Are you trying to find an account that not only allows you to make deposits in various foreign currencies and also allows you to earn interest rates on your deposit? Well, in the UOB Global Currency Account, you just might find what you’re looking for. It is a unique chequing account that allows you to deposit across 10 major foreign currencies. Besides, with this savings account, you can earn daily interest on your deposits. The interest rates can go up to 0.30% p.a. in the case of this savings account. If you hold a Global Currency Account in US dollars, you can make use of the three-day cheque clearing system. Additionally, this savings account also lets you enjoy an overdraft facility. This facility is secured against foreign currency deposits already placed with the bank. Furthermore, it’s a pretty straightforward process to apply for this savings account. You can either book an appointment online or you could visit a UOB branch in person to open a UOB Global Currency Account.
Features and Benefits: Choose from 10 Foreign Currencies
The following features and benefits are applicable in case of the UOB Global Currency Account:
- Choose from multiple currencies: You can choose from 10 foreign currencies to deposit your savings in the case of the Global Currency Account. You will earn daily interest on the balances in your account in the case of the selected foreign currencies that include US dollar, Australian dollar, New Zealand dollar, Canadian dollar, Euro, British Pounds, Japanese Yen, Swiss Franc, Hong Kong dollar, and Chinese Renminbi (Offshore).
- Enjoy ease and swiftness: This savings account comprises of a three-day cheque clearing system providing you with ease and speed when it comes to making deposits. This facility is applicable only for a Global Currency Account held in US dollars.
- Secured overdraft facilities: With the Global Currency Account from UOB, you have the option of overdrawing on your account. This facility is secured and you can pledge your foreign currency deposits placed with UOB Bank.
Interest Rates: Range up to 0.30% p.a.
The following table illustrates the rates of interest offered against different amounts for different foreign currencies:
|Range of deposit||Interest rate offered (p.a)|
|US$500,000 and more||0.08%|
|Initial AUD 60,000||0.05%|
|Subsequent AUD 190,000||0.05%|
|Subsequent AUD 150,000||0.05%|
|Subsequent AUD 250,000||0.05%|
|AUD 650,000 and more||0.30%|
|New Zealand Dollar|
|Initial NZD 70,000||0.05%|
|Subsequent NZD 230,000||0.05%|
|Subsequent NZD 100,000||0.05%|
|Subsequent NZD 300,000||0.05%|
|NZD 700,000 and more||0.30%|
|Initial CAD 70,000||0.05%|
|Subsequent CAD 230,000||0.05%|
|Subsequent CAD 100,000||0.05%|
|Subsequent CAD 300,000||0.05%|
|CAD 700,000 and more||0.05%|
|Initial GBP 30,000||0.05%|
|Subsequent GBP 100,000||0.05%|
|Subsequent GBP 70,000||0.05%|
|Subsequent GBP 150,000||0.05%|
|GBP 350,000 and more||0.05%|
|Hong Kong dollar|
|Initial HKD 400,000||0%|
|Subsequent HKD 1,200,000||0%|
|Subsequent HKD 700,000||0%|
|Subsequent HKD 1,600,000||0%|
|HKD 3,900,000 and more||0%|
|Initial EUR 50,000||0%|
|Subsequent EUR 100,000||0%|
|Subsequent EUR 100,000||0%|
|Subsequent EUR 150,000||0%|
|EUR 400,000 and more||0%|
|From CHF 69,000||0%|
|Subsequent EUR 201,000||0%|
|Subsequent EUR 135,000||0%|
|Subsequent EUR 269,000||0%|
|EUR 674,000 and more||0%|
|Initial JPY 5,850,000||0%|
|Subsequent JPY 17,550,000||0%|
|Subsequent JPY 11,700,000||0%|
|Subsequent JPY 23,400,000||0%|
|JPY 58,500,000 and more||0%|
|Chinese Renminbi (Offshore)|
|Initial CNH 100,000||0.20%|
|Subsequent CNH 150,000||0.20%|
|Subsequent CNH 250,000||0.20%|
|Subsequent CNH 250,000||0.20%|
|CNH 750,000 and more||0.20%|
Fees and Charges
The following table illustrates the minimum initial deposit, the minimum balance fee, and the minimum incidental overdraft charge applicable in case of different foreign currencies:
|Type of foreign currency||Initial deposit amount and minimum average daily balance||Minimum balance fee||Minimum incidental overdraft fee|
|US Dollar||USD 1,000||USD 10||USD 10|
|British Pound||GBP 650||GBP 7||GBP 4|
|Euro||EUR 900||EUR 9||EUR 4|
|Australian Dollar||AUD 1,700||AUD 17||AUD 9|
|Canadian Dollar||CAD 1,700||CAD 16||CAD 8|
|New Zealand Dollar||NZD 2,000||NZD 20||NZD 10|
|Hong Kong Dollar||HKD 7,800||HKD 80||HKD 40|
|Japanese Yen||JPY 150,000||JPY 1,500||JPY 750|
|Swiss Franc||CHF 1,500||CHF 15||CHF 8|
|Chinese Renminbi (Offshore)||CNH 5,000||CNH 50||CNH 60|
A commission-in-lieu of exchanges will also be applicable if the account has the same currency as that of the foreign currency notes deposited. The following table illustrates the commission charges applicable against various amounts:
|Transaction sum||Commission fees|
|Below 29,999 units||1.0%|
|30,000 units to 49,999 units||1.0%|
|50,000 units to 69,999 units||0.75%|
|70,000 units to 99,999 units||0.75%|
|100,000 units to 149,999 units||0.75%|
|150,000 units to 199,999 units||0.50%|
|200,000 units to 499,999 units||0.50%|
|500,000 and more||0.50%|
Are You Eligible to Open This Account?
The following eligibility criteria must be met if you want to apply for the UOB Global Currency Account:
- You must be at least 21 years of age to apply for this savings account.
- Singaporeans, Permanent Residents, and Non-Singaporeans can apply for this savings account.
You must carry a valid copy of your identification documents and income proof if you want to apply for the UOB Global Currency Account. You can always get in touch with the bank if you have any queries pertaining to this account or you want to know if they need any additional documents from you.
How to Apply for UOB Global Currency Account
You can apply for this savings account in one of the following ways:
- Schedule an appointment: You can book an appointment online if you prefer an express account opening. This will only be applicable at selected branches.
- Apply directly at the branch: You can visit your nearest UOB branch and apply for this savings account directly in person.
Q. When will I be charged with the minimum balance fee in the case of the UOB Global Currency Account?
A. In case of the UOB Global Currency Account, a minimum balance fee will be charged only when the average daily balance in your account falls below the minimum average daily balance. This fee will vary across all the 10 foreign currencies.
Q. What is the criteria that I have to meet as a non-resident if I want to open a UOB Global Currency Account?
A. You will need to have an introducer if you are a non-resident wishing to open the UOB Global Currency Account.
Q. Are the Singapore dollar deposits of non-bank depositors, and monies and deposits denominated in Singapore dollars covered under the Supplementary Retirement Scheme?
A. Yes, monies and deposits denominated in Singapore dollars, and Singapore dollar deposits of depositors (non-bank ) under the Supplementary Retirement Scheme will be insured.
Q. What is the coverage provided for Singapore dollar deposits of non-bank depositors and monies and deposits denominated in Singapore dollars under the Supplementary Retirement Scheme?
A. In case of the UOB Global Currency Account, Singapore Deposit Insurance Corporation will insure Singapore dollar deposits (non-bank depositors) and deposits and monies denominated in Singapore dollars under the Supplementary Retirement Scheme for up to an amount of S$50,000 in total for each depositor per Scheme member.
Q. Will my foreign currency deposits, structured deposits, and dual currency investments be insured in this account?
A. No, the Singapore Deposit Insurance Corporation will not provide insurance coverage for foreign currency deposits, structured deposits, and dual currency investments in the case of the UOB Global Currency Account.