If you’re a business owner in Singapore that deals with foreign currencies, you might want to consider opening a UOB Global Currency Account. This account allows you to hold balances in up to 10 different foreign currencies, including USD, EUR, and GBP, among others. With this account, you can enjoy seamless foreign currency transactions without conversion fees.
One of the key features of the UOB Global Currency Account is the ability to earn daily interest on your savings in the account. Overdraft facilities are also available, secured against your foreign currency deposits with the UOB Group. The account comes with a 3-day cheque clearing system for Global Currency Account held in US dollars. If you’re eligible, you can apply for this multi-currency account and enjoy flexibility and control over your money in various foreign currencies.
Overall, the UOB Global Currency Account is a great option for Singapore-based businesses that deal with foreign currencies. With its various features and benefits, it’s worth considering if you want to streamline your foreign currency transactions and manage your money in different currencies with ease.
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Don’t have time to read all of this? Here’s a quick breakdown of the UOB Global Currency Account for Singapore businesses:
- Benefits:
- Hold balances in 10 currencies (USD, EUR, GBP, etc.)
- Seamless foreign currency transactions with no conversion fees
- Earn daily interest on your account balances
- Access through online and mobile banking
- Eligibility: Singaporeans, PRs, and foreigners (with introducer)
- Minimum balance: SGD 1,000 or equivalent in foreign currency
- Monthly fee: SGD 10 or equivalent in foreign currency (waived if minimum balance met)
Consider this account if you need to manage your money in multiple currencies and want to avoid conversion fees.
Overview of UOB Global Currency Account
If you’re looking for a flexible and convenient way to manage your money in multiple currencies, UOB Global Currency Account might be the perfect solution for you. With this multi-currency account, you can easily transact in 10 different foreign currencies, including USD, EUR, GBP, AUD, JPY, HKD, CAD, CHF, NZD, and CNH.
One of the best things about UOB Global Currency Account is that you can enjoy seamless foreign currency transactions without conversion fees. This means you can save money on fees and get more control over your money. Plus, you can transact with foreign currencies anytime, anywhere, through UOB’s online and mobile banking services.
To open a UOB Global Currency Account, you need to meet certain eligibility criteria and pay some fees. For example, you need to have a UOB deposit account and maintain a minimum balance of SGD 1,000 or its foreign currency equivalent. You also need to pay a monthly account fee of SGD 10 or its foreign currency equivalent.
With UOB Global Currency Account, you can efficiently manage your day-to-day cash flow in foreign currencies. This account is perfect for businesses that deal with multiple currencies, as it allows you to receive and make payments in different currencies. You can also earn interest on your account balances, which can help you grow your money over time.
Key Features and Benefits
If you are looking for a savings account that allows you to hold a balance in multiple foreign currencies, then the UOB Global Currency Account Singapore is an excellent option for you. Here are some of the key features and benefits of this account:
Multiple Currency Options
With the UOB Global Currency Account, you can hold a balance in up to 10 foreign currencies, including EUR, USD, AUD, JPY, CAD, HKD, CNY, GBP, CHF, and NZD. This means that you can easily manage your finances if you frequently travel or do business abroad.
Competitive Interest Rates
The UOB Global Currency Account offers competitive interest rates on your foreign currency deposits. You can earn daily interest on your account balance, which is calculated based on the prevailing interest rates and bonus rates.
Convenience and Accessibility
Managing your UOB Global Currency Account is easy and convenient. You can access your account anytime, anywhere through UOB’s mobile and online banking facilities. You can also visit any UOB branch to make deposits or withdrawals.
Specialised Accounts
The UOB Global Currency Account also offers specialised accounts, such as the Global Currency Premium Account, KrisFlyer UOB Account, and UOB Privilege Account. These accounts come with additional benefits and features, such as higher interest rates, priority banking services, and exclusive rewards.
In addition, the UOB Global Currency Account also offers a 3-day cheque clearing system for Global Currency Account held in US dollars, overdraft facilities secured against one’s foreign currency deposits with the UOB Group, and free cheque books for your convenience.
If you have any questions or need assistance with your UOB Global Currency Account, you can contact UOB’s customer service team for support. Overall, the UOB Global Currency Account Singapore is an excellent choice for anyone who needs a flexible and convenient way to manage their foreign currency savings.
Account Eligibility and Requirements
Are you interested in opening a UOB Global Currency Account in Singapore? Here’s everything you need to know about eligibility criteria and account opening process.
Eligibility Criteria
To open a UOB Global Currency Account in Singapore, you need to be at least 21 years old and above. The account is available for Singaporeans, Permanent Residents, and non-residents. However, non-residents will require an introducer to open an account.
If you are a non-resident, you will need to provide a passport as proof of identification. Additionally, you will need to fill out a participation form to open an account.
Account Opening Process
To open a UOB Global Currency Account, you will need to provide a minimum initial deposit of SGD 1,000 or its equivalent in foreign currency. The minimum deposit required to maintain the account is SGD 1,000 or its equivalent in foreign currency.
There is no account opening fee for the UOB Global Currency Account. However, you will need to pay a fee for any transaction made using the account.
To open an account, you can visit any UOB branch in Singapore. Alternatively, you can also apply for an account online. The online application process is simple and easy to follow.
Fees and Charges
If you’re interested in opening a UOB Global Currency Account, it’s important to know what fees and charges you’ll be facing. Here’s a quick breakdown of the fees and charges you need to know about:
Service and Maintenance Fees
To maintain your account, you’ll need to pay a monthly service fee. The amount you’ll pay depends on the currency you’re holding and the balance of your account. For example, if you’re holding US dollars, you’ll need to maintain a minimum balance of US$1,000 to avoid a monthly service fee of US$3. If you’re holding Euros, you’ll need to maintain a minimum balance of €1,000 to avoid a monthly service fee of €3.
In addition to the monthly service fee, you’ll also need to pay a fall-below fee if your account balance falls below the minimum required balance. The fall-below fee is charged on a monthly basis and varies depending on the currency you’re holding.
Transaction Costs
When it comes to transaction costs, UOB Global Currency Account offers competitive exchange rates. However, you’ll still need to pay a fee for each transaction you make. The fee varies depending on the currency you’re holding and the type of transaction you’re making. For example, if you’re making an inward remittance, you’ll need to pay a fee of S$20.
It’s important to note that UOB Global Currency Account charges a fee for foreign currency cash withdrawals. The fee is 1% of the transaction amount, with a minimum charge of S$5 and a maximum charge of S$50.
Tip: Maximize your earning potential with UOB Global Currency Account
Did you know you can earn bonus interest on your UOB Global Currency Account? By maintaining a minimum balance of USD 200,000 for 3 months, you can enjoy up to 1.2% p.a. interest on your USD savings.
Plus, UOB frequently runs promotions for even higher returns. Link your Global Currency Account to your UOB One Account to unlock even more benefits and maximize your earnings!
Currency Management
Managing your foreign currency accounts is a breeze with the UOB Global Currency Account Singapore. You can keep your balances in 10 major foreign currencies, including EUR, USD, JPY, AUD, GBP, CHF, CAD, NZD, HKD, and CNH. This feature makes it easy to manage your funds in different currencies, without the need for conversion fees.
Exchange Rate Advantages
One of the key advantages of the UOB Global Currency Account Singapore is the competitive exchange rates it offers. You can enjoy preferential rates when you buy or sell foreign currencies, which can help you save money on your transactions. This is particularly useful if you need to make regular payments or transfers in foreign currencies.
Fund Management
Managing your funds is easy with the UOB Global Currency Account Singapore. You can deposit fresh funds into your account and use them to make payments or transfers in different currencies. You can also enjoy daily interest rates on your account balances, which can help your funds grow over time.
In addition, you can access your account online or via mobile banking, which makes it easy to manage your funds on the go. You can view your account balances, transaction history, and other details from anywhere, at any time.
Security and Assurance
When it comes to managing your money, security and assurance are of the utmost importance. The UOB Global Currency Account Singapore offers a range of features to ensure that your funds are safe and secure.
Deposit Insurance
One of the key features of the UOB Global Currency Account is that it is covered by the Deposit Insurance Scheme. This means that your deposits are insured up to a maximum of SGD 75,000 per depositor per scheme member.
Account Monitoring
In addition to deposit insurance, UOB also provides account monitoring services to ensure that your account is safe and secure. The bank employs state-of-the-art security measures to protect your account from unauthorized access and fraudulent activity.
To further enhance the security of your account, UOB also offers two-factor authentication and biometric login options. This means that you can access your account securely using your fingerprint or face recognition.
To ensure that you are always aware of the activity in your account, UOB provides regular updates and alerts. You can receive notifications on your mobile device or via email, keeping you informed of any changes to your account balance or transactions.
To provide additional peace of mind, UOB maintains an Insured Deposit Register that records the details of all eligible deposits held by the bank. This register is updated on a regular basis and is available for inspection upon request.
Additional Perks and Offers
If you are considering opening a UOB Global Currency Account in Singapore, you’ll be happy to know that there are additional perks and offers that come with it. Here are some of the benefits you can enjoy:
Bonus Interest and Promotions
UOB offers bonus interest rates on your Global Currency Account savings. For example, you can earn up to 1.2% p.a. interest on your USD savings when you maintain a minimum balance of USD 200,000 for 3 months. Additionally, UOB frequently runs promotions that can earn you even more bonus interest. Keep an eye on their website or speak to a UOB representative to learn more about their current promotions.
One Account Benefits
One of the most significant benefits of a UOB Global Currency Account is that it is a One Account, which means you can link it to your other UOB accounts and enjoy even more benefits. For example, you can enjoy fee waivers on fund transfers between your UOB accounts, and even enjoy preferential foreign exchange rates when you transfer funds between your accounts.
Moreover, you can also enjoy the benefits of the UOB One Account when you link it to your Global Currency Account. The UOB One Account is a savings account that rewards you with higher interest rates when you credit your salary, pay bills and make card transactions. By linking your Global Currency Account to your UOB One Account, you can enjoy the same benefits and earn even more interest on your savings.
Frequently Asked Questions
What are the perks of opting for a UOB Global Currency Premium Account?
UOB Global Currency Premium Account offers a range of benefits, including the ability to hold a balance in 10 major foreign currencies, with chequing facilities, online and mobile banking, and more. With this account, you can enjoy seamless foreign currency transactions without conversion fees and earn daily interest on your deposits.
How does the UOB Global Currency Account compare with the DBS multi-currency account?
Both UOB Global Currency Account and DBS multi-currency account offer similar benefits, such as the ability to hold multiple currencies in a single account. However, UOB Global Currency Account offers a wider range of currencies to choose from, including Chinese Renminbi (offshore) and Swiss Franc.
What’s the minimum balance required to maintain a UOB Global Currency Account?
To maintain a UOB Global Currency Account, you need to maintain a minimum balance of USD 1,000 or an equivalent amount in any of the other foreign currencies offered by UOB.
Are there any advantages to holding a foreign currency account like UOB’s?
Yes, there are several advantages to holding a foreign currency account like UOB’s. Firstly, you can avoid currency conversion fees when you transact in foreign currencies. Secondly, you can earn interest on your foreign currency deposits. Finally, holding a foreign currency account can help you manage your foreign currency exposure and reduce the risk of currency fluctuations.
Can you enlighten me on the interest rates for UOB’s foreign currency accounts?
UOB offers competitive interest rates on its foreign currency accounts, with rates ranging from 0.01% to 0.25% per annum, depending on the currency and the account balance.
Is it possible to deposit USD into my UOB account, and how does it work?
Yes, it is possible to deposit USD into your UOB account. You can do this by transferring funds from your USD account to your UOB account through online banking or by visiting a UOB branch. Once the funds are deposited, you can use them to transact in USD or convert them into other foreign currencies offered by UOB.
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