How to open a bank account in United Overseas Bank (Vietnam) Ltd (UOB)

GSL reference about the bank What is it?

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GSL rating

Beginning of cooperation

November, 2022

Last contact

April, 2024

Last update

October, 2023

the bank is part of the group of the international bank UOB, founded in 1935, and is the 5th subsidiary bank in the structure;
the bank accepts many activities that other banks do not, BUT accepts companies mainly from the Asian region;
if the director of the company is NOT a citizen of China, you will need to notarize your passport in your country; also legalization of documents will be required at the Vietnamese Consulate, if the account is opened for a GC company;
available currencies: USD, SGD, EUR, VND, HKD, JPY, THB;
account opening is done remotely;
Internet Bank only for transaction monitoring, payment orders are sent by fax, but this can be solved by installing a special application on the phone + it is possible to switch to sending by e-mail;
possibility to receive pre-approval;
time of account opening ~ 1-1,5 months

GSL rating

Beginning of cooperation

November, 2022

Last contact

April, 2024

Last update

October, 2023

Поиск консультанта...

+44 0 207 822 85 93

General information and rating

Not rated

Global rating

Not rated

Countrywide rating

—

Countrywide rating of the head bank

—

Global rating of the head bank

Year of foundation

1993

History

It was founded in 1935 as United Chinese Bank. UOB's relationship with Vietnam began in 1993. On August 6, 2018, a subsidiary, United Overseas Bank (Vietnam) Limited (UOBV), was officially opened.

Currently, UOBV is the 5th subsidiary bank in the structure. UOB is headquartered in Singapore and has more than 500 branches in 19 countries in Asia-Pacific, North America and Western Europe

Personnel

There are English-speaking staff

Bank’s shareholders

Citibank Nominees Singapore Pte Ltd - 17,89%; DBS Nominees (Private) Limited - 17,72%; DBSN Services Pte. Ltd - 8,53; Wee Investments (Pte) Limited - 7,97%; HSBC (Singapore) Nominees Pte Ltd - 5,58% etc.

Confidentiality

Judicial Cooperation Agreement with Russia is signed; Double Taxation Agreement with Russia is signed; AML legislation is strictly observed

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Minimum requirements

150

Minimum balance, €

No restrictions

Transactions permitted per month

150

Initial deposit of funds, €

1

Deadline for the initial deposit, month

Minimum balance, €

Minimum monthly balance:
for an account in EUR - EUR 150,
for an account in USD - USD 150,
for VND account - VND 3 000 000

Transactions permitted per month

No restrictions

Initial deposit of funds, €

The initial payment is equal to the minimum monthly balance of the account

Deadline for the initial deposit, month

To be entered at account opening

Minimum turnover, €/year

No restrictions

How fast payments are executed

Payments - same day or next day

Tariffs and services

80

Outcoming transfer, €

100

Incoming transfer, €

120

Account maintenance, €/year

N/A

Payment limit for credit cards, €/day

Outcoming transfer, €

The outgoing payment fee is:
Paper-based - 0,2% (min VND 400 000 – max VND 3 000 000) + Cable + other bank charge (if any);
E-channel - 0,15% (min VND 300 000 – max VND 2 000 000) + Cable + other bank charge (if any)

Incoming transfer, €

Fee for incoming payments is 0,1% (Min USD 5 – Max USD 100)

Account maintenance, €/year

The account maintenance fee is:
for an account in EUR - EUR 10 per month,
for an account in USD - USD 10 per month,
for a VND account - VND 200 000 per month.
Bank fee for opening an account - USD 2 200 (debited after opening an account).
Account closure fee is VND 400 000

Distant access to the account

Internet Banking is for transaction tracking only. Payment orders are sent by fax. But this can be solved by installing a special application on your phone. And there is also an option to switch to sending by e-mail

Financial products

UOBV offers a range of personal and institutional financial services to both our Vietnamese and overseas clients.

Account opening procedure

Days to open for incoming transfers

Case by case

Days to open for outcoming transfers

Case by case

References

Not necessary

Purpose of the account

Savings & current

Visit to the bank

You do not need to go to the bank. Account opening is done remotely

Required

To legal entity: Standard set of corporate documents of the company; Completed questionnaires on the form of a bank for the company and the owner; Copies of current contracts / invoices with counterparties; Office lease, business plan, cash flow chart, ownership structure chart, website, etc.
On the natural person (director / shareholder / beneficiary / attorney): Passport; Confirmation of address (not older than 3 months); Summary.
This list is not exhaustive and the bank may request any other documents and information.
If the director of the company is NOT a citizen of China, then it will be necessary to independently notarize the passport in his country; legalization of documents in the consulate of Vietnam will also be required if an account is opened with the GC company

Types of accounts

Savings; Current

Opening procedure and Due Diligence

It is possible to open an account without visiting the country where the bank is located

Chances to open an account

Predictable

Business description

Moderately detailed: along with a description of the business, you must provide information about the sources of funds

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