Receiving Payments In Brunei: A Guide For Beginners

There are several ways to receive money in Brunei, including direct bank deposits, cash pickup or home delivery, and mobile wallet services. The best method for you will depend on your personal preferences and circumstances. For instance, if you need cash immediately, cash pickup may be the best option. On the other hand, if you want to avoid fees and are not in a rush to receive the money, a direct bank transfer could be more suitable.

Direct bank deposit

To receive a direct bank deposit, the payee must provide their banking information to the payer. This includes the name of their bank, their account number, and the bank's routing number. Alternatively, they can provide a voided check, which contains the same information. Once the payer has this information, they can enter it into their banking system and initiate the transfer. The funds are then transferred electronically and deposited into the recipient's account, typically at midnight on the payment date.

In Brunei, the National Payment and Settlement System (PSS) ensures that interbank transfers are fast, smooth, and accessible to anyone with a bank account. The PSS consists of several key components, including the Real-Time Gross Settlement System (RTGS) and the Automated Clearing House (ACH) Direct Credit. These systems facilitate secure and efficient fund transfers between banks, making direct bank deposits a reliable option for receiving payments in Brunei.

It is important to note that direct bank deposits may take a few days to process, depending on the bank's cut-off times and public holidays. However, once the funds are deposited, they are immediately available for use, providing quick access to the recipient.

Cash pickup

Step 1: Find a Reputable Money Transfer Service

It is important to choose a reliable and secure money transfer service that operates in Brunei. Western Union, for example, is a well-known and established company that offers money transfer services in over 200 countries and territories, including Brunei.

Step 2: Visit a Local Agent Location

To receive cash, you will need to visit a physical location of the money transfer service. Western Union, for instance, has a network of half a million agents worldwide, and you can easily find the nearest agent location to you in Brunei by using their website or mobile app.

Step 3: Provide Sender's Details

When you arrive at the agent location, you will need to provide details about the person sending you the money. This includes their full name and address, and the Money Transfer Control Number (MTCN). The MTCN is a unique reference number associated with each money transfer, and it helps in tracking the transaction.

Step 4: Show Valid Identification

To ensure security and verify your identity, you will need to present a valid government-issued photo ID. Acceptable forms of ID include your National ID card, passport, or driver's license. Make sure that the name on your ID matches the receiver's name on the money transfer details.

Step 5: Receive Your Money

Once your details have been verified, you will be able to collect the transferred money from the agent location. The entire process is secure and convenient, allowing you to receive money quickly and safely.

It is important to note that different money transfer services may have specific requirements or steps, so it is always a good idea to check with the service provider for detailed instructions. Additionally, be mindful of any taxes or regulations in Brunei that may apply to the amount of money you are receiving.

Mobile wallet

Another popular mobile wallet option in Brunei is Pocket, introduced by ThreeG Media Sdn Bhd. Pocket is the first cashless payment mobile application in Brunei that can link multiple bank cards. It can house up to three Visa or Mastercard cards from different banks within its app. Users can pay with Pocket by scanning QR codes at vendor shop fronts or remotely through the Biller function, which works like a bank transfer. Over 4,000 Brunei residents and 40 businesses have registered on the app, which is available for download on both iOS and Android devices. There are no charges for customers to download and use the app, while vendors are charged a 3% fee off each sales transaction, similar to standard bank card purchase fees.

Bank transfer

There are several companies that facilitate bank transfers to Brunei, each with its own set of advantages. Here are some of the most popular options:

• Wise: Wise is recommended for its balance of cost, speed, and features. It offers quick transfers, a low markup on BND exchange rates, and a low fee. Wise also provides multiple deposit options and good customer service.
• Revolut: Revolut is known for its low-cost transfers, charging no transfer fees and adding a minimal markup on the Brunei Dollar exchange rate. It is often the cheapest option for bank transfers to Brunei.
• OFX: OFX stands out for its speed and competitive fees. It offers fast transfers with minimal fees and markups, making it a good choice for urgent transactions.
• Xe: Xe provides a simple, fast, and secure way to send money internationally. It offers competitive exchange rates and transparency regarding any additional fees. Xe also supports multiple payment methods, including bank transfers, debit cards, and credit cards.

When using bank transfers to receive money in Brunei, it is important to consider factors such as exchange rates, transfer fees, and delivery times. Compare different providers to find the most suitable option for your specific needs. Additionally, ensure that you have valid forms of identification, the sender's information, transfer details, and a transfer reference number, if required, to facilitate a smooth transaction.

Cash on delivery

However, as there are no advanced payments, there is a risk of cancellations, and it may not be suitable for pre-orders.

For example, Pizza Hut, the largest pizza restaurant company in the world with a presence in Brunei, offers a cash-on-delivery option. They charge a $4 delivery fee with a minimum purchase of $20.

Many other restaurants in Brunei also offer cash on delivery, including:

• Margherita Pizzeria
• Tandoor.com
• Blue Restaurant & Grill
• I Lotus Restaurant
• MyTown Eating House
• Lamee Restaurant Kiarong
• Serikandi Cafe & Restaurant
• Pizza Hut
• McDonald's
• KFC
• Jollibee

During the COVID-19 pandemic, the Brunei government announced that all restaurants in the country would not be accepting dine-in customers until further notice. This further propelled the popularity of cash on delivery as a payment method in the country.

Frequently asked questions