Business Bank accounts

UnionBank Business Account: Everything Philippine Businesses Should Know

Sanjeed V K

21.10.25

Read time 6 minutes

With the rapid growth of business finance solutions in the Philippines, Filipino businesses and entrepreneurs are spoilt for choice when it comes to managing their money.

UnionBank is one of the most popular banks in the Philippines, offering business accounts that offer access to a local network of branches and ATMs, checking facilities and other critical business banking features. In this article, we consolidate everything you should know about the UnionBank business account, such as fees, account opening requirements, useful features and more.

We will also introduce Wise Business, a banking alternative that helps Filipino businesses transact like a local using a local account, manage multiple currencies within one account, receive or send payments from clients globally, minus the bloated fees.

Table of contents
What is a UnionBank business account? UnionBank Business account pricing What type of business in the Philippines stands to benefit most from a UnionBank business account? How to open a UnionBank business account in the Philippines: Step-by-step guide Wise Business: A great alternative to Unionbank business account

What is a UnionBank business account?

UnionBank offers two main types of business accounts to serve a variety of Filipino businesses based on their needs¹.

The UnionBank Biz Starter account caters to small and medium-sized enterprises, with an average daily balance requirement of 5,000 PHP, while UnionBank’s Business Checking Account caters to larger businesses and has an average daily maintaining balance requirement of 100,000 PHP.

In this article, we will focus on the UnionBank Biz Starter account, which is also one of the best small business bank accounts in the Philippines.

*Note: Details regarding UnionBank’s Business Checking Account are not readily available, and you will need to visit a UnionBank branch to find out more².

What is a UnionBank Biz Starter account?

UnionBank Biz Starter² is a business checking account that caters specifically to medium, small, and micro enterprises (MSMEs)³ in the Philippines. It requires a low opening deposit and an average daily balance of just 5,000 PHP to start.

Biz Starter account holders get access to convenient digital banking features via the MSME business banking app, and access to a global network of over 400,000+ MSMEs via UnionBank’s GlobalLinker platform⁴, with features such as business matching, networking, business-related workshops and events, exclusive offers, deals and more that are designed to help Philippine businesses grow.

At the point of writing, there are no indications that UnionBank Biz Starter can support the management of foreign currencies within the account or the withdrawal of foreign currencies using the debit card issued along with the Biz Starter account.

However, UnionBank can process telegraphic transfers (TT) via SWIFT, which will cost at least 20 USD per transaction⁵.

UnionBank Business account pricing

Account features	Fees
Account opening deposit	5,000 PHP²
Minimum balance	5,000 PHP²
Fall under fees	1,000 PHP if account balance falls below the monthly average daily balance for at least two consecutive months⁵
Local Transfers	Free Transfer via PESONet. 10 PHP per transaction via InstaPay.⁶
Telegraphic transfers (via SWIFT)	20 USD or equivalent in foreign currency. Additional charges may apply depending on foreign currency.⁵
Debit card	No annual fee
Digital banking access (UB Negosyante)	Complimentary

What type of business in the Philippines stands to benefit most from a UnionBank business account?

Freelancers, sole proprietors and small and medium-sized enterprises in the Philippines with a focus on serving local clients would find the best value from having a UnionBank business account.

Having a UnionBank business account offers convenience for the management of day-to-day operations, such as handling peso transactions and managing local staff payments. As a universal bank with branches and compliance infrastructure across the Philippines, UnionBank offers stability, physical presence, and regulatory compliance that would give business owners peace of mind.

Users get access to a trustworthy network of UnionBank’s branches and ATM network, the MSME banking app and the GlobalLink digital platform that provides useful business banking tools and features.

For the occasional international payments, you may be willing to stomach the 20 USD fee.

However, if your business starts growing globally, the cost of cross-border transactions will become more apparent.

Limitations and hidden costs of international payments

While UnionBank offers a solid baseline for business banking in the Philippines, there are a few constraints and subtler drawbacks that business owners should keep in mind:

Foreign exchange markups and limited foreign currency support

UnionBank offers the option to transact foreign currency via online banking 24/7 at “live and executable” rates⁷. While they do not specify their rates, in practice, most banks tend to include a markup above the mid-market rate.

On top of that, a foreign transaction service fee usually applies to transactions made in a currency other than PHP.

UnionBank also doesn’t explicitly state the currencies it supports. However, based on its fees and charges table⁵, we can conclude that you might be able to send telegraphic transfers via at least five currencies: USD, EUR, JPY, GBP and AUD.

If your business serves or works with clients beyond these major markets, you may need an alternative service that allows you to process your cross-border transactions.

Opaque fees in international remittance

Although UnionBank shares its telegraphic transfer rates online, there is no clear mention of the exchange rates that customers will be subjected to. This lack of transparency makes it more difficult for businesses which need to manage their cash flow and expenses efficiently.

Automatic conversion risk

When receiving USD remittance into a PHP checking account, UnionBank may automatically convert the funds instead of holding them in USD. You would also be forced to convert back to pesos before making the next cross-border payment. This could potentially lead to unnecessary foreign exchange transactions, which translates to higher costs and potential losses due to exchange rate inefficiencies.

Speed limitations

Traditional banking rails, such as SWIFT are inherently slower, requiring between 1 to 5 working days. Such speed constraints may result in unhappy partners or clients.

If you need to make international payments via your Filipino business frequently, you may wish to consider banking alternatives. Wise Business allows users to manage over 40 currencies within a single account, without forcing you to exchange any of those currencies back to your home currency. Wise also provides businesses with 10+ local account details, allowing your business to receive payments from overseas customers like a local.

How to open a UnionBank business account in the Philippines: Step-by-step guide

You can open a UnionBank business account online via their online platform, UB Negosyante⁸.

Prepare required documents

Depending on the nature of your business enterprise, you will need to prepare the following documents:

Sole proprietors: DTI Certificate or Registration, mayor’s permit (optional), company logo (optional)
Partnership: Articles of Partnership or SEC certification of incorporation, notarized general information sheet (GIS), company logo (optional)
Corporation: Articles of Incorporation, notarized general information sheet (GIS), company logo (optional)

Preparing the documents before you attempt to open a UnionBank business account ensures a smooth application process.

Complete the application form and submit the required documents via UB Negosyante

Head to the UB Negosyante website, click on Get Started and complete the application form as instructed. You will be asked to upload the required documents during the process.

Nominate authorised users and signatories (optional)

If there will be multiple users, you will need to nominate these authorised users and signatories.

Complete verification process via UB Negosyante

All authorised users and signatories must undergo a verification process via the UB Negosyante platform individually. Upon verification, your UnionBank business account will be opened immediately, with limited functionalities. At this point, you can only make deposits.

Transfer initial deposit while waiting for account approval

If you wish to speed up the process, you can transfer the initial deposit of 5,000 PHP while waiting for the account to be approved.

Start banking upon account approval

UnionBank’s operations team will check that all submitted documents are valid before approving account applications. Upon account approval, you will be granted full access to all the features within your UnionBank business account.

Wise Business: A great alternative to Unionbank business account

💡Are bank accounts limited to USD, EUR, or GBP options holding back your business? With a Wise Business multi-currency account, you can access over 10 local account numbers — far more currency options than the handful most banks offer. Plus, Wise makes it easy to hold, send, receive, and exchange 40+ currencies from a single account. With the freedom to send and receive payments in more currencies globally, you can focus on what matters most: growing a local business that knows no borders.

Obtain account details to receive payments in USD, EUR, GBP, SGD, HKD and more for a one-time fee of 1,400 PHP.
Zero fees when you get paid via ACH, FAST, InstaPay/PESONet, & other local transfers.
Send money to pay invoices, suppliers & contractors fast, with less fees
Always get the mid-market rate with transparent conversion fees starting from 0.57%.
Pay your bills and ad-hoc overseas expenses using the Wise Business card without hefty foreign transaction fees.
Seamless integrations with popular accounting software.

➡️Get started with Wise Business today

Conclusion

While a small startup can rely on a personal bank account to run a business in the Philippines, you should eventually switch over to a business bank account for better transparency and credibility.

A UnionBank business account is a reliable choice for businesses in the Philippines, especially those focused on serving a local clientele. Its straightforward peso banking, branch network, and digital features make it easier to manage day-to-day operations, payroll, and cash flow with confidence.

That said, if your business works with international clients or has plans to expand globally, the UnionBank Biz Starter account may be somewhat lacking when it comes to cross-border transactions. These tend to be slower and more costly, which could be detrimental to the growth of your business. Hence, Filipino companies that need to invoice overseas clients, pay global suppliers, or manage multiple currencies at once tend to rely on alternative solutions.

This is where Wise Business stands out. Supporting over 40 currencies, you get access to transparent, low conversion fees, mid-market exchange rates and speedy transactions.

➡️Get started with Wise Business today!

Sources:

Sources checked on 2 Oct 2025

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.