UOB Business Account (Malaysia): Review & full guide (2026)

Key takeaways:

• UOB offers several business current accounts for Malaysian businesses, from the entry-level Business Current Account-i to the premium BizMax.

• Opening a UOB business account can be done fully online for eligible businesses, though companies with foreign directors or complex ownership structures will need to visit a branch.

• Whilst UOB covers the basics of local business banking, Airwallex is the better choice for businesses that want lower fees, faster payments, and a platform built for modern operations.

If you're setting up a business in Malaysia, UOB is one of the more established options for business banking. It has a range of current accounts, an online banking platform in UOB Infinity, and a dedicated SME app for day-to-day financial management.

This guide covers UOB's business account types, fees, how to open one, and where its limitations show up. We'll also show you how Airwallex compares with UOB, and why it's the better choice for modern businesses.

What is a UOB business account?

A UOB business account is a bank account designed for companies operating in Malaysia to manage their day-to-day finances. You can receive ringgit payments, pay suppliers, manage cash flow, process payroll, and access branch services when needed.

UOB offers both conventional and Islamic banking options, so businesses that require Shariah-compliant banking are covered too.

UOB business account types in Malaysia

UOB Malaysia offers a few different business accounts, each suited to a different stage or size of business. Here's a quick overview:

The information in this table has been reviewed to be accurate as of 3 March 2026.

UOB Business Current Account

This is UOB's entry-level conventional current account, designed for businesses that need straightforward local banking without a high minimum balance. It requires a minimum opening deposit of RM10,000¹.

UOB Business Current Account-i

This is the Shariah-compliant equivalent of the Business Current Account, operating under the Commodity Murabahah principle. It has the lowest minimum opening deposit of all UOB's business accounts at RM1,000², making it the most accessible starting point for businesses that want Islamic banking.

UOB BizCA+

BizCA+ is UOB's standard conventional current account for SMEs. It requires a minimum opening deposit of RM25,000³ and comes with a monthly service charge of RM25 if your monthly average balance falls below RM25,000.

In return, you get complimentary DuitNow transfers, IBG, and RENTAS transactions.

UOB BizMax

BizMax is UOB's premium business current account, designed for higher-volume businesses. It requires a minimum opening deposit of RM100,000⁴ and comes with daily interest on your balance, plus 72 complimentary outward telegraphic transfers per year.

UOB Foreign Currency Account

If your business receives or makes payments in foreign currencies, UOB also offers a Foreign Currency Account that supports eight major currencies including USD, EUR, GBP, and SGD. This lets you hold foreign currency balances without immediately converting them to ringgit.

That said, currency conversion typically comes with higher FX spreads compared to platforms like Airwallex, which can make international transactions more expensive over time.

Fees and minimum balance requirements

UOB's fees vary depending on which account you hold. Here's a quick overview of the fees associated with each account:

The information in this table has been reviewed to be accurate as of 3 March 2026.

Note that BizCA+ and BizMax are interest-bearing current accounts – your balance earns daily interest, which is why the minimum balances and fall-below fees are higher than the entry-level accounts.

If your business consistently holds strong cash balances, the interest you earn from the BizCA+ or BizMax account can offset the fees and make these accounts more cost-effective. However, if you're not confident you can maintain the minimum balance every month, the entry-level accounts are the safer bet.

UOB Infinity and the UOB SME App

UOB offers two digital banking tools for Malaysian businesses: UOB Infinity for day-to-day transactional banking, and the UOB SME App for broader business financial management.

UOB Infinity

UOB Infinity is UOB's online banking platform for businesses. It's where you'll handle most of your day-to-day banking: checking balances, making transfers, processing payroll, paying bills via JomPay, and collecting payments via DuitNow.

You can also set up maker-checker approval workflows via UOB Infinity, so payments above a certain amount require sign-off from a designated approver before they go out.

Security is handled through Infinity Secure, UOB's digital token system that replaces the need for a physical hardware token. You can also set up biometric login on mobile for faster access.

For accounting, UOB Infinity supports data exports that you can import into your accounting software manually. Direct integrations are limited compared to modern fintech platforms such as Airwallex.

UOB SME App

The UOB SME App sits on top of UOB Infinity and adds a layer of business management tools beyond transactional banking. Through the app, you can view cashflow analytics, track your financial health, and access pre-approved financing offers based on your account activity.

How to open a UOB business account in Malaysia

Eligible businesses can apply online without visiting a branch. However, if your business has foreign directors or a more complex ownership structure, you'll need to complete the process in person.

Step 1: Check your eligibility

Before applying, make sure you have the following ready:

• Your business is registered in Malaysia with valid SSM documentation

• All directors and authorised signatories have valid MyKad (Malaysian citizens) or passports (foreign nationals)

• You have the minimum initial deposit ready for your chosen account

Step 2: Prepare your documents

The documents you need depend on your business structure:

Sole proprietor

• Completed account opening form

• Business registration certificate (SSM)

• MyKad of the sole proprietor

Partnership

• Completed account opening form

• Business registration certificate (SSM)

• Partnership agreement

• MyKad of all partners and authorised signatories

Private limited company (Sdn Bhd)

• Completed account opening form

• SSM company profile

• Board resolution authorising account opening

• Particulars of directors and shareholders

• MyKad of all directors and authorised signatories

Foreign-owned entities

• All of the above, plus certificate of good standing from your home country, proof of business activities in Malaysia, and notarised identification for all foreign directors and ultimate beneficial owners

Step 3: Submit your application

If you qualify for online application, you can apply through UOB's business account opening portal. After submitting, UOB will reach out within 1–3 working days⁶ to follow up on your application. If you need to apply in branch, visit your nearest UOB branch with your documents for in-person verification.

Step 4: Fund your account

Once approved, transfer your initial deposit to activate the account: RM1,000 for the Business Current Account-i, RM10,000 for the Business Current Account; RM25,000 for BizCA+, or RM100,000 for BizMax.

Step 5: Set up UOB Infinity

Once your account is active, register for UOB Infinity to access online banking. Download the UOB SME App on iOS or Android to manage your account and track your business finances on the go.

Is a UOB business account right for your business?

UOB’s business accounts are designed primarily for businesses focused on domestic banking. Here's a quick summary of where UOB works well, and where it falls short.

Pros of UOB

• Established local banking infrastructure: UOB has branches nationwide, which is useful if you need in-person support or need to handle cash deposits and withdrawals.

• Range of account tiers: From the entry-level Business Current Account-i to the premium BizMax, there's an option for most business sizes and banking needs.

• PIDM protection: Your deposits are covered up to RM250,000 per depositor per bank⁷

 Cons of UOB

• High minimum balances for mid-tier and premium accounts: BizCA+ and BizMax require RM25,000 and RM100,000 respectively, which ties up significant working capital.

• Limited cross-border capabilities: International transfers go through SWIFT, which can be slow and costly.

• FX transparency: UOB doesn't publicly disclose its FX margins, making it hard to estimate the true cost of currency conversions upfront.

• Limited accounting integrations: UOB Infinity doesn't natively integrate with accounting software, so you'll need to manually export and import transaction data for reconciliation.

UOB vs Airwallex: Which is right for your business?

UOB is a reliable bank for local Malaysian operations, but it comes with the overhead you'd expect from a traditional bank. For modern businesses, Airwallex is the better option.

Fees and onboarding

UOB's minimum deposits are among the highest of any Malaysian business bank: RM10,000 for the entry-level conventional account, and up to RM100,000 for BizMax. Mid-tier and premium accounts also carry monthly fall-below fees of RM25 to RM50 if your balance dips. That's a lot of working capital tied up just to keep your account active.

Airwallex, by contrast, has no minimum balance requirement and no fall-below fees, so you don’t need to lock up cash just to maintain your account. The entire onboarding process is also digital — you can set up your account online without branch visits or in-person verification, and manage everything from payments to Corporate Cards in one platform.

International payments and FX

UOB sends international payments through SWIFT, which can take several business days and involves multiple fees, including sender charges, intermediary charges, and recipient bank fees. Currency conversion costs aren't disclosed upfront either: you only see the rate at the point of transaction.

Airwallex takes a different approach. We send most of our payments through local rails across 120+ countries – this means no SWIFT fees, and 93% of our transactions arrive on the same day.

Our FX rates are competitive, saving you up to 80% compared to traditional banks. You can also hold 20+ currencies in a single account and pay out in those currencies directly, without converting back to ringgit first.

Frequently asked questions (FAQs)

Which UOB business account is right for my business in Malaysia?

It depends on your business size, cash flow, and whether you need Islamic banking. Read through the account types section above for a full breakdown of each option and who it suits.

Can I open a UOB business account online in Malaysia?

Yes, eligible businesses can apply online through UOB's business account opening portal. After submitting, UOB will reach out within 1–3 working days. If your company has foreign directors or a complex ownership structure, you'll need to visit a branch to complete the process in person.

How do I log in to UOB Infinity online banking?

You can log in to UOB Infinity at my.infinity.uobgroup.com using your User ID and password. Certain transactions require additional authentication via Infinity Secure, UOB's digital token system.

What is the UOB SME App and how is it different from UOB Infinity?

UOB Infinity is UOB's transactional banking platform: it's where you make transfers, process payroll, and manage day-to-day banking. The UOB SME App sits on top of Infinity and adds broader business management tools, including cashflow analytics, financial health tracking, and access to pre-approved financing offers. Think of Infinity as where you do your banking, and the SME App as where you get a broader view of your business finances.

What is the minimum deposit for a UOB business account in Malaysia?

It depends on the account. The Business Current Account-i has the lowest minimum at RM1,000, followed by the Business Current Account at RM10,000, BizCA+ at RM25,000, and BizMax at RM100,000. The Foreign Currency Account minimum varies by currency.

Can I open a UOB business account if my company has foreign directors?

Yes, but you'll need to visit a branch in person. Additional documentation is required, including a certificate of good standing from your home country, proof of business activities in Malaysia, and notarised identification for all foreign directors and ultimate beneficial owners. The approval process may also take longer compared to fully Malaysian-owned businesses.

Are UOB business account deposits insured in Malaysia?

Yes. Your deposits are protected by PIDM (Perbadanan Insurans Deposit Malaysia) up to RM250,000 per depositor per bank. For business entities like partnerships and companies, this limit applies collectively to the business — not per partner or director.

Sources:

1. https://www.uob.com.my/business/accounts/business-current-account.page

2. https://www.uob.com.my/business/accounts/business-current-account-i.page

3. https://www.uob.com.my/business/accounts/bizca.page

4. https://www.uob.com.my/business/accounts/bizmax.page

5. https://www.uob.com.my/business/accounts/foreign-currency-account.page

6. https://www.uob.com.my/business/online-account-opening.page

7. https://www.pidm.gov.my/general/how-we-protect-you/dis

This publication does not constitute legal, tax, or professional advice from Airwallex nor 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 (Malaysia) Sdn Bhd is licensed in Malaysia as a MSB Class B (remittance business only) licensee and is regulated by Bank Negara Malaysia (licence number 00318).