UOB Business Account Review [2024]: Features, Fees & Alternatives

Founded in 1935 by Datuk Wee Kheng Chiang, United Overseas Bank Limited, known as UOB, is a Singaporean multinational bank headquartered in Singapore, with branches across Southeast Asia.

The bank started as a solution to cover the needs of merchants in Singapore during the great depression during the time and has grown into an international bank that continues to expand its global reach while still catering to the small business community.

UOB offers a range of banking services, from a multi-currency account to business and corporate lending and wealth management services.

As a bank, UOB holds banking licenses worldwide, including Singapore, Hong Kong, the UK, and the USA. Its total assets were approximately USD 524 billion. UOB has been recognised and received multiple rewards, including Best Bank in Asia-Pacific from the World’s Best Bank Awards 2024 and the Global SME Banking Innovation Awards 2024.

Here are key features you can expect from UOB business bank accounts.

• Send and receive local payments through GIRO and FAST systems.
• Send and receive telegraphic transfers (TT) in multiple currencies, including USD, EUR, JPY, SGD, CAD, and more. However, the full list of currencies supported by UOB is not available.
• Bulk payments and payroll via GIRO and FAST.
• Issue and receive demand drafts.
• Deposit cash.
• Collect foreign cheques.
• ATM withdrawals.

In addition, UOB offers bank accounts for businesses of all sizes, which are:

• UOB eBusiness Account: A single currency SGD current account designed for small businesses and startups.
• UOB BizTransact Account: A single currency SGD current account designed for companies with high transaction volume.
• Corporate Current Account: A single currency SGD current account that comes with cash management, trade finance services, and supply chain management.
• UOB Global Currency Account: A current account supporting multiple currencies.
• UOB BizGlobal Account: A single USD current account designed for businesses dealing with USD on a day-to-day basis.

UOB requires a minimum deposit to open all types of accounts. 

Next, we will outline the benefits of each account.

• Get SGD 0.5 cashback on up to 60 transactions (FAST or PayNow FAST) you send via online platforms each month.
• Earn SGD 0.2 cashback for up to 60 GIRO transfers online each month. 
• 100% rebate on “Bulk Payroll” fees.
• Waived the first 12 monthly fees.
• Waived the first annual fee.
• Free monthly subscriptions for payroll, collection bulk, and other payment services.
• Low minimum average daily balance of SGD 5,000.

• Get SGD 0.50 cash back on up to 300 transactions (FAST or PayNow FAST) you send via online platforms each month.
• Earn SGD 0.2 cashback for up to 300 GIRO transfers online each month.
• 100% rebate on “Bulk Payroll” fees.
• Better outgoing telegraphic transfer fees
• Free monthly subscriptions for payroll, collection bulk, and other payment services.
• No annual fees
• Waived the first 2-month minimum balance requirement, after that, SGD 50,000 is required to waive the fee.

• Complimentary corporate ATM card
• Free cheque books
• Access to UOB Infinity– A platform for end-to-end cash management, supply chain management, and trade services.

• Support 10 currencies, including USD, AUD, CAD, EUR, JPY, NZD, GBY, CHF, HKD and RMB (offshore).
• Earn daily interest on your account balance.
• Dedicated support from FX specialists
• Receive SMS and/or email alerts on your account.
• Free cheque books
• Access to UOB Infinity– A platform for end-to-end cash management, supply chain management, and trade services.

• Receive USD telegraphic transfers (TT) for free.
• Better outward USD TT fee.
• Better rate on Export Letter of Credit negotiation and waiver on trade commission-in-lieu of exchange fee.
• Earn interest on your account balance.
• Wavie on MT103 copy subscription fees via online platforms.
• Wavie the first 2 months of minimum account balance requirement.

All account holders can apply or subscribe to the following services to enhance the account’s capability.

Corporate Card

• 9 corporate debit and credit cards are available
• Each credit card comes with different features and rewards, such as interest-free credit periods, cash rebates, and airport lounge access, designed to meet various business needs.
• All cards are compatible with mobile wallets, such as Google Pay, Apple Pay, and Samsung Pay.

Foreign Exchange Service

• Support over 30 foreign currencies
• Monitor the rate and make an instant book at the rate you prefer.
• Secure the rate with future contracts.

Additional Services

• A UOB SME app giving SME account holders access to digital banking services, cash flow insights, and quick applications for accounts and loans
• Working capital loans up to SGD 800,000
• Business property loans and refinancing
• Commercial and vehicle financing
• Business insurance, employee insurance, life insurance, and vehicle insurance
• Trade financing for importing and exporting
• Investing services.

UOB offers a comprehensive suite of features catering to various business needs, from startups to large corporations. The variety of account types is a major strength, allowing businesses to select an account that aligns with their size, transaction volume, and market.

The additional support services such as loan services, trade services, and insurance make them a one-stop banking solution for businesses operating internationally.

While some accounts have high fees and minimum balances, the cashback rewards offered by certain accounts can offset these costs for businesses with the right transaction profile.

However, the fee structure could be more transparent, especially regarding potential additional fees for international transactions and foreign-incorporated companies.

UOB offers multiple channels to contact its customer support team, which include:

• FAQ
• Submit the inquiry form
• Visit a UBO branch near you
• Business banking hotline: (+65) 6259 8188 (Monday - Saturday, 8:00 am - 8:00 pm.)
• Business Internet banking enquiries: 1800 226 6121
• BB Credit Management: (+65) 6868 5106
• Corporate Transaction Services (Import & Export Bill Enquiries): (+65) 6878 0707
• Remittance Enquiries: (+65) 6892 1111

While UOB’s customer support offers in-person and phone call options for those favouring traditional methods, the absence of 24/7 support could be a drawback for businesses that operate across different time zones or require immediate help after standard hours.

UOB welcomes all business entities to open an account. You can even open an account online via Singpass if you meet these criteria:

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

Also, you need the following documents to complete your online application.

• Singpass login credentials
• Business supplier and buyer information (for traders/wholesalers only)
• Business Tax Identification No (TIN)
• A JPG or PNG copy of your signature (if you can't provide an eSignature)
• Constitutive Documents (for Private Limited Companies only)

UOB does not specify the processing time to complete online account applications.

If your business is a different entity type or registered outside Singapore, please contact UOB for further assistance.

Approval time for an application depends on how complete your application is. Opening a bank account in Singapore generally takes 1-4 weeks.

Each business entity has a different set of required documents. Below are some common documents that banks will require:

• Account opening form
• ACRA business profile search
• Identity documents of all UBOs  (NRICs for Singapore citizens/PRs, Passports for foreigners)
• Proof of residential address (For foreigners)
• FATCA self-certification or IRS withholding certificate*

It’s important to note that the required documentation will vary depending on your company entity. Please refer to the document checklist for detailed information.

UOB offers limited options for remote account opening, which may be inconvenient for businesses registered outside Singapore. These businesses must be physically present to meet with the UOB team, submit their application, and complete the verification process. Additionally, UOB does not specify the timeframe for account opening, which may lead to uncertainty for potential customers.

If you're looking for an alternative to UOB and your business is registered in Hong Kong, Singapore, or the BVI, consider Statrys.

Founded in 2019, Statrys is a financial services provider tailored to the needs of modern SMEs. Statrys offers multi-currency business accounts that can hold 11 currencies and come with dedicated customer support, simplifying international transactions.

As a licensed Money Service Operator in Hong Kong, Statrys prioritises speed and convenience. The online account opening process is designed to be efficient, with most successful applicants opening their accounts within 3 days.