UOB business account: Everything you need to know

UOB offers business banking services, including a basic account product for smaller businesses and entrepreneurs, a corporate account for bigger companies, and accounts which suit international organisations. If you need an account for your business, you’ll want to know more about the options available, to help you compare UOB’s business banking products with others on the market.

This account covers all you need to know, including:

• UOB business bank account types, and who they’re suited to
• All you need to know about the UOB business account opening process
• UOB business banking fees and charges

We’ll also highlight an alternative for businesses looking to make and receive low cost international payments, the Wise multi-currency borderless account.

The process of opening a UOB business account

The process for opening a UOB business account will vary based on the account type you choose, and the type of business you have.

You should be able to open the UOB eBusiness Account online if you’re a Singapore citizen or permanent resident registered as a sole proprietor, or have a partnership or private limited company. This account type may be opened in as little as one business day, although UOB might have to ask for further information or supporting documents, depending on your circumstances. If this happens, it may slow the process a little. ¹

You’ll need to provide supporting documents to be able to open any UOB business account. The paperwork you need varies depending on whether you're applying as a:

• Sole Proprietor
• Partnership
• Limited liability partnership
• Private limited company
• Society/club/association/clan

In any case, you will have to provide identity documents and a completed account application form, along with your minimum opening deposit. You may also need tax information, proof of address, and documents related to your business or organisation. You can check the full list of documents needed, based on the account you want to open, and your personal situation, online. ¹

What are the UOB business account fees?

Here are the costs you need to know about before you get started with UOB business banking.

Some of these charges may be varied or waived as an opening offer, and you may also find that there are other promotions in operation from time to time.

There’s also the option to open a UOB account in a foreign currency - the fees in this case are set according to the currency you choose. Check out all the details, online. ²

UOB business account offerings

There are a few options available for UOB business customers, with different features and benefits depending on your needs. Choose between:

UOB eBusiness Account

This account offers a low minimum balance, and free internet banking services. It might be a good fit for entrepreneurs and businesses which are just starting out.

UOB Corporate Current Account

This account is aimed at established and larger businesses, and has a higher minimum balance compared to the eBusiness account. You may also need to pay for some additional business internet banking services, and can apply for a corporate ATM card or cheque book to be linked to your account.

UOB Global Currency Account

You can open a UOB business account in a range of global currencies, as well as getting a linked bank card or cheque book. There are minimum balances, fees and charges which are set according to the currency you choose to operate your account in. Full details are available online or by visiting a UOB branch. ²

UOB business cards

The UOB Corporate Current Account and Global Currency Account both come with the option of a corporate ATM card and cheque book. ²'³

The eBusiness account does not offer this feature. ¹

Doing business overseas and need to make international business payments? Wise could save you money versus your bank

Traditional banks aren’t always the best option for businesses looking to reach a global market of customers and suppliers. International payments can be costly, and complicated to arrange, which quickly eats into your time and profits.

If your company has global ambitions, you might want to consider a multi-currency borderless account from Wise. You can set up and operate your account online, and hold over 40 different currencies, all in the same place. Then switch between currencies, or withdraw your money to a local account in Singapore, using the mid-market exchange rate, and for just a low upfront fee.

A borderless account can also save you time. Automate payments and workflow with the Wise API, integrate with Xero, and make batch payments easily to save on administration. Less hassle, leaving you with more time to grow your business any way you choose.

How can you contact UOB business banking support team?

There are various ways to get in touch with UOB if you need more help. Here’s what you need to know:

• Call the business banking hotline, 8am to 8pm, Monday to Saturday, on +65 6259 8188
• Email UOB using the online contact options available on their website
• Visit a branch for face to face help
• Write to UOB, Robinson Road, PO Box 1688, Singapore, 903338

Choosing a bank for your business is a big decision. The costs and features of different business bank accounts can be confusing, so investing some time researching the options is a smart move.

Don’t forget to compare traditional banks like UOB with modern alternatives like Wise, to see which will suit your business better.

Sources used in the article:

1. UOB eBusiness Account features.
2. Information about the UOB Business Foreign Currency account.
3. UOB Corporate Current Account features.
4. UOB contact details.