UOB Business Account: Fees, features & alternatives (2026)

Key takeaways:

• UOB offers five main business accounts in Singapore: the eBusiness Account, Corporate Current Account, BizTransact Account, BizGlobal Account (USD), and Corporate Global Currency Account.¹

• Each account suits a different stage of business — from startups with low transaction volumes to established SMEs with USD trade flows or multi-currency operations.

• If your business pays overseas suppliers, collects from international customers, or holds funds in multiple currencies, the Airwallex Business Account is a strong alternative to a traditional UOB business account.

A UOB business account gives Singapore SMEs a familiar local bank to manage daily payments, payroll, and international transfers.¹ But the right account depends on how much you transact, where your customers and suppliers sit, and which currencies you handle.

This guide breaks down each UOB business account — what it costs, who it's built for, and how it compares to the others.

UOB business banking overview

UOB is one of Singapore's three local banks and offers a full set of business banking services. These include business accounts, cash management, financing, and trade services for SMEs and larger corporates.²

Most day-to-day banking happens through UOB Infinity, UOB's online banking platform for businesses, and the UOB SME app. Both let you view balances, pay suppliers via PayNow, FAST, GIRO or telegraphic transfer, and track receivables in one dashboard.³

Singapore dollar deposits with UOB are insured by the Singapore Deposit Insurance Corporation (SDIC), up to S$100,000 per depositor per Scheme member.² Foreign currency deposits are not covered by SDIC.

In the next section, we'll walk through each UOB business account, what it costs, and who it suits best.

What UOB business accounts are available?

UOB offers five business accounts for SMEs in Singapore. Each is built around a different use case:

• UOB eBusiness Account — for startups and small SMEs with mostly local transactions

• UOB Corporate Current Account — a standard everyday SGD account

• UOB BizTransact Account — for established SMEs with high local transaction volume

• UOB BizGlobal Account (USD) — for businesses that mainly invoice or pay in USD

• UOB Corporate Global Currency Account — for businesses that hold and transact in multiple foreign currencies

Here’s a quick overview, before we go into more details:

Reviewed for accuracy as of 22 May 2026.

Note that UOB is running a welcome cash bonus of up to S$4,500 per year for new eBusiness, BizTransact, or BizGlobal accounts opened by 30 September 2027, subject to minimum monthly transaction and balance criteria.⁴

Not sure if UOB is the best choice for you? Compared to UOB, Airwallex Business Account costs less to maintain, with no minimum balance and fall-below fees. It also lets you hold 20+ currencies in a single account (compared to UOB’s 10 currencies). Sign up for a free account.

1. UOB eBusiness Account

The UOB eBusiness Account is built for startups and small SMEs that mainly need a simple SGD account for local payments. It has the lowest minimum average daily balance of all UOB business accounts, which makes it the lightest entry point if your cash flow is still ramping up.⁵

You get up to 60 free outgoing FAST or PayNow FAST transactions and 60 free GIRO payment and collection transactions per month, charged at standard rates after that. Bulk GIRO payroll transactions are fully rebated.⁵

Key fees and features:

• Annual account fee: S$35⁵

• Minimum initial deposit: S$1,000

• Minimum average daily balance: S$5,000

• Monthly fall-below fee: S$15 (waived for the account opening month and the next 11 months)

• Free incoming PayNow transactions until 31 December 2028

• Free access to UOB Infinity and the UOB SME app

Best for: sole proprietors, partnerships, and private limited companies that handle mostly local SGD payments and want low monthly running costs. It is less suitable if you need multi-currency support or send international payments often.

2. UOB Corporate Current Account

The UOB Corporate Current Account is a straightforward SGD account for everyday business banking. It does not include rebates on local transactions, so it suits businesses that value branch and ATM access more than volume discounts on payments.⁶

Key fees and features:

• Annual account fee: S$35⁶

• Minimum initial deposit: S$1,000

• Minimum average daily balance: S$10,000

• Monthly fall-below fee: S$35

• Over-the-counter cash deposit or withdrawal: S$5 per transaction

• Early closure fee: S$50 (within 6 months of account opening)

• Includes a UOB Corporate ATM card and access to UOB Infinity and the UOB SME app

Best for: Singapore-registered sole proprietors, partnerships, private limited companies, and societies that want a basic SGD current account with full counter and ATM access, and don't need transaction rebates.⁶

3. UOB BizTransact Account

The UOB BizTransact Account is built for established SMEs with high local transaction volume. It has no annual account fee but requires a much higher minimum average daily balance than the eBusiness or Corporate Current accounts.⁷

You get up to 300 free outgoing FAST or PayNow FAST transactions and 300 free GIRO payment and collection transactions per month via UOB Infinity or the UOB SME app. Outward telegraphic transfers are charged at 1/16% commission (minimum S$10, maximum S$50).

Until 31 March 2027, you can also send cross-border payments through UOBSend at a promotional flat fee of S$8 per transaction — a newer alternative to traditional TT that includes cable and agent fees.⁷ ¹¹

Key fees and features:

• Annual account fee: S$0⁷

• Minimum initial deposit: S$1,000

• Minimum average daily balance: S$50,000

• Monthly fall-below fee: S$50 (waived for the account opening month and the next 1 month)

• Outward TT: 1/16% commission (min S$10, max S$50), or UOBSend at US$8 promo

• Free UOB Corporate ATM card

• Free access to UOB Infinity and the UOB SME app

Best for: SMEs with steady cash flow that can comfortably hold S$50,000 in the account and process more than 60 local transactions per month.

4. UOB BizGlobal Account

The UOB BizGlobal Account is a USD-denominated business account designed for companies that mainly invoice or pay in USD. It earns interest on USD deposits from the first dollar and waives inward telegraphic transfer fees, which makes it useful for exporters and importers with steady USD flows.⁸

Like BizTransact, BizGlobal supports UOBSend for cross-border payments at a promotional rate of US$6 per transaction until 31 March 2027. Standard outward TTs cost a flat US$38 (including cable charges, but excluding agent fees).⁸ ¹¹

Key fees and features:

• Annual account fee: S$0⁸

• Initial deposit: US$1,000

• Minimum average daily balance: US$80,000

• Monthly fall-below fee: US$80 (waived for the account opening month and the next 1 month)

• Interest on USD deposits: 0.18% p.a. from the first dollar

• Waiver of inward TT fees

• Outward TT: US$38 flat fee (incl. cable), or UOBSend at US$6 promo

• Early closure fee: S$50 or equivalent (within 12 months of account opening)

Best for: SMEs and trading businesses with high USD turnover that can maintain the US$80,000 minimum balance and want to avoid converting USD receivables into SGD unnecessarily.

5. UOB Corporate Global Currency Account

The UOB Corporate Global Currency Account lets you hold and transact in 10 foreign currencies under a single account: USD, GBP, EUR, AUD, CAD, NZD, HKD, CNH, JPY, and CHF.⁹

There is no annual account fee for Singapore-registered companies. Each currency has its own minimum initial deposit and either a minimum daily balance with a fall-below fee, or a flat monthly service fee. The table below shows the requirements per currency.

The information in this table has been reviewed to be accurate as of 21 May 2026.

A one-off account setup fee of S$500 applies for foreign-incorporated companies.⁹ The early account closure fee is S$50 or equivalent if the account is closed within 6 months of opening.

Best for: businesses with steady payments or collections in foreign currencies that want to avoid converting funds in and out of SGD on every transaction. Note that you'll need to maintain separate minimum balances for each currency you activate, which can add up if you're holding many at once.

How to choose the right UOB business account

The right UOB business account depends on three things: how much you transact each month, which currencies you handle, and how much you can comfortably hold in the account.

Use this as a quick guide:

• You're a startup or small SME with mostly local payments: the eBusiness Account has the lowest minimum balance at S$5,000, plus 60 free FAST/GIRO transactions a month.⁵

• You want a standard everyday SGD account with branch access: the Corporate Current Account works for general business banking, with a S$10,000 minimum daily balance.⁶

• You make more than 60 local transactions per month and can hold S$50,000: the BizTransact Account gives you 300 free FAST and 300 free GIRO transactions, with no annual fee.⁷

• You mainly invoice or pay in USD: the BizGlobal Account earns 0.18% p.a. on USD deposits and waives inward TT fees.⁸

• You need to hold or transact in multiple foreign currencies: the Corporate Global Currency Account supports 10 currencies in one account.⁹

UOB business account holders can also apply for a UOB Business World Debit Card or one of UOB's six corporate credit cards. For more information, see our full guide to UOB corporate credit and debit cards in Singapore.

How to open a UOB business account

You can open a UOB business account online through UOB's website with Singpass, or in person at a UOB branch.⁵

Who can apply online

Online application is available to Singapore-registered sole proprietors, partnerships, and private limited companies that are fully owned by Singapore citizens or permanent residents.⁵ For private limited companies, the directors must also be the approved signatories and approved persons of the company, with a maximum of five.⁵

Applications submitted between 8.30am and 9pm SGT can be processed instantly. Applications received outside those hours are processed the next working day, subject to UOB's approval.⁵

Foreign-incorporated companies need to apply at a UOB branch and pay a one-off account setup fee of S$500.¹⁰

Documents you'll need

You will usually need:

• ACRA business profile

• NRIC or passport copies of all directors and signatories

• Proof of residential address (for foreigners)

• FATCA or CRS declaration

Some entity types may need extras, such as a board resolution for private limited companies, or a partnership deed for partnerships. UOB publishes the full document checklist on each account's product page.⁵

Step-by-step guide to opening a UOB account

Here's how you can open a UOB account:

1. Pick the UOB business account that fits your needs based on the comparison above.

2. Gather your documents.

3. Apply online with Singpass (if eligible) or visit a UOB branch.

4. Wait for confirmation — instant if you applied online within the eligible window; otherwise the next working day.

5. Activate your account and start transacting through UOB Infinity or the UOB SME app.³

How UOB business accounts compare to Airwallex

UOB offers familiar, regulated business banking with strong local branch support. But the right account depends on your transaction profile — and for many businesses, a fintech option like Airwallex might work better.

The table below compares Airwallex with UOB's business account range on the features that matter most for SMEs in Singapore:

The information in this table has been reviewed to be accurate as of 21 May 2026.

It’s clear from the table that UOB costs more to maintain. You need to hold a minimum balance, watch out for fall-below fees, and pay higher fees per transfer — none of which apply with Airwallex.

You also get less in return. UOB caps you at 10 currencies in one account (and only on the Corporate Global Currency Account), with separate minimum balances for each currency you activate. Airwallex supports 20+ currencies in a single account, with no minimum balance and no monthly fees.

Here’s a closer look at what you get with Airwallex:

One account for 20+ currencies

Open local-currency accounts in markets like the US, UK, Eurozone, Australia, Hong Kong, and China — all under one Airwallex Business Account. Hold balances in each currency for as long as you need, and convert only when the rate works for you.

Free transfers to 120+ countries via local rails

Send money to 120+ countries through local payment rails with no transfer fee. 93% of our transfers arrive on the same day, and 45% arrive immediately.

Save up to 80% on FX fees

Airwallex’s FX rates are priced at 0.4% to 0.6% above interbank. With these competitive rates, you save up to 80% on FX fees as compared to traditional banks.

Get paid like a local

Receive payments from international customers through local bank details in 20+ currencies. Your customers transfer to a local account in their country, so they avoid international wire fees — and your funds land in your Airwallex account without going through SWIFT.

Issue multi-currency corporate cards

Spin up unlimited virtual or physical Airwallex Corporate Cards for your team, each with custom spend limits and locked to specific budgets. Cards spend directly from your multi-currency balance, so there's no FX conversion when paying in a currency you already hold.

Frequently asked questions (FAQs)

Which UOB business account has the lowest minimum balance?

The UOB eBusiness Account has the lowest minimum average daily balance at S$5,000, with a fall-below fee of S$15 if you go below it.⁵ It's the lightest entry point if you're a startup or small SME with mostly local payments.

Can a foreigner open a UOB business account?

Foreign-incorporated companies can open a UOB business account, but you'll need to apply in person at a UOB branch — not online. A one-off account setup fee of S$500 applies.¹⁰ Singapore-registered companies with foreign directors can apply online via Singpass, provided the company is fully owned by Singapore citizens or permanent residents.⁵

How long does it take to open a UOB business account?

If you apply online via Singpass between 8.30am and 9pm SGT, your account can be approved instantly.⁵ Applications submitted outside that window are processed the next working day, subject to UOB's approval. Foreign-incorporated companies applying in branch will take longer, as it involves manual verification.

Is there an annual fee for a UOB business account?

It depends on the account. The eBusiness Account and Corporate Current Account both charge a S$35 annual fee.⁵ ⁶ The BizTransact, BizGlobal, and Corporate Global Currency accounts have no annual fee, but they require higher minimum balances or have fall-below fees.⁷ ⁸ ⁹

Which UOB business account is best for international payments?

For USD-heavy businesses, the UOB BizGlobal Account is built for USD trade — it earns 0.18% p.a. on USD deposits and offers outward TT at US$38 flat.⁸ For multi-currency operations, the Corporate Global Currency Account supports 10 currencies in one account.⁹ If you transact across many currencies and want no minimum balance, the Airwallex Business Account supports 20+ currencies in a single account.

What documents do I need to open a UOB business account?

You'll typically need your ACRA business profile, NRIC or passport copies of all directors and signatories, proof of residential address (for foreigners), and a FATCA or CRS declaration.⁵ Some entity types may need extras, such as a board resolution for private limited companies, or a partnership deed for partnerships.

Sources:

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

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

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

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

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

6.  https://www.uob.com.sg/business/accounts/uob-bizglobal-account.page

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

8.  https://www.uob.com.sg/business/help-support/rates-fees/general-services-fees.page

9.  https://www.uob.com.sg/business/transact/payments/uobsend.page

This publication does not constitute legal, tax, or professional advice from Airwallex, nor does it substitute seeking such advice, and makes no express or implied representations / warranties / guarantees regarding content accuracy, completeness, or currency. If you would like to request an update, feel free to contact us at [[email protected]]. Airwallex (Singapore) Pte. Ltd. (201626561Z) is licensed as a Major Payment Institution and regulated by the Monetary Authority of Singapore.