It covers payment methods and information on, banking systems, foreign exchange controls, and U.S. and correspondent banking.
Methods of Payment:
For more information about the methods of payment or other trade finance options, please read the Trade Finance Guide.
Although small, Brunei’s banking system is reliable and well monitored. The Ministry of Finance and Economy oversees the Department of Financial Services (Treasury) and the Brunei Investment Agency. The Brunei Darussalam Central Bank acts as the monetary authority of Brunei and handles the formulation and implementation of monetary policies, supervision of financial institutions, and currency management.
Foreign Exchange Controls:
There is no restriction on foreign exchange. Banks permit non-resident accounts, and there is no restriction on borrowing by non-residents.
U.S. Banks and Local Correspondent Banks:
Brunei has three licensed domestic banks - Bank Islam Brunei Darussalam (BIBD),Brunei Investment & Commercial Bank, and Baiduri Bank. Brunei’s banking sector is dominated by BIBD and Baiduri Bank. Foreign banks including Maybank, RHB Bank Berhad, Standard Chartered Bank, Bank of China (Hong Kong) and United Overseas Bank. Due to FATCA requirements, all banks except for Standard Chartered have refused service to U.S. citizens.