UOB Business Review [2023]: Features, Fees & Recommendation

UOB is a traditional Singaporean bank offering what you’d normally expect from a bank. But are they the best choice for your business and its payment needs?

We help answer that question in this review. In this post, we take a closer look at UOB, its products, its fees, and its add-on services, and we make a final recommendation based on what would be best for your situation.

What is UOB?

Founded in 1935 by Datuk Wee Kheng Chiang, Khoo Teck Puat, and Lee Kong Chian, 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 a banking license in 18 countries, including Singapore, Hong Kong, the UK, and the USA.

According to Macrotrends, UOB's total assets were approximately USD304.3 billion by the end of June 2022 with about 25,000 employees.

Requirements for opening a business account

UOB offers banking accounts to individuals and businesses.

To open a business account with UOB, your business should be registered as one of the following: 

• Sole proprietor
• Partnership
• Private Limited Company
• Foreign Incorporated Company
• Professional practice
• Association, club, or society
• Management Corporation Strata Title.

UOB does not offer accounts to businesses based in sanctioned countries, including Cuba, Iran, North Korea, Syria, and regions of Ukraine [*]. Other restrictions may apply to businesses based in Belarus, Myanmar, Russia, Venezuela, and Zimbabwe. If you’re unsure, contact UOB directly for more information. 

Businesses operating in prohibited industries are also not able to open an account with UOB. Prohibited industries include tobacco, defense, pharmaceuticals, gambling, and unregulated law and accounting firms [*].

UOB products

UOB business accounts

UOB offers the following types of business accounts:  

• A single currency SGD current account with an ATM card
• A single currency SGD eBusiness account without an ATM card
• A single currency SGD BizTransact account that features cash management services
• A 10-currency global account.
• A USD BizGlobal account.

Each type of account has minimum daily balance requirements [*]. 

Cards 

Business account holders are eligible for a Mastercard debit card, except for eBusiness account holders. UOB offers up to 10% cashback on some purchases made using the debit card [*].

Foreign exchange

Like most banks, UOB provides foreign exchange services to businesses. ​​You can book or secure FX rates in advance and choose from more than 30 currencies, including G10 and EM currencies.

Additional services

Banks typically offer a range of products and services to businesses, and UOB is no different. Its products and services include:

• A UOB SME app giving SME account holders access to digital partner services, cash flow insights, and quick applications for accounts and loans
• Working capital loans up to SGD800,000
• 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.

Fees charges

Account Fees

Account setup fee (for foreign incorporated companies only): SDG500 minimum

Branch processing fee(s) where the corporate structure has layers of shareholdings and shareholders who are foreign entities: SDG1,000 minimum.

Current Account Fees

*SDG5 per OTC cash deposit/withdrawal of SDG3,000 and below from the 6th transaction onwards per month.

eBusiness Account Fees

BizTransact Account Fees

Global Currency Account Fees

USD BizGlobal Account Fees

Debit Card Fees

**Waived for regional cash withdrawal at all UOB ATMs in Malaysia, Thailand and Indonesia.

SGD Transfer Fees

Inward Transfer Fees (Telegraphic Transfer)

Outward Transfer Fees (Telegraphic Transfer)

FX fees

In addition to the above fees, users sending money abroad with UOB are also subject to an exchange rate fee. The fee is the margin above the mid-market rate that UOB sets to execute a transaction between two currencies. It does not disclose what this rate is.

You can view the most up-to-date rates on their website [*].

Customer Reviews

We have spent some time looking into what other customers have to say about UOB to share a more complete picture of what UOB offers.

Regarding customer support, some of UOB's users have posted their thoughts on the bank's TrustPilot profile. For example, Byron wrote, "Very good bank, using this for my personal and business. Secure and good CS.". However, this is outweighed by the huge number of negative reviews posted by dissatisfied clients about UOB's customer service.

At the time of writing this review, UOB's TrustPilot score is at 1.8 stars on average.

⚠️It is important to note that customers are 2-3 times more likely to write an angry or negative review than positive ones because negative experiences leave a long-lasting impression on our minds.

How to apply for a business account

As is the case with most traditional banks, you cannot apply for a business account with UOB online. You need to download an application form, complete it and send it via email to UOB. 

UOB will then be in touch to arrange a meeting at one of their branches where you need to bring relevant documentation to. The kind of documentation required depends on the jurisdiction of your company, but it will generally include:

• Account Application Form (providing your Business Registration Number and information about your business)
• Original identity documents for all approved persons
• All approved signatories in person
• Account and Service Resolution (ASR)
• All persons who certified the ASR
• FATCA form
• Self-certification
• US IRS forms
• Memorandum & Articles of Association (if your business is a private limited company).

You can view the documentation list for each business type on the UOB website [*].

Step 1

Go to UOB website and download the application form for your business type

Step 2

Fill in the required information and send the form via email to UOB.

Step 3

UOB will contact you to arrange an appointment at one of UOB's branches. 

Step 4

Bring the required documentation, as stated in the application form, to your appointment at the UOB branch.

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

Alternative Solutions

When considering banking solutions for your business, it's important to keep your options open, especially with small businesses, in order to make a more complete and informed decision.

Aspire as an Alternative

One alternative to UOB that you may consider is Aspire.

Aspire is a payment services provider based in Singapore as well, that can cover your transaction needs as a small business.

Their key services include a Business account, Payment cards, Foreign exchange services, and Solutions to cover your accounting, expenses, payables, and receivables management needs.

It's worth noting that Aspire is not a bank but a money service provider, so some services such as trade financing may be missing in comparison to UOB.

For a deeper dive into Aspire, you can read our published Aspire review.

Statrys as an Alternative

Another option available to SMEs is a Hong Kong-based fintech solution, Statrys.

Statrys is a fintech that aims to support SMEs with everything related to payments.

We offer a multi-currency business account that supports 11 currencies and provide payment cards for a more flexible payment solution.

When it comes to smaller businesses, every cent in making transactions count, which is why we do our best to stay transparent with our pricing and fees.

You can read more about Statrys' offerings on our website.

Getting in touch

UOB offers a business banking hotline for its account holders (+65 6259 8188). You can also use the chatbot on their website, visit a branch, or write to them. 

Final note

If anything is missing in this UOB review, drop us a message and we will do our best to make the review even more comprehensive.

This review is based on information available on the UOB website as of February 2023.