Guide to Money Transfers to Brunei? Brunei is 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 is 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 is 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 would be through credit cards, since credit cards are 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 is 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. Brunei's Central Bank is Autoriti Monetari Brunei Darussalam, while it's main local bank is Bank Islam Brunei Darussalam. Other local banks include Baiduri Bank and Perbadanan Tabung Amanah Islam Brunei. There are also multiple foreign banks in Brunei, such as MayBank, RHB Bank, Standard Chartered Bank and UOB.
Brunei dollars are in use? As well as accepting the Brunei Dollar most places in Brunei will also accept the Singapore Dollar. This is because the two currencies have the same value as one another. In fact it is commonplace to receive Singapore Dollars as change when a Brunei Dollar note is 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.
Watch out for high charges in banks
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.
Pre paid credit cards are a good alternative
As credit cards are accepted in most places pre paid credit cards are an excellent way to transfer money to Brunei. However, this is a method that is 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 will not be disappointed and you will remain in control of your money and minimise fees.