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UnionBank business bank accounts for October 2022 in the Philippines

Open a business account at UnionBank. On 03.10.2022 there are 2 options available to you.

Offers: 2

Updated:
29.08.2022
08:45
UnionBank
Business Check
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

₱100,000 minimum initial deposit
UnionBank
BizStarter
Rating by Finanso®
i

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

₱5,000 minimum initial deposit

Other types of business bank accounts

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UnionBank business bank accounts for October 2022

The MSME business banking hub is a business account from UnionBank that offers business owners a wide range of digital solutions. You can jumpstart your business with the bank, transfer funds, deposit checks, pay bills, etc., anytime and anywhere using your phone or a personal computer.

If you are an MSME owner seeking strategies to meet your business demands, the MSME business banking app is a full-featured mobile app available on iOS, Android, and Huawei devices that allows MSME business owners to operate and manage their accounts from anywhere. With the MSME mobile app, you can:

  • Check your account balance and transaction history on the move.

  • Pay your bills using the most comprehensive list of government and utility billers available.

  • Transfer money to both domestic and international banks. The website also supports batch transfers.

  • Configure simple to complicated business approvals, and specify what each employee may do or view.

  • Deposit checks without physically visiting a branch.

  • Open and manage payroll accounts for your employees with batch account opening.

  • Enroll all of your businesses and subsidiaries and quickly flip between them without logging out.

  • Request payment from your consumers.

Types of UnionBank business bank accounts

There are two types of business bank accounts offered by UnionBank. They are:

BizStarter account

he initial deposit for this account is ₱5,000, and the minimum balance of ₱5,000 is required to open this account.

Business check account

The initial deposit amount of ₱100,000 is required for this account. A minimum balance of ₱100,000 is also needed. The account also comes with free check writing software.

How to apply for a UnionBank business bank account?

To apply for a UnionBank business bank account online, you must follow the steps below:

  1. Visit the UnionBank website and click on Login at the top right side of the screen.

  2. Select Business login. Select the business account you want to open.

  3. Go down and click on Sign up since you do not have an account.

  4. Here, you have to choose between the three options. Choose if you already have a business account. In case you are yet to enroll, choose the option that will lead you to a page where you can. In case you have a half completed application form, you have to select that option.

  5. On the next page, click on Get started.

  6. Read through the privacy policy and tick the two boxes if you agree. Click on Submit.

  7. Enter your company information on the next page, and click Next when done.

  8. Enter the business account details on this page and click Next when done.

  9. Select the allowed business transaction for this account and click on Next when done.

  10. Enter your personal information. You'll be instructed to confirm your details and complete the application if the application is successful.

Requirements

Below are the requirements to be eligible for a business loan:

For sole proprietorship

  • DTI Certificate or registration

  • Mayor's Permit

  • Company logo

For partnership

  • Notarized general information sheet

  • Notarized secretary's certificate

  • Partner's certificate and partner's resolution

  • Articles of partnership

  • Company logo

For corporation

  • Latest general information sheet

  • Board resolution and secretary's certificate

  • Articles of incorporation

  • Notarized secretary's certificate

  • Company logo

Pros and cons

Below are some pros and cons of UnionBank business accounts.

Pros

  • The account can be opened and operated online.

  • There isn't much required to open an account.

  • The account comes with a mobile app for ease of access.

Cons

  • UnionBank's business accounts are limited. There aren't many options to choose from.

  • You may be unable to access your account if the app or website shuts down for maintenance.

FAQ

Am I considered an MSME?

MSME stands for medium, small, and micro-enterprises. If a company's total assets do not exceed ₱100,000,000, it is classified as an MSME. This can be a sole proprietorship, cooperative, partnership, or corporation.

What is the purpose of an MSME business bank account?

It functions similar to personal checking and savings accounts. However, they are tailored to your company's specific needs. You can connect your checking account to your online payment system so that when your customers pay you or make a purchase, the cash is automatically deposited into your account.

Is there a charge to open an MSME business account?

With a ₱5,000 initial investment, you can open a business beginning account. This account's maintenance balance is also ₱5,000.00. There are also no annual fees associated with this.

Will I be able to access my account remotely using mobile to apply for an MSME business account?

Yes. After successfully enrolling, you will receive automatic access to the SME Business banking mobile application. Bank whenever and wherever you want.

Are there any additional MSME products available besides an MSME business account?

Yes. They offer a variety of banking options. They provide small and medium-sized business loans, revolving credit lines, e-commerce solutions, collection solutions, payment solutions, payroll solutions, and other services.