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If you're travelling to Brunei, it's worth noting that the Brunei dollar (BND) is the country's official currency and is typically the best currency to use when travelling there. The Singapore dollar is also widely accepted in Brunei due to a Currency Interchangeability Agreement between the two countries, and the two currencies are interchangeable at a 1:1 exchange rate. USD, EUR, and GBP can also be exchanged, but it is not recommended to pay in these currencies as the exchange rates are often poor. It is also possible to use ATMs and money changers in Brunei to exchange currency, but it is best to avoid airport exchanges due to their uncompetitive rates and higher charges.
| Characteristics | Values |
|---|---|
| Currency of Brunei | Brunei Dollar (B$, BND) |
| Interchangeability | Interchangeable with the Singapore Dollar at a 1:1 exchange rate |
| Other Accepted Currencies | USD, EUR, GBP, AUD, NZD, SGD |
| Money Exchange Options | Banks, Licensed Exchange Bureaus, ATMs, Money Changers |
| Best Option | Banks or Licensed Exchange Bureaus for best rates |
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What You'll Learn
Brunei Dollar is the local currency
The Brunei dollar (B$ or BND) is the official currency of Brunei and has been since 1967. It is divided into 100 cents and issued by the Brunei Darussalam Central Bank.
The Brunei dollar is interchangeable with the Singapore dollar at a 1:1 exchange rate, and both currencies are used in Brunei. The Currency Interchangeability Agreement of 1967 maintains this exchangeability. The Singapore dollar is widely accepted in Brunei as "customary tender", but it is not legal tender. Likewise, the Brunei dollar is accepted as "customary tender" in Singapore but is not legal tender there.
The Brunei dollar replaced the Malaya and British Borneo dollar in 1967 after the formation of Malaysia and the independence of Singapore. The Malaysian ringgit was exchangeable at par with the Singapore dollar and Brunei dollar until 23 June 1973.
If you are travelling to Brunei, it is advisable to bring and pay in Brunei dollars or Singapore dollars to avoid poor exchange rates. Brunei dollars can be purchased at the airport of departure for Brunei, and there are money changers and ATMs available at Brunei Airport and in the city centre.
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Singapore Dollar is widely accepted
The Brunei dollar (BND) is the official currency of Brunei, having replaced the Malaya and British Borneo dollar in 1967. However, the Singapore dollar is widely accepted in Brunei due to a Currency Interchangeability Agreement between the two countries. This agreement allows the Singapore dollar to be used as "'customary tender'" in Brunei, with a 1:1 exchange rate to the Brunei dollar.
As a result of this agreement, Singapore dollars are often used interchangeably with Brunei dollars in Brunei. This means that you can use Singapore dollars directly in most places in Brunei without having to worry about poor exchange rates. This is especially useful if you are coming from or have visited Singapore and have Singapore dollars on hand.
It is important to note that while Singapore dollars are widely accepted, they are not legal tender in Brunei. As such, you may receive Brunei dollars as change when using Singapore currency. Therefore, it is advisable to spend any Brunei dollars before leaving the country, as it can be difficult to exchange them elsewhere.
Additionally, while US dollars, euros, and British pounds can also be exchanged in Brunei, it is recommended to pay in either Brunei dollars or Singapore dollars to get the best value and avoid unfavourable exchange rates.
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US Dollar, Euro, and British Pound can be exchanged
The Brunei dollar (abbreviated as B$ to distinguish it from other dollar-denominated currencies) is the official currency of Brunei. It has been the country's currency since 1967, when it replaced the Malaya and British Borneo dollar.
If you're travelling to Brunei, it's advisable to bring Brunei dollars or Singapore dollars, which are interchangeable in Brunei at a 1:1 exchange rate. This is because the Monetary Authority of Singapore and the Brunei Currency and Monetary Board maintain the exchangeability of their two currencies.
US Dollars, Euros, and British Pounds can be exchanged in Brunei, but it's best to do this at banks or licensed exchange bureaus, which offer better rates than airports or hotels. If you do exchange at the airport, only change a small amount, as you'll get a better rate in the city. It's also worth noting that US Dollars and British Pounds are not widely accepted in Brunei, so you'll likely need to exchange them for Brunei dollars.
There are plenty of ATMs in Brunei's airport and city centre, and some international banks such as SCB and HSBC are also available for Cirrus withdrawals. It's a good idea to carry a mix of cash and cards when visiting Brunei.
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Licensed exchange bureaus offer better rates than airports
The Brunei dollar (B$) is the official currency of Brunei, and it is interchangeable with the Singapore dollar at par. The Monetary Authority of Singapore and the Brunei Currency and Monetary Board maintain the exchangeability of their two currencies.
It is advisable to shop around for a reasonable rate. Local banks or bank ATMs usually offer better rates than airport kiosks and other tourist spots. Many foreign banks are happy to exchange your dollars for local currency for a better rate. Some banks may charge a fee for currency exchange, so it is worth checking this in advance.
If you are unable to exchange currency before your trip, using an ATM at the airport can be a good option. Many U.S. banks offer foreign ATM fee refunds and do not charge fees for using a foreign ATM. Using your debit or credit card can be a smart choice, provided you keep an eye on the fees and choose a card with a low foreign transaction fee.
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Brunei currency is linked to the Singapore Dollar
The Brunei dollar (B$) has been the official currency of Brunei since 1967. The currency is divided into 100 cents and issued by the Brunei Darussalam Central Bank.
The Brunei dollar is linked to the Singapore dollar through the Currency Interchangeability Agreement, established in 1967 to promote monetary cooperation between the two countries. Under this agreement, the two currencies are interchangeable at par and without charge. This means that the Singapore dollar is accepted in Brunei as "customary tender", and vice versa. The Monetary Authority of Singapore and the Brunei Currency and Monetary Board maintain the exchangeability of their currencies.
The Currency Interchangeability Agreement was formed when the Malaya and British Borneo dollar was replaced by three new currencies: the Malaysian dollar, Singapore dollar, and the Brunei dollar. This agreement ended on 8 May 1973 when the Malaysian government withdrew, but Singapore and Brunei continue to maintain the interchangeability of their currencies.
The link between the two currencies is beneficial for both countries. Brunei gains stability for its currency, which is important as the country is heavily dependent on oil and gas exports, whose prices fluctuate. Singapore benefits from increased demand for its currency due to Brunei's heavy exports and strong currency reserves. Additionally, many Bruneian firms do business with Singaporean companies, and a shared currency eases transactions.
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Frequently asked questions
The Brunei dollar (BND) is the local currency in Brunei and is the best currency to use to avoid poor exchange rates. Singapore dollars (SGD) are also widely accepted in Brunei due to a Currency Interchangeability Agreement between the two countries.
Currency exchange offices, also known as Money Changers, are available at Brunei Airport. However, it is recommended to exchange money in the city for more competitive rates and lower charges.
Notable money changers in Brunei include EzXchange Money Changer, Zamada Money Changer, and BruXchange Money Changer. Banks such as Bank of China (Hong Kong) Brunei Branch and Baiduri Bank also offer currency exchange services.
