Which bank do you feel offers the best service here in Brunei? I just
started working and have been using the bank (TAIB) that my parents have
allocated - which is basically the normal you get the card - passbook, withdraw
your money but non-interest being accredited if I'm not mistaken.I realised, the
non-abundance of ATM machines available for TAIB which annoyed me to some extent especially when the nearest TAIB ATM machine has been out of cash. So I started to think about the competition, and did some research of my own by getting the tariff of charges, services offered through each banks' website. I found out that HSBC and Baiduri Bank have the most ATM machines here in Brunei. But then again when I check the tariffs/service charges for HSBC, it is shockingly steep!
Just having an ATM card is BND 20 per year, and if your balance falls below the
minimum thats another charge. Standard Chartered offers considerably less, with
BND 12 per year for the ATM card. Baiduri Bank however did not disclose their
tariffs/service charges - sometimes it makes me wonder if that is why they have
been cited as the "Bank of the Year" by the Banker's magazine. "Bank of the
Year" in this context is which Bank gets the most profits in the country -
typically from ATM charges, services charges and foreign exchanges transactions
- possibly from Investments, I'm not quite sure. Should I just stick to TAIB
Bank, no-frills account with the free ATM card, no penalties whatsoever for
having only the minimum balance? I would be happy to know your views - it could be insightful to read.
Hello Anonymous,
Thanks for regularly visiting this blog.With regard to your banking question, Gosh I don't know what to say really. I'm no expert to say one bank is better than the other (unless they pay me to hahaha) because each bank has its own services, charges etc.
Anyway, I think you have done your homework (i.e. comparing bank charges etc) and now what you need to think about is what services of a bank that you are looking for. Is it just for an everyday banking (where you can deposit/withdraw money at any time of the day) or is it for a long-term saving (such as time or fixed deposit)as dif banks have dif products.
Personally, I put my money in a few banks in Brunei. NOT because I'm rich (hehehe who knows one day?) but because of the different services. For instance, my gaji and my everyday banking is in 1 local bank (which has many ATM machines located in convenient places). For my regular saving I use another local bank which offers a better return than the first bank and also gives me freedom to withdraw the money whenever I want (unlike some local banks which require you to write a letter etc). For our time/fixed deposit we (my husband and I) use another bank which obviously offers the most competitive rate and islamic. And lastly, because I travel a few times in a year, it gives me a peace of mind to have a bank that I can access to wherever in the world. So I use 1 international bank which gives me this service (of course with a cost/fee). So, there you go!. 4 banks in all and I'm not even remotely close to being a millionaire hehehe.
With regard to my opinion of the banking service in Brunei, well I've had my shares of good/bad experiences and let's say generally I concur with the general opinion that banks= money leechers HAHAHA. But I tell you, with wit and proper research, you can beat these banks at their own game! The Rule of the Thumb however is to try NOT to borrow money from them. Or even if you have to (eg. credit card) you MUST always pay what you owe ON TIME.
I must say you all are very lucky that you don't get to be tangled up in a big-bad borrowing situation. Thanks to the government's directive on personal loan capping introduced a few years back. I tell you, it WAS madness! People were borrowing beyond their means the moment they were employed (in the government sector of course). And those borrowed money were spent mostly on some unnecessary items such as big, expensive cars and large and lavish weddings. (If there are people out there who borrowed for some worthy cause, then I respect.) They were even some idiots (sorry but I HAVE to use that word) who borrowed at 9% interest rate and put those money back in the bank in a form of fixed deposit which only had about 3-5% return. I mean HOW did these people think, is still beyond my comprehension!
Anyway, good luck with your new job and finding a good bank. And thanks again for reading this blog. My hope is that something good would come out of it. I never intend to belittle anyone. I just hope we Bruneians get to think before we do something that sometimes can be life-altering. Haha look I've become emotional!
Salaam.
P.S Anyone working in the banks are WELCOMED to sell their services *wink*
2 comments:
hello girl,
lets hope that bedb forum in singapore will be fruitful. Looks like we really need foreign investors ah. My fren did his written test at MFa, I asked him berapa banyak lagi unemployed degree holder ani kan? He answered, 5000 + plus next excluding next graduates from ubd n uk this july. So.. maby create some jobs, but this 5000 degree holders, mau jua salary menyacap $2000 Labih.
I see timothy ong organised , seminars in rizqun n all, all this young enterprenurs, "business people" whats ur view? So far i see it very delusional? spelling?
and i also read ur post about lavish spending, I like to share too, being malay is not easy, lots of traditions, commitments, nad just look at our cultured wedding. 30 to 40 grant the least.
do u think our culture contribute and influence our economy too?
Im no business man, what i say is what i observed dan saw. I don't sit in the office n do swat analyst.
Fuel price increase sudah jadi issue, take uk for example, last yr it was 85 pence a litr, this year soaring price, deisel was increase 1 pound 08 pence a litr. no chaos, professional, muse more public transport.
I belive we need to change bruneian 1st then implement stuff, Start from the school curiculum. DOnt't u think so?
pol
Something hidden coming from the loan cap: people are now borrowing from credit cards. That's a much higher interest than personal loan, I believe. Correct me if I am wrong. Then also, banks come out with different game plans, i.e. now you have other forms of borrowing, some with 0% interest at first (but accumulates later). Many of course fell prey to them.
And yes, I would agree, why borrow to save. Never borrow to save. Tip: It should be pay debts, then try and save. I know it would be impossible for many Bruneians. For a fact, majority of us will have difficulty to save. Basic livelihood in Brunei isn't easy and cheap. And usually, it's just enough. Let's not compare us to several countries yet, and focus on our own context. Only if those factors are dealt with and made us 'comparable' to them, then we do. There are also many of those 'hidden under the radar' - living poorly. I'm glad I've seen this and it opens my eyes. I know a friend who's impart her earnings to 'sponsor' kids from a poor family. Bless her. And I learnt, there are more of these families. We'll try our best we can to ensure they will not be affected, and to help in ways we can. InsyaAllah.
There is the few of us who manage well. Alhamdulillah, hubby and I manage to save for ourselves and the kids separately. We've own a tiny piece of land and a house, out of our own sweat (his exactly), nothing that's handed down by our parents, or we try take from our parents. We try our best to make the livelihood of our (makan pagi kais pagi) parents (mine and his) as comfortable as and when we can. In both families, myself and him are the highest earners among our siblings, so we feel it's more of our responsibilities. I know for a fact my other siblings cannot afford to help. Even if they wanted to. They've just enough to feed their family. And they don't exactly live in luxury, and are as thrifty as us.
The new car and the house is on credit (HP and mortgage, respectively), and the only ones on credit. So, despite our lavish spending you call it (we call it 'looking for value'), we are actually very thrifty people. Now, we're looking to increase our savings for unforeseen events (fuel surcharge, and others).
So, my hope is that policy-makers like yourself, will try your BEST to analyze situations, and really go down to the grass-root level, before making any judgement. What we see in Brunei is only at the tip of the ice-berg.
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