Methods of Payment

Brunei’s banking system offers a full range of export finance instruments, including letters of credit and drafts. 

For more information about the methods of payment or other trade finance options, please read the Trade Finance Guide.

This article should also incorporate the information on baking systems, foreign exchange controls and U.S. banks and local correspondent banks. 

Banking Systems

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. Currently, U.S. companies and citizens encounter significant hurdles to opening bank accounts in Brunei due to the lack of a Foreign Account Tax Compliance Act (FATCA) intergovernmental agreement between both countries. 

Foreign Exchange Controls

Describe how foreign exchange is managed and implications for U.S. businesses. 

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), Baiduri Bank, and TAIB .  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.

To access Brunei’s ICS section on financing, visit the U.S. Department of State Investment Climate Statement website.