1) ACCEPTANCE OF BRUNEI CURRENCY NOTES
Monetary Authority of Singapore (MAS) advised that under the Currency Interchangeability Agreement (CIA) between Brunei and Singapore, Brunei currency is acceptable at par with the Singapore currency. All banks in Singapore are obliged to accept the Brunei currency notes and coins at par and without charge. Hence, businesses should not be concerned about accepting the Brunei currency. Please see attached pictures of Brunei Currencies and notice regarding CIA from MAS. If you require A3 size posters of the images of the Brunei currencies, please contact Ms Jaya at 6349 4670 or email her at Jaya_Chakarapany@mas.gov.sg.
2) LEGAL TENDER LIMIT OF 5-CENT COINS
MAS receives feedback that some businesses are not accepting 5-cent coins as part of payment.
MAS has confirmed that 5-cent coins, 10 cents coins and 20 cents coins are legal tender in Singapore up to $2. In other words, a person may pay up to an amount of $2 in 5, 10 or 20 cent coins for any goods and services. For 50 cents coins, it is legal tender up to an amount not exceeding $10.
Where a business wants to set a lower limit on the quantity of certain denominations it wish to accept it must give written notice of this to the customer. This may, for example, be by way of displaying a written notice. If a business has not given written notice that it will not accept certain denominations, the legal tender limits will apply. This means that a customer is entitled to make payment up to these limits.
Please see the below correspondance from MAS for further information:
Contact Person: Ms Jaya
Tel: 6349 4670
Fax: 6349 4670