as of 2024. Baiduri Bank serves as the nation’s primary conventional retail and commercial bank; its official website is baiduri.com.bn.

Brunei has three licensed domestic banks: Bank Islam Brunei Darussalam (BIBD), Baiduri Bank, and TAIB. Perbadanan Tabung Amanah Islam Brunei (TAIB) is a statutory Islamic trust fund institution rather than a conventional commercial bank, yet it provides savings and financing services to customers. For the most current register of licensed institutions, consult the BDCB at bdcb.gov.bn.

Branch locations and contact information for each institution are best confirmed through their respective official websites or via the BDCB’s licensed institution register. Always check details directly with the bank concerned, as branch networks and available services may change over time.

Do any major international banks operate in Brunei?

The foreign banks active in Brunei include Maybank, RHB Bank Berhad, Standard Chartered Bank, Bank of China (Hong Kong), and United Overseas Bank. These institutions operate as branches of their parent international groups, holding BDCB licences that permit them to deliver a variety of financial services suited to the local economy, spanning retail, corporate, and trade finance.

By drawing on their global reach, these foreign banks bring added depth to Brunei’s financial ecosystem, particularly when it comes to cross-border transactions. All operate within the country’s dual conventional and Islamic banking framework as governed by the Banking Order 2006. Expats who already hold accounts with Maybank, Standard Chartered, or UOB in another country may find this pre-existing relationship helpful when settling into Brunei.

Of the most globally recognisable high-street names, both HSBC and Citibank have now fully withdrawn from Brunei. HSBC, which first established a presence in the country in 1948, announced in April 2016 that it would wind down its operations as part of a broader group strategy to focus on high-growth core markets across Asia. Its retail and commercial portfolios were transferred to Baiduri Bank, and all branches had closed by November 2017. Citibank, which began operating in Brunei in 1973, exited the retail banking market in March 2014 as part of Citigroup’s worldwide restructuring programme.

Standard Chartered Bank remains the most internationally prominent bank maintaining both a retail and corporate footprint in Brunei. Its local website is sc.com/bn. Given that the presence of international banks can shift over time, it is always advisable to confirm that a bank’s services remain available before building financial arrangements around them.

Do banks in Brunei offer accounts or services specifically for expats?

Non-resident accounts are permitted in Brunei, and there are no restrictions on borrowing by non-residents. While dedicated “expat-only” product lines of the kind found in Singapore or the UAE are not widely advertised, the major banks in Brunei generally offer account structures that foreign nationals can access upon presenting a valid visa or residence permit.

Baiduri Bank, for instance, makes savings and current accounts available to non-citizens. Applicants must be at least 18 years of age to open a foreign currency savings account. Accepted entry documents include an original passport accompanied by a valid entry pass — such as an employment pass, student pass, social visit pass, or dependent pass. Baiduri also provides foreign currency accounts, which may be particularly useful for expats who manage funds across multiple currencies. Current product eligibility and minimum deposit requirements should be confirmed directly at baiduri.com.bn, as these can change.

As Brunei’s largest Islamic bank, BIBD offers a range of Sharia-compliant accounts encompassing savings products structured on wadiah and mudarabah principles, as well as current accounts. These are available to non-Muslim expats just as they are to Muslim customers — in practice, the primary distinction is that Islamic banking products operate on a profit-sharing basis rather than conventional interest. Visit bibd.com.bn for up-to-date eligibility criteria and minimum balance requirements.

Standard Chartered Bank’s worldwide network means it may extend international or Priority Banking services to qualifying expats in Brunei, particularly those with established relationships at Standard Chartered elsewhere. Fee structures, eligibility thresholds, and minimum deposit amounts vary and should be confirmed directly with the bank at sc.com/bn at the time of enquiry.

It is worth noting that US citizens and US-incorporated entities can face considerable difficulties when attempting to open bank accounts in Brunei, owing to the absence of a Foreign Account Tax Compliance Act (FATCA) intergovernmental agreement between the two nations. As a result of FATCA obligations, all banks with the exception of Standard Chartered have declined to serve US citizens. If you hold a US passport, verify the current position with your preferred institution before making travel plans predicated on accessing local banking services.

What are typical bank opening hours in Brunei?

Branch hours in Brunei are shaped by the country’s official working week, which gives special consideration to Friday as a day of religious observance. Opening times are broadly similar across most institutions, though minor differences exist between individual banks and specific branches. Always confirm hours with your chosen bank, since they can vary around public holidays and religious observances.

Maybank Brunei’s standard branch schedule runs Monday to Thursday from 9:00am to 4:00pm, and on Friday from 9:00am to 12:00pm and again from 2:00pm to 3:30pm, with branches remaining closed on Saturday, Sunday, and public holidays. This timetable broadly reflects the banking hours observed across Brunei’s branch network, though Baiduri Bank and BIBD may operate slightly different hours depending on the location.

Throughout the year, Brunei observes a range of public holidays, including Islamic observances whose dates shift annually in accordance with the lunar calendar, as well as national holidays. Banks are generally closed on these occasions, so it pays to plan important financial transactions well in advance and to consult your bank’s website for the latest holiday schedule.

For everyday banking, the convenience of digital and online banking largely offsets the constraints of limited branch hours. Both Baiduri and BIBD provide well-developed mobile applications, enabling customers to pay bills, move funds, and monitor their accounts at any hour from a computer or smartphone — meaning that most routine transactions can be handled without any need to visit a branch in person.

What do expats need to know about the banking system in Brunei?

Brunei’s financial sector is stable, bank-dominated, and characterised by strong capital positions and ample liquidity. Though modest in scale, the system is reliable and rigorously monitored, providing a level of reassurance comparable to that found in the well-regulated financial environments of countries such as Australia, Canada, or European Union members.

Currency and exchange rates: The official currency of Brunei is the Brunei Dollar (BND), which is maintained at a fixed 1:1 parity with the Singapore Dollar (SGD). The two currencies are accepted interchangeably in both countries. This arrangement offers expats a useful degree of currency stability, especially those who travel regularly between Brunei and Singapore. There are no foreign exchange restrictions in Brunei.

Dual banking system: Brunei’s banking framework encompasses both Islamic and conventional institutions operating side by side. Expats may choose between Sharia-compliant accounts — which function on profit-sharing principles rather than interest — and standard conventional accounts. This duality is more prominent here than in most Western economies and is worth factoring into your choice of bank.

Deposit protection: Brunei does not currently operate a deposit insurance scheme comparable to the FDIC in the United States (which protects deposits up to USD 250,000 as of 2025) or the FSCS in the United Kingdom (which covers up to £85,000 as of 2025). While the BDCB supervises all licensed banks to ensure solvency and compliance with prudential requirements, expats should verify the current position on depositor protection directly with the BDCB at bdcb.gov.bn before committing significant funds to a local account.

Islamic finance: Given that BIBD is the country’s largest bank, a substantial proportion of banking products in Brunei are structured in accordance with Islamic finance principles. For day-to-day purposes, expats unfamiliar with this model will find it practically indistinguishable from conventional banking — debit cards, online transfers, current accounts, and bill payments all function in essentially the same way. The principal difference lies in the use of profit rates rather than interest rates as the mechanism for returns on savings.

Language: Malay (Bahasa Melayu) is Brunei’s official language and features prominently in formal banking documentation. However, the major banks also operate in English, and branch staff in Bandar Seri Begawan and larger towns are generally able to assist customers in English. The online banking platforms of both BIBD and Baiduri are available in English.

Regulatory oversight: The Brunei Darussalam Central Bank (BDCB) is responsible for formulating and implementing monetary policy, issuing the national currency, and regulating and supervising banks and other financial institutions. Expats with queries about their rights as banking customers, or concerns about a licensed institution, can reach the BDCB through its official website at bdcb.gov.bn.

How Do I Open a Bank Account in Brunei as an Expat?

Opening a local bank account as a foreign national in Brunei is generally a straightforward process, provided you have the right documents in order. The majority of banks require applicants to attend a branch in person — pre-arrival or fully remote account opening is not standard practice, though it is worth enquiring about any newer digital onboarding options individual banks may have introduced. The steps below reflect the typical process at the main domestic banks; always confirm current requirements with your chosen institution before your visit.

1. Choose your bank. Determine whether you prefer a conventional account — available at Baiduri Bank, Standard Chartered, Maybank, UOB, or RHB — or a Sharia-compliant Islamic account through BIBD, TAIB, or BIBD At-Tamwil. Weigh up factors such as proximity of branches to your home or workplace, the quality of the bank’s digital services, and whether the institution will serve customers of your nationality (see the FATCA note above if you hold a US passport).
2. Gather your documents. Standard documents typically required include: a valid passport; a valid Brunei entry or residence permit (for example, an employment pass, dependent pass, student pass, or social visit pass); and evidence of your residential address in Brunei. Acceptable proof of address may include a recent utility bill dated within the past three months, a Brunei driving licence, or a letter confirming your address. Some banks additionally request a letter from your employer, particularly for employment-pass holders.
3. Visit a branch in person. Bring both the originals and photocopies of all required documents. Schedule your visit during branch opening hours — typically Monday to Thursday throughout the day, with reduced hours on Friday. Larger branches in Bandar Seri Begawan tend to be best placed to assist foreign nationals.
4. Complete the account application form. You will be asked to fill in a customer application form and provide your personal details. In some cases, banks will conduct Know Your Customer (KYC) identity verification. BIBD’s digital platform incorporates advanced measures including e-KYC, dynamic identification, and robust customer authentication protocols.
5. Make the initial deposit. Most account types require a minimum opening deposit. Specific amounts differ by bank and account type and are subject to change — confirm the current figure on your chosen bank’s official website or directly at the branch prior to your visit, and record the amount along with the date you verified it.
6. Activate online and mobile banking. After your account is open, register for the bank’s digital banking platform. Both BIBD — through its Olive app — and Baiduri — through its b.Digital platform — offer well-developed mobile banking solutions. Baiduri’s b.Digital enables customers to quickly manage accounts, initiate local and international payments, and monitor their finances via smartphone.
7. Verify current requirements. Requirements, particularly those affecting foreign nationals, are subject to change. Before your appointment, always consult the official website of your chosen bank or the BDCB at bdcb.gov.bn for the most current guidance.

What banking and payment apps are widely used in Brunei?

Digital banking in Brunei is advancing at pace, with both major domestic banks committing substantial resources to mobile platforms. BIBD’s Olive app, which launched officially in July 2023, marked a significant leap forward in banking convenience, attracting more than 21,000 new customers shortly after going live — a rapid uptake that reflects both the quality of the product and BIBD’s wider ambition to migrate at least 90% of its customer base to digital channels by 2025.

Olive goes beyond the functionality of a standard banking app, positioning itself as an integrated financial ecosystem designed to streamline and simplify the banking experience. Security sits at the heart of the platform’s design, with features including e-KYC, dynamic identification, and multi-layered customer authentication forming part of BIBD’s broader commitment to making digital banking both convenient and secure.

Baiduri Bank introduced Baiduri Qpay in 2023, a digital wallet enabling its UnionPay Debit Cardholders to scan and pay at participating merchants domestically and overseas. This service forms part of the broader suite of digital payment solutions offered by Baiduri, consistent with Brunei’s Digital Economy Masterplan 2025.

At a national infrastructure level, Brunei’s Digital Payment Hub (DPH) has been engineered to facilitate instant transfers and payments across different banks and e-wallet platforms, both within the country and across borders. The DPH is a joint venture involving Bank Islam Brunei Darussalam, Baiduri Bank, and Perbadanan Tabung Amanah Islam Brunei, together with Darussalam Assets. Phase 1, targeted for Q4 2024, was designed to enable instant transfers between different banks and e-wallets using phone numbers, while Phase 2 in 2025 was set to introduce a standardised QR code for merchants and a request-to-pay feature.

Regarding international fintech services: Wise (formerly TransferWise) can generally be used from Brunei for cross-border transfers, though expats should check current availability and any Brunei-specific terms on Wise’s official website. As of 2025, Revolut does not hold a formal licence to operate in Brunei — consult Revolut’s website for the latest list of supported countries. PayPal is functional in Brunei for online purchases but may carry restrictions on certain types of transfer; review current terms at paypal.com. All digital payment platforms active in Brunei must comply with regulatory requirements set by the BDCB in line with the Digital Economy Masterplan 2025.

Contactless payments via Visa and Mastercard are broadly accepted at shops and restaurants in Bandar Seri Begawan and larger urban centres, though cash continues to be important in smaller towns and rural areas. UnionPay acceptance is also growing among local merchants.

How can expats manage money between Brunei and their home country?

Brunei imposes no restrictions on foreign exchange, meaning expats are free to move money into and out of the country without having to seek regulatory approval beforehand — a meaningful practical benefit compared with some neighbouring countries where capital controls remain in force.

The BND’s fixed 1:1 parity with the Singapore Dollar means that transfers routed via SGD involve no currency conversion risk between the two currencies. For transfers into other currencies — such as US dollars, euros, British pounds, or Australian dollars — standard exchange rate considerations come into play. Both exchange rates and transfer fees can vary considerably between service providers.

The major banks in Brunei, including Baiduri and BIBD, provide international wire transfer services via SWIFT/telegraphic transfer. These channels are dependable but typically involve bank fees in addition to an exchange rate margin. Transfer costs and processing times differ by institution — request current fee schedules directly from your bank and record the figures along with the date you obtained them. Brunei’s banking system also supports the full range of export finance instruments, including letters of credit and drafts.

For more cost-effective international remittances, many expats turn to specialist money transfer platforms such as Wise, which generally applies mid-market exchange rates alongside clearly disclosed fees. Always confirm that your chosen platform is authorised to operate in your destination country, and check the current fee structure on the provider’s website at the time of transfer.

Brunei levies no personal income tax, which simplifies the tax picture for most expats compared with countries such as the United States, which taxes its citizens on worldwide income. However, your home country’s tax authority may still require you to declare foreign accounts or assets beyond certain thresholds. US citizens, for example, remain subject to FBAR reporting requirements for foreign accounts holding more than USD 10,000 at any point during a calendar year (as of 2025). If you are remitting large sums, seek guidance from a qualified tax adviser who is familiar with both your home country’s regulations and Brunei’s financial framework.

For authoritative information on financial transactions, foreign account holding, and any reporting obligations applicable to Brunei residents, consult the BDCB at bdcb.gov.bn and, where relevant, Brunei’s Ministry of Finance and Economy at mofe.gov.bn.

Frequently Asked Questions

Can I open a bank account in Brunei before I arrive?

In most cases, banks in Brunei require you to appear at a branch in person and to present your original documents, including your passport and a valid entry permit. Pre-arrival or fully remote account opening is not a standard offering, although digital onboarding capabilities are gradually being developed. It is worth checking with your preferred bank — BIBD or Baiduri Bank, for instance — for any updated procedures before you travel.

Is there a minimum deposit required to open a bank account in Brunei?

Yes, most account categories require a minimum opening deposit. The exact amount differs depending on the bank and the type of account, and figures are subject to change. Always verify the current minimum deposit requirement directly with the bank’s official website or branch staff, and make a note of the amount together with the date you confirmed it.

What documents do I need to open a bank account in Brunei as a foreigner?

Documents commonly required include a valid passport, a valid Brunei entry or residence permit (such as an employment pass, dependent pass, or student pass), and evidence of your residential address in Brunei — for example, a utility bill issued within the past three months, a Brunei driving licence, or an employer’s letter confirming your place of residence. Some banks may additionally ask for a letter from your employer. Always check exact requirements with the individual bank before visiting.

Is there a deposit protection scheme in Brunei?

Brunei does not currently operate a publicly advertised deposit guarantee scheme equivalent to the FDIC in the United States or the FSCS in the United Kingdom. The Brunei Darussalam Central Bank (BDCB) supervises all licensed banks to uphold financial stability, but the specific protections that would apply to depositors in the event of a bank failure should be clarified directly with the BDCB at bdcb.gov.bn.

Can I hold a foreign currency account in Brunei?

Yes. Baiduri Bank, for example, offers foreign currency savings accounts to eligible customers aged 18 and above. As Brunei imposes no foreign exchange restrictions, holding accounts denominated in currencies other than the Brunei Dollar (BND) is entirely permitted. Check current product availability and eligibility conditions with your chosen bank.

Are international money transfer services like Wise available in Brunei?

Services such as Wise can generally be used for international transfers to and from Brunei, though availability and the range of supported currencies may change. As of 2025, Revolut does not hold a formal licence to operate in Brunei. PayPal is available but subject to certain limitations. All digital payment platforms operating in Brunei must comply with BDCB regulations. Always verify current availability on the relevant provider’s website before depending on a particular service.

Is Islamic banking only for Muslims?

No. Sharia-compliant banking products in Brunei are open to all customers regardless of religious background. The key practical difference for everyday use is that Islamic accounts function on a profit-sharing model rather than one based on interest. BIBD, which is Brunei’s largest bank, operates entirely within this framework, and its accounts are widely used by expats of all faiths and backgrounds.

Are there any restrictions on transferring money out of Brunei?

Brunei operates no foreign exchange controls, and funds may be freely remitted to overseas accounts without prior regulatory authorisation. Bear in mind, however, that your home country may require you to report foreign transfers or account balances above specific thresholds. US citizens, for instance, are subject to FBAR reporting requirements for foreign accounts that exceed USD 10,000 at any point during a calendar year (as of 2025). Consult the BDCB and a qualified tax adviser for guidance tailored to your individual circumstances.

What currency does Brunei use, and is it linked to any other currency?

Brunei’s official currency is the Brunei Dollar (BND), which is fixed at a 1:1 rate with the Singapore Dollar (SGD). The two currencies are legally interchangeable between the two countries. For expats who travel frequently between Brunei and Singapore or conduct transactions in SGD, this peg provides a high degree of exchange rate predictability.