Brunei, a small yet affluent nation on the island of Borneo, is known for its rich cultural heritage, stunning natural beauty, and unique blend of traditional and modern elements. For travelers planning to visit this enchanting country, understanding the local currency is essential for a smooth and enjoyable trip.

A Brief History of the Brunei Dollar

The Brunei dollar (BND), introduced in 1967, replaced the Malaya and British Borneo dollar. This transition was part of Brunei’s journey towards independence and monetary autonomy. Prior to the Brunei dollar, various currencies were used, including cowrie shells, bronze teapots, Spanish-American silver dollars, and the Straits dollar. The early use of tin coins denominated in pitis and later in cents of the Straits dollar laid the groundwork for the modern Brunei dollar.

The Brunei Dollar Today

Denominations and Usage

The Brunei dollar is divided into 100 cents. Banknotes are available in denominations of 1, 5, 10, 20, 50, and 100 B$, while coins come in denominations of 1, 5, 10, 20, and 50 cents. One of the unique features of the Brunei dollar is its interchangeability with the Singapore dollar at a 1:1 ratio, thanks to a Currency Interchangeability Agreement established in 1967. This means that both currencies can be used in either Brunei or Singapore.

Tips for Travelers

Currency Exchange

• It is advisable to exchange your money to Brunei dollars upon arrival or use an ATM to withdraw local currency. Exchanging money locally can sometimes come with unexpected costs and time delays.
• Credit cards are widely accepted in major hotels, restaurants, and shops, but cash is still preferred in smaller establishments and local markets.

Using Travel Cards

• Consider using a travel card like the Wise card, which offers low costs and secure transactions. This can be a convenient way to manage your travel spending without the need for frequent currency exchanges.

Budgeting

• For budget travelers, daily expenses can range from $28 to $57 per person, depending on accommodation, transportation, food, and activities. Mid-range and luxury travelers can expect to spend more accordingly.

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Major Banks in Brunei

Bank Islam Brunei Darussalam (BIBD)

BIBD is the largest Islamic bank in Brunei, with a significant network of branches and ATMs across the country. It provides a wide range of financial services to retail, corporate, and foreign clients. BIBD is known for its digital mobile chat capabilities and extensive customer service.

Standard Chartered Bank Brunei

Established in 1958, Standard Chartered Bank Brunei is a leading international bank with a strong presence in the country. It offers a comprehensive range of financial products and services, including wealth management, savings, deposits, unit trusts, mortgages, credit cards, and personal loans. The bank has four branches and 42 ATMs across Brunei.

Autoriti Monetari Brunei Darussalam (AMBD)

While not a commercial bank, AMBD is the central bank of Brunei and plays a crucial role in regulating the country’s monetary system. It ensures the stability of the financial system and oversees the issuance of the Brunei dollar.

Malayan Banking Berhad (Maybank) Brunei

Maybank is one of the largest banks in Southeast Asia and has a significant presence in Brunei. It offers various banking services, including personal and corporate banking, investment, and insurance products.

United Overseas Bank (UOB) Brunei

UOB is another major international bank with operations in Brunei. It provides a range of financial services, including personal banking, corporate banking, and investment products.

HSBC Brunei

HSBC has a long history in Brunei and offers a variety of banking services, including personal and corporate banking, wealth management, and trade finance.

RHB Bank Brunei

RHB Bank is a Malaysian-based bank with a presence in Brunei, offering services such as personal and corporate banking, investment, and Islamic banking.

Baiduri Bank

Baiduri Bank is a local bank in Brunei that provides a range of financial services, including personal and corporate banking, credit cards, and loans.

Standard Chartered Saadiq

Standard Chartered Saadiq is the Islamic banking arm of Standard Chartered Bank in Brunei, offering Shariah-compliant banking services to its customers.

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Each of these banks offers unique services and benefits, making it easier for travelers and residents to manage their financial needs in Brunei.

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Explore Brunei Further

• Brunei [Country Info]
• Common Misconceptions – Brunei
• Currency Guide – Brunei