Send Money Transfer to Brunei from the UK? So Cheapest way to send money to Brunei.
Guide to Money Transfers to Bandar Seri Begawan? Brunei an economically developed country, with a GDP of $20.38 billion as of 2010. It has a negative GDP growth rate of -2.3% as of 2014 and -0.5% as of 2015, suggesting a shrinking Bruneian economy. This contraction caused due to the shrinking sectors of liquefied natural gas and methanol, wholesale and retail trade as well as oil and gas mining.
The best way to make a money transfer to Brunei is through OFX (previously UKForex), which is FCA regulated. It has a margin rate of 1%, and with 100,000 USD, you will be able to transfer 173,359 BND. The exchange rate of USD to BND is 1:1.37 as of 2017. To use OFX, simply register an account on www.ofx.com and lock in your transfer by including information about the amount being transferred, its currency and who to send it to.
OFX accepts bank transfers from your account and does not need any cash, credit cards, bank drafts or cheques. The time required for a transfer roughly 1-2 business days, which you can track through the OFX mobile application, which can be downloaded from the app store.
An alternative method for money transfer through credit cards since credit cards widely used in Brunei. However, this may not be the optimal method for money transfer as it may not be as safe of an option. As such, this method of transfer better used to transfer money to friends and family as compared to business associates.
Currently, there are no known restrictions in Brunei on money transfer. Bandar Seri Begawan Central Bank is Autoriti Monetari Bruneian Darussalam. While it's main local bank is Bank Islam Brunei Darussalam. Other local banks include Baiduri Bank and Perbadanan Tabung Amanah Islam Bruneian. There are also multiple foreign banks in Bandar Seri Begawan, such as Maybank. RHB Bank, Standard Chartered Bank and UOB.
Transfer from Brunei to the UK?
Are Bruneian dollars in use? As well as accepting the Bruneian Dollar most places in Bandar Seri Begawan will also accept the Singapore Dollar. This is because the two currencies have the same value as one another. In fact, it commonplace to receive Singapore Dollars as change when a Brunei Dollar note used. As few people know or keep abreast with the recent currency rate Brunei dollars trade for it is easy to find this out online. Use a free currency converter when you set up your transfer and you will know how much currency you will be getting for your money when sending money to Brunei from the UK.
Watch out for high charges in banks in Bruneian?
Many banks will charge high rates to exchange foreign currency. Normally this is around the 10% level and as a result, your recipient will get more for travellers cheques. To avoid these costs set up a currency transfer to Brunei which helps you to stay in control of the money that you send.
Send Money Transfer to Brunei using Money transfer cards are a good alternative to Bandar Seri Begawan?
As credit cards accepted in most places Money transfer cards an excellent way to transfer money to Brunei. However, this a method that best used to send money to friends and family rather than business associates. As with any form of money transfer, you should opt for a method that is fast. Safe and simple and you not disappointed and you will remain in control of your money and minimise fees.