Rating
Overall rating: 3.3/5
Methodology
Our evaluation of the UOB Corporate Current Account is based on a clear and transparent rating framework designed to provide an objective overview of its overall quality and performance.
Arithmetic mean approach
To arrive at the final score, we calculate the arithmetic mean, which involves adding up individual category scores and dividing the result by the total number of categories.
Equal weighting
Each category (Features, Pricing and FX, Global payments, Ease of onboarding, and Support and ecosystem) is assigned equal importance, ensuring a balanced and unbiased final score.
Data sources
Our ratings are based on official documentation, publicly available pricing and feature details, third-party reviews, and verified user feedback.
Interpretation caveat
While this method provides a fair and objective benchmark, it does not reflect individual business priorities.
Intended use
The resulting score is designed as a general performance indicator, useful for making comparisons and informing decision-making. It should be considered alongside your specific business needs and priorities.
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Key features of the UOB Corporate Current Account
The UOB Corporate Current Account is designed to support the day-to-day banking needs of Singapore SMEs. Key features and services include:
Low initial deposit
The account requires a minimum initial deposit of SGD $1,000, which is relatively accessible compared to the higher upfront funding requirements imposed by some traditional business banking accounts in Singapore.
Digital banking via UOB Infinity and UOB SME app
Day-to-day management runs through UOB Infinity on desktop and the UOB SME app on mobile. Both cover FAST, PayNow, GIRO payment processing, bank transfer initiation, TT submissions, and real-time eAlerts. GIRO payments submitted before the relevant cut-off time are typically processed on the same business day. GIRO payment limit settings can be adjusted directly in UOB Infinity, useful if your payment volumes fluctuate.
International transfers via TT and UOBSend
Outward TT through UOB business banking is charged at 1/16% (min. SGD $10, max. SGD $100) for online transfers via UOB Infinity or the UOB SME app (standard cable and agent charges apply).
For example, if you send SGD $1,000:
- Fee rate = 1/16% = 0.0625%
- Calculation: SGD $1,000 × 0.0625%
- Fee = SGD $0.625
However, since this amount is lower than the minimum fee, you’d have to pay SGD $10 instead.
On the other hand, if you have to send SGD $200,000, the transfer would normally incur a fee of SGD $125 (0.0625% of the transfer amount), but since the fee is capped at SGD $100, you will pay just SGD $100. Standard cable and agent charges apply.
UOBSend offers eligible businesses a promotional flat fee of SGD $8 per transaction (down from the standard SGD $20 rate) for supported overseas payments until 31 March 2027.
Access to UOB's broader SME ecosystem
UOB corporate bank account holders get access to the full range of UOB products, business loans, trade finance, insurance, and digital partner solutions for accounting, HR, and payroll. Businesses also benefit from UOB's extensive regional presence, with more than 470 branches across 19 markets, providing access to in-person banking support when required.
UOB Corporate Current Account fees and charges
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How to open a UOB Corporate Current Account
Eligibility
Businesses can open a UOB corporate bank account online if they are a Singapore-registered sole proprietorship, partnership, or private limited company that is fully owned by Singapore citizens or permanent residents (PRs). For private limited companies, all directors must also be authorised signatories, and the company cannot have more than five directors.
Foreign-incorporated companies can apply through an in-branch process with a minimum SGD $500 setup fee.
Documents required
For a private limited company, you'll typically need:
- ACRA business profile
- Company resolution authorising account opening
- Identity documents such as passport and National Registration Identity Card (NRIC) for all directors and authorised signatories
Application process
Online (Singapore Citizens and PRs):
- Go to the UOB Corporate Current Account page and select ‘apply online’
- Log in with SingPass and complete the form
In-branch (foreign-incorporated companies):
- Visit a UOB branch with all required documents
Who is the UOB Corporate Current Account best suited for
It works well for:
- Established Singapore SMEs that consistently maintain an average daily balance of SGD $10,000 or above
- Businesses that need a reliable SGD account for everyday payments, payroll, and supplier transactions within the UOB business banking ecosystem
- Companies that want comprehensive banking services with branch access, loans, and trade finance facilities alongside digital management
It is less suitable for:
- Startups or businesses that can't reliably meet the account minimum balance requirement of SGD $10,000
- Businesses that need a free monthly transaction bundle, as standard fees apply on each FAST, PayNow, and GIRO transaction
- Companies that need foreign currency support or more integrated financial tools
Pros and cons of the UOB Corporate Current Account
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Ratings across platforms
- App Store (iOS): The UOB Infinity app has a limited number of reviews. Feedback mostly around customer service and login issues.
- Google Play: Rated 4.4/5 from around 414 ratings. Users praise mobile payment approvals and SWIFT tracking; some report device compatibility, digital token, and app stability issues.
UOB Corporate Current Account vs competitors in Singapore
The UOB Corporate Current Account sits in the mid-tier segment of Singapore business bank account options. Here is how it compares against its competitors.
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Other alternatives to UOB Corporate Current Account
- OCBC Business Growth Account: An SGD current account with a SGD $1,000 minimum balance and SGD $20 fall-below fee. It also includes 80 free FAST and 80 free GIRO transactions per month and integrates with Xero and InvoiceNow. For businesses with lower balances and moderate transaction volumes, OCBC is more accessible.
- DBS Business Starter Bundle: Designed for businesses that have been operating for less than three years, this account has no minimum balance requirement and includes unlimited FAST and GIRO transactions for a monthly fee of SGD $10. It also integrates with popular accounting platforms such as Xero, QuickBooks, and Financio. Businesses that have been operating for more than three years will need to transition to the DBS Business Multi-Currency Account under the applicable pricing structure.
- Wise Business: Supports 40+ currencies at mid-market rates with fees shown upfront before every transaction. There's a one-time SGD $99 setup fee and no monthly charges after that. For low-cost international payments across currencies with full transparency, Wise is a practical alternative.
- CIMB SME Account: This SGD current account has no minimum balance requirement and charges a monthly fee of SGD $28, which is waived for the first 12 months. It also offers flat-fee international transfers at SGD $15 per transaction. The account is well suited to newer businesses looking to keep fixed banking costs low during their early stages.
- Maybank FlexiBiz Account: This SGD current account requires a minimum initial deposit of SGD $1,000 and charges a relatively modest fall-below fee of SGD $10. It also pays tiered interest on eligible deposit balances, allowing businesses to earn some return on idle cash. With its lower balance requirements and simpler cost structure, the FlexiBiz Account is generally more accessible to early-stage businesses, startups, and SMEs with lighter cash balances.
Conclusion
The UOB Corporate Current Account is a dependable business banking solution for established Singapore SMEs, offering essential payment, collection, and cash management capabilities within the UOB ecosystem. Its SGD $1,000 initial deposit requirement is reasonable, while UOB's extensive branch network and digital banking platforms provide convenient support for day-to-day business operations.
The account's SGD $10,000 minimum balance requirement and SGD $35 monthly fall-below fee may be less appealing for businesses with fluctuating cash flows. In addition, the absence of a free transaction bundle means costs can add up for businesses that process a high volume of FAST, PayNow, and GIRO payments.
Businesses evaluating current account options in Singapore could consider an Aspire business account, which has no minimum balance requirement or annual fee. It offers free local transfers, supports more than 30 currencies, provides expense management tools, and integrations with Xero, QuickBooks, NetSuite and more. For companies seeking a more comprehensive financial management platform rather than a traditional business current account, Aspire may offer a broader feature set.
FAQs
What is the corporate current account?
The UOB Corporate Current Account is a business bank account built for everyday commercial transactions, paying suppliers, collecting from customers, running payroll, and managing operating cash flow.
Who is eligible for a UOB Corporate Current Account?
The UOB Corporate Current Account is available to Singapore-registered sole proprietorships, partnerships, and private limited companies, as well as foreign-incorporated companies. Online account opening is limited to businesses that are owned by Singapore citizens or PRs. Foreign-incorporated companies must apply through a branch and are subject to a minimum account opening fee of SGD $500.
Is there an account opening fee for a UOB business account?
Singapore-registered businesses can open the account without any account opening fee, apart from the required minimum initial deposit of SGD $1,000. Foreign-incorporated companies are subject to a minimum account setup fee of SGD $500 in addition to the initial deposit requirement.
What's the minimum balance requirement for the account?
The UOB Corporate Current Account requires businesses to maintain a minimum average daily balance of SGD $10,000. If the balance falls below this requirement in any given month, a SGD $35 fall-below fee applies.
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