UOB business banking accounts: Features, benefits, fees, and digital solutions

UOB business banking: Overview

UOB offers a suite of business banking services that includes business accounts, cash management, financing options, and trade services, providing both SMEs and larger corporations with the necessary financial support and services to grow and succeed.

UOB Infinity, a digital banking platform by UOB, is designed to simplify and enhance business banking. In today’s digital landscape, it plays a crucial role in improving business efficiency by streamlining financial operations and expanding accessibility to banking services. With features like real-time transaction monitoring and automated reporting, UOB Infinity enables businesses to make faster, data-driven decisions that fuel growth and productivity.

In this article, we’ll take a look at the different UOB business accounts and how they cater to diverse business needs. We’ll also compare them with alternative digital banking solutions like Airwallex, so you can evaluate and make an informed decision on the best option for your company. 

What are the UOB business accounts available for your business?

UOB offers different business accounts to meet the diverse needs of businesses. They include:

1. UOB eBusiness Account

2. Corporate Current Account

3. UOB BizTransact Account

4. UOB Corporate Global Currency Account

The UOB eBusiness Account is great for SMEs and start-ups that are already adept with digital financial tools. On the other hand, the Corporate Current Account suits businesses that are just looking for an everyday banking solution. For businesses with a high volume of transactions, the UOB BizTransact Account provides flexibility for making local and international payments, while the UOB Corporate Global Currency Account offers support in 10 currencies for businesses that manage frequent international transactions.

Let’s take a closer look at each account in the table below.

Sources: Based on publicly available information from UOB¹ as of 6 Nov 2024.

1. UOB eBusiness Account

The UOB eBusiness Account is great for SMEs and start-ups looking for a convenient digital banking solution.² It offers up to 60 free FAST and PayNow FAST transactions each month, with a fee of S$0.50 for any additional transactions. Additionally, customers can enjoy up to 60 complimentary GIRO transactions through UOB Infinity or the UOB SME App, after which a charge of S$0.20 per transaction applies. Out of all three UOB Business Accounts, this account has the lowest minimum average daily balance requirement of S$5,000. It charges an annual account fee of S$35 and requires an initial deposit of S$1,000. 

2. Corporate Current Account

The Corporate Current Account is an everyday account tailored for various business needs.³ With a minimum initial deposit of S$1,000 and minimum average daily balance requirement of S$10,000, businesses can enjoy free corporate ATM cards and manage their finances on the go with UOB Infinity or UOB SME app. The account also has an annual fee of S$35. To be eligible, businesses need to be registered in Singapore - which includes sole proprietorship, partnership, private limited, and society - or incorporated overseas.

3. UOB BizTransact Account

The UOB BizTransact Account is a business banking solution designed to help growing businesses handle high volumes of payments.⁴ With this account, businesses can make up to 300 free FAST and PayNow FAST transactions, and up to 300 free GIRO payment and collection transactions. Afterwards, there’s a small fee of S$0.50 for each extra FAST and PayNow transaction, and GIRO payments and collections will cost S$0.20 each. You can also make TT transfers at a commission charge of 1/16%. While there is no annual account fee, the BizTransact Account requires a higher minimum average daily balance of S$50,000, which makes it more suitable for larger businesses with consistent cash flow. 

4. UOB Corporate Global Currency Account

The UOB Corporate Global Currency Account allows businesses to manage and transact in up to 10 major currencies, including USD, AUD, CAD, EUR, JPY, NZD, GBP, CHF, HKD, and CNH — all within a single account. For even greater convenience, businesses can easily access and manage their accounts on the go through the UOB Infinity or UOB SME app.

Depending on the currency account, the minimum initial deposit varies from $1,300 to S$9,300, and the minimum average daily balance ranges from S$7,000 to 11,000.

UOB business debit and credit cards

Businesses with a UOB Business Account can apply for an UOB Business World Debit Card, which offers up to 1.5% cash rebate.⁵ UOB also offers seven business credit cards with various cash rebate offers and extended payment terms to suit different business needs.⁶

However, note that UOB debit and credit cards come with an annual card fee, which range from S$36.67 to $692.71, as well as a card replacement fee. On the other hand, all Airwallex business account holders can apply for unlimited free physical and virtual multi-currency Visa cards. Airwallex cards offer real-time expense tracking and eliminate costly foreign transaction fees, helping businesses save more on every international payment. Plus, enjoy unlimited 1% cashback across all spending categories - from ad spend to SaaS payments.

Sign up for an Airwallex account to create your free corporate cards.

Read more about the comparison between business charge cards and credit cards in our article.

How to choose the right UOB business account for your business?

To pick the right UOB business account, it’s important to consider your company’s specific financial needs and how much you’ll be transacting. Take into account factors like the minimum average daily balance and the fees associated with local and TT transfers.

The UOB eBusiness Account is a good option for SMEs with limited cash flow, thanks to its lower minimum average daily balance requirement. For larger businesses, the UOB BizTransact Account provides up to 300 free FAST and PayNow FAST transactions, plus 300 free GIRO transactions to manage higher transaction volumes. And if your business often deals with cash, the Corporate Current Account offers free corporate ATM cards for easy cash withdrawal.

In addition to their SGD business accounts, UOB also offers a global currency account for your foreign currency needs. The UOB Corporate Global Currency Account allows businesses to hold and transact in 10 different currencies, making it convenient for those who frequently transfer money to international bank accounts.⁷

How to open a UOB business account?

To be eligible to open a UOB business account, you should be either one of the following:

• Singapore-registered business owned by individuals who are Singapore citizens or permanent residents

• Sole proprietor, partnership, and private limited companies

• Directors who are the approved signatory and approved person of the company (for private limited companies)

Step-by-step account opening process

1. Prepare required business documents: Typically, this includes your ACRA business profile, TIN, ID documents, and proof of residential address.

2. Submit application: Visit a UOB branch or apply online on UOB’s website with Singpass and upload your signature.

3. Account activation: After your application is processed, your account will be activated, and you will receive your account details and banking materials via email.

UOB Corporate Global Currency Account: Overview and comparison

The UOB Corporate Global Currency Account provides a versatile solution for Singaporean businesses operating on an international scale. This account enables you to hold and manage funds in 10 different currencies—SGD, USD, AUD, CAD, EUR, JPY, NZD, GBP, CHF, HKD, and CNH—all in one spot.

Having a multi-currency account is beneficial for businesses involved in international transactions and cross-border commerce, as it helps reduce costly currency conversions and foreign transaction fees. Learn more about UOB's foreign exchange rates for businesses and any hidden charges in our article.

Moreover, leveraging a multi-currency account facilitates smoother payments to overseas suppliers and enhances global payroll management. For eCommerce businesses, it enriches the customer experience by allowing payment acceptance in their preferred local currencies.

Take a look at the table below for a detailed comparison between the multi-currency business bank accounts offered by Airwallex and traditional banks in Singapore like UOB, DBS, and OCBC.

Sources: Based on publicly available information from Airwallex, UOB, DBS, and OCBC as of 6 Nov 2024.

Alternative digital banking solution for international businesses: Airwallex business account

Many small businesses face common challenges such as high fees associated with traditional banks, slow transaction processing times, and the difficulties of managing multiple currencies. Our Airwallex Business Account is designed to be a modern and efficient solution to these issues. Within the one platform, you get access to multi-currency accounts, high-speed international transfers, Borderless Cards, Expense Management, and online payments. 

Our key features include:

• Global account supporting 23+ currencies. Receive, hold and transfer funds in multiple currencies. This means that you can collect and settle funds in the same currency to avoid forced currency conversions.

• Market-beating FX rates. Save on international payments by leveraging competitive FX rates and avoid hidden charges that often accompany traditional banks.

• Low to no cost international transfers. Airwallex has partnered with 120+ local payment networks to bypass the SWIFT wire transfer system and its costly fees when you send money overseas.

• Corporate cards. Create multi-currency employee and company cards to gain more control over employee spending.

• Expense Management. Get real-time tracking of company expenses and reconcile your payments all in one place.

• Bill Pay. Streamline the process of uploading bills, paying global vendors, and reconciling your accounts into a simplified workflow.

• Xero integration. Automatically sync company expenses and reimbursements to Xero to save time on your reconciliation process.

• Payment gateway. Accept payments in the same currency your customers pay in and avoid unnecessary conversion fees. Funds will be deposited and held in your multi-currency Airwallex account, allowing you to use them for future payments to suppliers or partners.

• Integrations with popular eCommerce platforms. Sync with popular platforms such as Shopify, Magento, and WooCommerce to streamline your cross-border payment acceptance and eliminate costly FX fees.

• Enterprise solutions. Leverage Airwallex’s flexible APIs to seamlessly integrate our online payments, FX, and payout services into your existing workflow.

How to manage your business accounts with UOB digital banking tools

UOB Infinity

UOB Infinity is a digital banking platform for businesses to manage their cash flow, financial supply chain, and trade transactions more efficiently.⁸ Using the online platform, businesses can monitor their real-time balances across all UOB accounts and easily pay their suppliers via PayNow, FAST/GIRO, or telegraphic transfers. They can track their payables and receivables transactions on the dashboard to better manage their cash flow and reconcile their accounts more easily.

UOB SME app

The UOB SME app is designed to support the growth and financial management of start-ups and small businesses.⁹ It seamlessly integrates with UOB Infinity, allowing businesses to easily make and approve transactions, receive instant notifications for incoming payments, and monitor foreign exchange rates — all from within the app. Beyond its integration with UOB Infinity, the app offers enhanced features, such as the ability to open a business account and apply for working capital loans, enabling users to manage their banking needs on-the-go.

Xero integration

UOB has partnered with digital solutions like Xero to provide businesses with seamless integration to the accounting software.¹⁰ By connecting your UOB business account to Xero, you can effortlessly import your transaction data for smoother reconciliation. Xero will also automatically categorise your bank transactions with suggested matches, saving you time and effort on manual data entry.

Like UOB, Airwallex also offers a mobile app for accessing its services. Through the Airwallex app, businesses can easily access market-leading FX rates and make transfers to 150+ countries with just a few taps. You can also monitor your transactions in real-time, enabling you to manage your day-to-day finances seamlessly.

UOB hotline and customer support services

UOB offers extensive customer support services to assist businesses with their banking enquiries. To speak with a customer service officer, you can reach the UOB Corporate Contact Centre at 1800 226 6121, available Monday to Friday from 9 AM to 6:30 PM. For business banking inquiries, the UOB Business Banking Hotline is accessible Monday to Saturday from 8 AM to 8 PM at +65 6259 8188.¹¹ Additionally, UOB Chat Assist offers 24/7 live chat support for any urgent business banking needs, allowing you to conveniently check your account balance, activate your card, request a fee waiver, and more.¹²

Conclusion

UOB offers a variety of business accounts to suit different needs, including the UOB Corporate Global Currency Account designed for companies operating internationally. By using a multi-currency account, your business can transact in multiple currencies, manage payments to overseas suppliers and global payroll more efficiently.

Compared to UOB, Airwallex offers a more cost-effective solution for streamlining your global payments. By tapping into partnerships with local payment rails in 120+ countries, Airwallex bypasses the SWIFT network to ensure low to no transfer fees and that 85% of funds will arrive within the same day. We also offer 60+ trade currencies at interbank rates to help you save up to 80% on FX fees.

More than just a tool for managing your international transfers, Airwallex is your end-to-end financial operations platform and our benefits include:

• Centralised systems for all operations - With Airwallex, you can manage all your financial operations in one place. This centralisation makes it easier to manage payments, expenses, and other financial activities. It also makes it easier and faster to do administrative tasks.

• Flexibility to support growth - Our business accounts include flexible, scalable features designed to adapt to your business’s changing needs and support growth.

• Tech-first systems - Airwallex leverages advanced technology to create a user-friendly and efficient platform. This technology-driven approach supports seamless integration with other tools and creates a smooth, intuitive experience for managing your finances.

• Constantly evolving features - At Airwallex, we continually update features to align with the business needs of our customers. This means you’ll have access to the latest tools and services, helping you stay competitive and efficient.

​Sign up for your free Airwallex account today to enjoy fast, easy and affordable global payments for your business.

FAQ

How secure is UOB Infinity for managing my business finances online?

UOB is regulated by the Monetary Authority of Singapore (MAS) as a banking institution operating in Singapore and adheres to the regulations and compliance requirements set forth by the MAS.

Similarly, Airwallex is regulated by the MAS under the Payment Services Act (PSA) as a major payment institution. We comply with the PSA regulations to ensure the security of our customer's funds.

What is the process for applying for a UOB business credit card?

To apply for a UOB business credit card, you'll need to gather the necessary documentation, which typically includes proof of business registration, financial statements, and identification for the business owner(s). Next, visit the UOB website or a local branch to complete the application form. Once submitted, UOB will review your application, and if additional information is required, a representative may contact you. Upon approval, you’ll receive your card within a few business days.

If you're looking for a corporate card alternative, Airwallex offers multi-currency debit Visa cards that can be created online instantly. Sign up now to create free unlimited employee and company cards.

How much do I need to open a UOB business account?

To open a UOB business account, you'll need a minimum initial deposit of S$1,000. Additionally, depending on the account you choose, there's a minimum average daily balance requirement that ranges from S$5,000 to $50,000.

On the other hand, the Airwallex Global Account does not come with any account opening fees, minimum initial deposit and minimum balance requirements.

Which bank should I choose to start my business account in Singapore?

When deciding on which bank to choose, it's important to consider factors such as fees, account features, and accessibility. With an extensive network of branches and ATMs, traditional banks like UOB can be a good option for businesses that value in-person banking services. However, if you're looking for a more modern and flexible alternative, fintech providers like Airwallex may be a better fit. Airwallex offers an end-to-end financial operations platform that includes a multi-currency business account, FX and international transfers at competitive rates.

Can I use a personal bank account for business in Singapore?

Using a personal bank account for business transactions in Singapore is generally not advisable. Mixing personal and business finances can lead to complications during tax filing. Moreover, personal accounts typically lack the features and benefits that are specifically designed for business use, such as payroll and merchant services.

Which business bank account has no minimum balance in Singapore?

Airwallex offers business accounts with no minimum balance requirements, which can be especially beneficial for start-ups and small businesses that may have fluctuating cash flow.

Sources & references

1. https://www.uob.com.sg/business/accounts/business-accounts.page

2. https://www.uob.com.sg/business/accounts/uob-ebusiness-account.page 

3.  https://www.uob.com.sg/business/accounts/corporate-current-account.page

4.  https://www.uob.com.sg/business/accounts/uob-biztransact-account.page  

5.  https://www.uob.com.sg/business/transact/cards/uob-business-world-debit-card.page 

6.  https://www.uob.com.sg/business/transact/cards/business-credit-cards.page 

7.  https://www.uob.com.sg/business/accounts/corporate-global-currency-account.page 

8.  https://www.uob.com.sg/business/digital/infinity/index.page 

9.  https://www.uob.com.sg/business/digital/uob-sme-app.page 

10.  https://www.uob.com.sg/business/digital/accounting/xero.page 

11.  https://www.uob.com.sg/business/help-support/contact-us/index.page

12. https://www.uob.com.sg/personal/chat.page