Best Money Changers In Brunei For Currency Exchange

If you're looking to exchange money to or from Brunei dollars, there are a few options available to you. For online exchanges, you can use platforms such as euroChange or BruXchange, which allow you to reserve and pay for your desired currency online and then pick it up at your convenience. BruXchange also has an office in Setia Kenangan 2, Kiulap, where you can exchange currency in person. If you're in Brunei, you can also try the money changer at the Departure Area of Brunei Airport, which reportedly offers good rates. Additionally, the Bank of China's Brunei Branch provides a 24-hour foreign currency exchange platform, allowing you to trade foreign currency with preferential T/T exchange rates. Finally, you can also use ATMs, which typically offer good exchange rates and are widely available in Brunei.

Online money changers

BruXchange

BruXchange is Brunei's first online money changer. It offers a convenient and secure way to reserve and buy foreign currency from the comfort of your home. With BruXchange, you can complete your currency order in three simple steps: registering for an account, selecting the currency and amount for exchange, and making an online payment via BruPay. The platform features daily buy and sell rates for 18 currencies, including the US dollar, Euro, and Pound Sterling. You can then collect your chosen currency from the BruXchange office in Setia Kenangan 2, Kiulap, within seven days. This service is particularly useful during peak travel periods when certain currencies can be in short supply at traditional money changers.

Bank of China (BOCHK), Brunei Branch

The Bank of China's Brunei Branch provides a 24-hour foreign currency exchange platform, accessible through their internet banking service. With this platform, you can exchange currencies with preferential T/T exchange rates at any time that suits you. They offer exchange services for up to 15 foreign currencies, including the US dollar, British Pound, Euro, and various others. To reserve banknotes, you can contact the bank directly by phone.

ATMs

While not an online money changer per se, using an ATM is another option for exchanging currency in Brunei. ATMs often offer competitive exchange rates, and you can avoid the difference between the "selling" and "buying" rates that money changer offices may have.

Money changers in Brunei

Brunei has a range of options for exchanging money, both in-person and online.

In-Person Money Changers

One option is to use an ATM, which several people report as offering the best exchange rates. Another option is to visit a money changer's office, such as the one located in the Departure Area of Brunei Airport, which offers good rates.

Online Money Changers

BruXchange is Brunei's first online money changer. It offers a convenient way to reserve and pay for your chosen currency online and then pick it up at your convenience. The process is simple: register for an account, select your currency and amount, pay online, and collect your order within seven days. The website features the daily buy and sell rates of 18 currencies, as well as a currency converter. The most popular currencies exchanged are the Malaysian Ringgit, US Dollar, and Pound Sterling.

Banks

BOCHK, Brunei Branch provides a 24-hour foreign currency exchange platform, allowing you to trade foreign currency with preferential T/T exchange rates. They offer up to 15 foreign currencies, including the Chinese Yuan, US Dollar, British Pound, Japanese Yen, and Australian Dollar.

Exchanging money at the airport

Exchange Rates

Currency exchange kiosks at the airport often offer poor exchange rates that can be up to 15% worse than the standard bank rate. These shops take advantage of travellers' urgency to exchange money for transportation or other immediate needs upon arrival. As a result, travellers may lose a significant portion of their money due to the unfavourable rates.

Additional Fees

On top of the poor exchange rates, airport currency exchanges often charge a fee or service charge ranging from $5 to $15 per transaction. These fees further reduce the amount of local currency travellers receive.

Alternatives

To avoid the unfavourable rates and fees at airport currency exchanges, travellers can opt for other options:

• Using credit or debit cards: Many banks use the current exchange rate and waive foreign currency and transaction fees. It is advisable to use cards with no foreign transaction fees and no ATM fees to save on costs. However, it is important to note that some countries, especially less developed ones, rely heavily on cash, and credit cards may not be widely accepted.
• Withdrawing from a local ATM: ATMs provide the convenience of exchanging money without the high fees associated with airport currency exchanges. Using a debit card with no foreign transaction or ATM fees can further reduce costs. However, it is important to be cautious when withdrawing large sums of money and to guard the cash carefully.
• Exchanging with your bank before travelling: Ordering foreign currency from your bank in advance allows you to take advantage of better exchange rates. While there may still be a fee, it is generally lower than the fees charged at airport exchanges.
• Exchanging money at your destination: Currency exchange services are often available at hotels, train stations, bus stations, and local banks at your destination. While these options may offer slightly better rates than airport exchanges, they may also involve additional fees.

Brunei-specific Information

For those specifically looking to exchange money in Brunei, one source suggests that the currency exchange in the Departure Area of Brunei Airport offers "generally good" rates. However, another source recommends using an ATM for the "best exchange rate". Additionally, the Bank of China, Brunei Branch provides a 24-hour foreign currency exchange platform with preferential T/T exchange rates.

Using ATMs

Using an ATM is a convenient way to obtain local currency when in Brunei. ATMs are widespread in the country, and most major establishments accept credit cards. However, it is worth noting that cash is typically required for smaller restaurants and shops, particularly those outside of urban or tourist centres.

When using an ATM in Brunei, it is important to be aware of any applicable fees and charges. Some banks may charge a fee for overseas transactions, so it is advisable to use a card with low or no international transaction fees. Additionally, there may be charges for using a foreign ATM, which are typically deducted from your account balance at the time of withdrawal. These charges may be a flat fee per transaction or a percentage of the withdrawal amount. It is always a good idea to review the terms and conditions of your bank account before travelling to understand any potential fees.

To ensure a smooth transaction, it is recommended to inform your bank of your travel plans in advance. This can help prevent any security blocks being placed on your card due to unexpected foreign activity. Additionally, it is advisable to have multiple payment methods available, such as a backup card or cash, in case of any issues with the ATM or your primary card.

When using an ATM, be mindful of your surroundings and take necessary precautions to protect your personal information and privacy. Be aware of people or distractions around you that may be attempting to distract you or obtain your PIN. Always choose a safe and secure location to conduct your transaction, and be sure to shield your PIN entry from onlookers.

Exchanging money in person

If you're looking to exchange money in Brunei, there are a few options available to you, both at the airport and in the city.

At the Brunei Airport, you can find money changers in the Departure Area. The rates here are generally considered good, and it can be a convenient option if you're looking to exchange money as soon as you arrive or before you depart.

In the city, one popular option is to use an ATM, as this often provides the best exchange rate. You can withdraw cash in the local currency directly from your home bank account, avoiding the "selling" and "buying" difference that money changers' offices may have.

If you prefer to exchange cash, there are money changers located in Seri Kenangan Complex, Kiulap, where you can reserve and pay online in advance and then pick up your desired currency at your convenience. This option provides peace of mind, especially during peak travel periods when certain currencies can run out fast.

Additionally, banks such as Baiduri Bank and Bank of China (BOCHK), Brunei Branch, offer foreign exchange services. Baiduri Bank provides a 24-hour customer helpline and multiple branch locations for you to obtain the latest exchange rates and conduct your transactions. BOCHK offers a 24-hour foreign currency exchange platform through its internet banking services, allowing you to trade foreign currency with preferential rates anytime, anywhere.

Frequently asked questions