Banks in Timor-Leste

BCTL's register lists Banco Nacional de Comércio de Timor-Leste (BNCTL), BNU Timor and the Timor-Leste branch of Grupo Caixa Geral de Depósitos, ANZ Banking Group Timor-Leste Branch, PT Bank Mandiri Dili Branch, PT Bank Rakyat Indonesia Timor-Leste Branch and Banco do Nosso Futuro, S.A. (BNF), which received a definitive licence in 2026. Other deposit-taking institutions (ODTIs), money-transfer providers and e-wallet providers perform related functions but are not banks. A bank account normally requires complete and verified identity information. The bank records representatives and authorised signatories, and may request a birth certificate for a minor. Customer due diligence and know-your-customer checks follow BCTL Instruction 26/2023. A resident generally needs a valid residence or stay permit or a work visa valid for at least four months from account opening. A company needs registration in Timor-Leste. BNCTL's online process can request a 3x4 photograph, at least two identity documents and, for foreign applicants, a work, residence or special-stay visa. A non-resident may need a passport and a certified identity statement. The bank can require approval, a minimum balance or account fees. BCTL Instruction 27/2024 recognises demand accounts, accounts redeemable at notice, term accounts, non-withdrawable term accounts and special-regime accounts. Banks should provide the deposit contract and price list before signature. Advertising must be clear and truthful, and the price list should show maximum commissions, fees and interest in one official language. Statements should show interest and charges. Customers should update their information at least annually and report changes to the bank. A demand account can be closed at any time, subject to a contractual notice period of no more than one month. An account becomes dormant after five years without activity other than interest. After six years, the bank closes it and transfers the remaining balance to BCTL; the customer is not charged a reactivation fee. Payments use R-TiMOR for interbank settlement and P24 as a national switching system. Registered debit cards can be used at participating P24 ATMs and points of sale. Banks support bank-to-bank transfers, bank-to-e-wallet transfers, cheques, direct debits and card payments. Visa, Mastercard and UnionPay acceptance depends on the bank and merchant. Commercial banks offer internet or mobile banking. BNCTL describes services including 24-hour account management, transfers, standing orders, bill payments, mobile top-ups, statements and bulk payments. Agent banking can provide cash-in and cash-out through individuals or businesses using point-of-sale devices or smartphones. The instant payment system had a soft launch on 21 May 2025. The e-Centavos project has been under implementation since 2024, and TUQR is the national QR standard; availability depends on the bank, merchant and rollout coverage. A 2022 benchmark recorded bank access for 64% of adults and e-wallet use for 22%. Branches, ATMs and digital services are denser in Dili and other urban areas, while ATMs, P24, agents and e-wallets can extend access in remote areas. Fees depend on the bank and product, so the current price list controls. Examples in BNCTL information include US$5 for BCTL cheque clearing, US$4 for a BRI Fast or BCA Fire transfer, maximum transfers of US$2,000 through BRI and US$1,500 through non-BRI channels, and a US$15 correspondent fee. These figures can change and should be checked before payment. Banks apply customer due diligence and report suspicious transactions without delay to the Unidade de Informação Financeira (UIF). Cash transactions of at least US$10,000 are reportable. A person carrying at least US$10,000 in cash or bearer negotiable instruments across the border must declare it to Customs. Customers should never share a PIN or login details and should treat unexpected links, messages and calls as possible phishing or scams. Parliament approved the second reading of Law Proposal 22/VI on 14 July 2026. The proposal would strengthen BCTL supervision and create a Resolution Fund, Deposit Insurance Fund, development banks and additional consumer and depositor protection. It was not yet confirmed as effective in the available research because final approval, promulgation and publication in the Jornal da República were still required. No operational deposit-insurance coverage limit was confirmed. Banking assets were reported at US$2,662.3 million in 2024, with deposits of US$1,852.3 million and credit of US$560.2 million; a June 2025 snapshot reported assets of US$2,478 million, credit of US$640 million, non-performing loans of 2.4% and deposits of US$1,735 million.