UOB Business Account Review [2025]: Features, Fees & Alternatives

The UOB eBusiness Account covers what most Singapore-based SMEs need: a simple SGD current account that supports local payments. For those with local suppliers, employees, and clients, the account offers practical value, especially with digital transaction rebates and access to UOB’s broader SME services.

Additionally, there are no bundled tiers or complex add-ons, just core tools to manage domestic payments and payroll. It’s a practical option for business owners who want reliability without paying for extras they won’t use.

However, it’s built for daily operations within Singapore, not for regional expansion. You can’t hold foreign currencies, and onboarding can be restrictive for foreign-owned entities. UOB’s platform is improving, but it still leans on traditional processes and lacks the agility of newer fintech options.

Key Highlights

• SGD current account designed for Singapore-registered SMEs
• Supports FAST and GIRO payments and GIRO collections
• Digital rebate programme for outgoing transactions
• Bulk payroll processing via GIRO
• Access to UOB Infinity and SME mobile app
• Access to additional business banking services, loans, cards, and financing within the UOB ecosystem

UOB offers a range of SGD and foreign currency accounts for businesses, from basic current accounts to savings and fixed deposit options. Among these, the UOB eBusiness Account stands out as the most practical choice for handling routine business transactions in Singapore.

The UOB eBusiness Account is a single SGD account designed for SMEs operating in Singapore with a focus on domestic transactions. There’s no multi-currency functionality or tiered product bundles here, just the essential tools you need to send and receive payments and manage cash flow. That simplicity is exactly why I find it useful for SMEs with primary business dealings in Singapore.

The account supports key transaction types including FAST and GIRO transfers, GIRO collections, and bulk payroll processing. These cover most local payment needs for SMEs managing suppliers, recurring invoices, and employee salaries. GIRO collection, in particular, is a solid feature for businesses with predictable billing cycles, like retainers or subscriptions.

What adds further value are the built-in incentives for digital usage. UOB offers a rebate of SGD 0.50 on up to 60 outgoing FAST transactions per month, SGD 0.20 per GIRO payment or collection (also capped at 60), and f ull rebates on bulk GIRO payroll charges. These aren’t headline features, but they can reduce transaction costs for businesses that rely on online payments.

You can manage the account through the UOB Infinity digital banking platform or the UOB SME app on mobile. This setup is convenient for business owners with finance teams who want to delegate access without overcomplicating the workflow.

The UOB eBusiness Account has an annual account fee of SGD 35 and a monthly fall-below fee of SGD 15 if your average daily balance drops below SGD 5,000. However, this fee is waived for the account opening month and the following 11 months, so technically, you don’t have to worry about it during your first year.

For foreign-incorporated companies, there’s also an account setup fee starting from SGD 500.

UOB clearly lists the significant fees and minimum requirements for using the account on their product page. Let’s take a look at some of the key ones.

UOB offers several ways to reach its business support team, including an online inquiry form, a business banking hotline (available Monday to Saturday, 8 am to 8 pm), and direct phone lines for specific departments like credit management and corporate transaction services. 

And, as a traditional bank, it also offers in-branch support, which is still useful for more complex requests or document-related matters. 

The UOB eBusiness Account can be opened online if you meet certain eligibility criteria. In this section, let’s look at who qualifies and what you’ll need to get started.

Eligibility Criteria and What You’ll Need

UOB accepts a wide range of business entities for the eBusiness Account, including sole proprietorships, partnerships, private limited companies, professional practices, and associations. The required documents vary depending on the type of entity, but UOB provides a detailed document checklist for each. 

For private limited companies, you’ll typically need:

1. Account Opening Form
2. ACRA Business Profile Search
3. Business Tax Identification No (TIN)
4. Identity Documents - NRIC(s) / Passport(s)
5. Proof of Residential Address (For Foreigners)
6. FATCA Self-Certification or IRS Withholding Certificate
7. Account Opening Resolution
8. Certified True Copy of Constitution
9. Common Reporting Standard Form

In order to open the account online, you’ll need a SingPass login and must meet the following criteria.

1. Your business is registered in Singapore.
2. Your business is owned by Singapore Citizens or Permanent Residents.
3. Your business is a Sole Proprietorship, Partnership, or Private Limited Company.
4. If your business is a Private Limited Company, the Directors must be the Approved Signatory and Approved Person of the company.

How to Apply

• Apply online if you have a SingPass and meet the local ownership criteria.
• Otherwise, you’ll need to visit a branch in person.

UOB does not specify the processing time to complete online account applications. However, it generally takes 1-4 weeks to open a business bank account in Singapore.

UOB doesn’t have many reviews on public platforms like Trustpilot, which is typical for traditional banks. The few available comments mostly focus on retail banking, not business banking, with some complaints about slow service and limited digital support.

While this doesn't directly reflect the business account experience, it suggests UOB remains more conventional compared to newer, more responsive fintech providers.

If you’re opening a business account in Singapore as a base for regional or global expansion, an SGD-only account might not give you the flexibility you need. A multi-currency account lets you hold funds in different currencies and manage FX more strategically, which is useful when dealing with international clients, suppliers, or partners.

For businesses registered in Hong Kong, Singapore, or the BVI, Statrys offers 100% online account opening, allowing business owners to complete the process remotely without travelling. Here’s what the account includes:

✅One business account supporting 11 major currencies

✅ Physical and virtual Mastercard® prepaid card, managed via the Statrys app

✅ Real-time SWIFT tracking with free MT103 document

✅ Competitive FX and Spot Orders 

✅A dedicated account manager for direct, personalised support

For businesses that value digital access, multi-currency tools, and responsive support, Statrys is a practical option.