1. Can I open an account from abroad? If so, how?
Any standard Union Bank account can be opened from abroad if the applicable law of that country allows it. Some accounts such as Certificate of Deposits & Foreign Currency Accounts for Non- Resident have special requirements and cannot be opened without first meeting certain criteria of the local monetary regulations, which is detailed under the tab of "Publication & Reports" link, "A Guide to Foreign Exchange Transactions”and Preventing Money Laundering & Combating the Finance of Terrorism (2006)
In order to apply for a Union Bank account, please send us the following:
- A completed and signed Union Bank Account Opening Mandate Form. (If you have applied online, a completed application will be sent to you for your signature)
- A copy of your passport or government issued ID card certified by a Lawyer, Banker or Notary Public
- A signed consent form so that we can contact your existing bank for a reference or, if this is not possible, a recent bank statement
Please note that for a joint application both parties need to provide the above started information.
As part of the application process, we may contact you by telephone or letter at your home address.
Union Bank reserves the right to decline an Account Opening Application without providing a reason for doing so.
Union Bank accounts are only available to people over the age of 18, and are for personal use only.
2. Do you have services for Expatriates including Offshore Banking?
Union Bank provides a comprehensive service for expatriates including the provision of offshore banking services.
If your employer is relocating you to Sri Lanka , we have a dedicated account opening and relationship service tailored to your needs. Please visit www.unionb.com for more details.
In addition to a full range of banking products, Union Bank offers a range of current and deposit accounts in designated currencies. You can use our real time online transfer facility, to manage your multi-currency funds quickly and easily. Our foreign currency deposit accounts come with a Union Bank "N´ Cash" ATM cash card enabling you to withdraw cash abroad.
Competitive Fixed Deposit rates are also offered in US Dollars, Sterling, Australian Dollars and Euros.
For offshore banking, Union Bank offers a range of offshore banking products and services. Visit the "Personal Banking" page and click on Foreign Currency Accounts and Special Accounts" tab, for more details.
3. How do I transfer funds between my accounts?
Transferring funds between Union Bank accounts is quick and easy with UB Online, our online banking service . simply sign on to UB Online and then choose the type of transfer you wish to make, either between your own accounts or to a Union Bank account held by another person.
You can also transfer funds between accounts by visiting a Union Bank branch or by contacting us through "UniTel" telephone banking.
4. How do I transfer funds to bank accounts in different countries?
We offer competitively priced SWIFT transfers available via our branch network or you could use the messaging service on UB Online and submit your instructions to us to transfer funds to the relevant parties. All fund transfer requests will be subject to the local monetary regulations.
Union Bank exchange rates apply to cross currency transfers.
5. Can I open a joint account with another person?
Any Union Bank account can be opened jointly with any other person provided both parties successfully meet our application criteria. Please note that for a joint application we will need information from both parties to proceed with the application. Each account holder is authorised to operate the account. Please read our terms and conditions for further information on joint accounts.
6. Can I operate my account from a foreign country?
Union Bank accounts can be operated from a foreign country. This is best achieved via UB Online or by calling us anytime on 0941- 2370800 and accessing our UniTel telephone banking service.
7. What are the tax implications and regulations for Non-Sri Lanka Residents?
If you are Non Resident you are liable to pay "Withholding tax" on your interest credits which are in Sri Lankan Rupees and on your Current and Savings account Sri Lankan Rupee transactions you are liable to pay "Debit Tax".But SFIDA special accounts and Foreign Currency Accounts are not subject to tax at present.
Please note that Union Bank does not offer tax advice. Prior to making any decision relating to onshore or offshore banking services products or investments, please ensure that you fully understand any implications from a regulatory and tax perspective through professionally qualified independent advisors.
8. How do I deposit funds in non Sri Lankan Rupee Accounts?
Deposits can be made into non-Sri Lankan Rupee accounts through a variety of methods: US Dollars , Sterling, Euros, Australian Dollars, Canadian Dollars & Singapore Dollars Banker´s Drafts can be deposited into any account.
Funds can also be deposited via funds transfers or cash deposits within branches. Union Bank exchange rates apply to deposits in currencies other than the currency of the account. |
