Best Balance Transfer in Singapore 2020

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If your credit cards have been given too much of a workout, a balance transfer can be a good escape from high credit card interest rates. 

As the name suggests, a balance transfer allows you to transfer outstanding balances from multiple credit cards to a low or 0% interest rate loan (compared to an average of 26% interest on credit cards!). 

Yes, that means all your credit card debts are consolidated into one account. Balance transfers in Singapore are similar to a short-term (3 to 12-month) loan and they are usually advertised as interest-free for the duration of the loan. You will also need to make minimum monthly payments over the course of this loan.  

This may seem attractive but there are a few things to look out for to ensure you don’t end up paying more after the 0% grace period. This includes your credit limit, interest-free period, processing fees, late payment fees and the interest rates after the interest-free period. You wouldn’t want to end up right back where you started. 

Here is a summary of the best balance transfer in Singapore for 2020.

Best Balance Transfer In Singapore 2020
Best ForBalance TransferBenefits 
6-month Balance TransferStandard Chartered Funds Transfer0% interest with 1.5% processing fee. Also has a flexible 3-month tenure.
12-month Balance TransferUOB CashPlus Funds Transfer0% interest rate with 4.28% processing fee
PromotionDBS Balance TransferInstant approval and disbursement of funds.

Best For 6-Month Balance Transfer: Standard Chartered Fund Transfer 

If you want to get out of credit card debt a little faster, the Standard Chartered Fund Transfer is a great choice.

For the six-month option, you enjoy 0% interest rate transfer and a processing fee of 1.5% (EIR from 2.83% p.a). That means if you borrow S$10,000, you pay only S$150. It also means you’ll save up to S$1,050 in interest charges from credit cards over 6 months. Unlike other banks where balance transfer tenures are set at a minimum of six months, Standard Chartered offers a 3-month option with 0% interest and 0.7% processing fee.

The minimum credit card funds transfer amount is S$1,000 and you are allowed to transfer a maximum of 95% of the credit limit to any other bank account, credit card or line of credit.

An attractive promotion awaits you when you apply: new customers get a pair of Apple Airpods with a charging case worth S$239, as well as S$20 cashback. 

Best for 12-Month Balance Transfer: UOB CashPlus Funds Transfer

If you’ve given yourself 12 months to whip your finances back into shape, then UOB CashPlus Funds Transfer offers the cheapest option. 

With the lowest processing fee of 4.28% and an interest-free balance transfer for 12 months, this makes UOB’s fund transfers one of the best options for borrowers who are confident in repaying their balances within a year. UOB also accepts a minimum transfer of S$500, which is lower than the minimum sum of many other banks, while the maximum transfer amount is 95% of the borrower’s total credit limit.

Besides a best rate guarantee that assures you that you don’t have to ‘shop around’ anymore, UOB CashPlus allows minimum monthly repayment of as little as S$30 or 2.5% of outstanding statement balance, whichever is higher. 

Best for Instant Approval: DBS Balance Transfer

If you’re looking for an instantaneous solution to credit card woes, look no further than DBS Balance Transfer

For successful applications via SingSaver, you will receive funds into your DBS/POSB account immediately upon approval. With both 6-month and 12-month options, the balance transfer comes with a processing fee of 2.5% and 4.5% respectively (EIR of 5.06% p.a for Cashline and 5.2% p.a for Credit Card). Assuming you have chalked up S$1,200 in interest on other credit cards over a 12-month period (on a debt amount of S$5,000), you save about S$975 as you pay only the 4.5% (S$225) in processing fee.  

The minimum monthly repayment is S$50 or 2.5% of the outstanding balance, whichever is higher. 


Processing feePromotional interest ratePrevailing interest rate
Standard Chartered Fund Transfer 1.5% and 4.5% for 6 and 12-month tenures0%26.9%
UOB CashPlus Funds Transfer2.5% and 4.28% for 6 and 12-month tenures0%17.95%
DBS Balance Transfer2.5% and 4.5% for 6 and 12-month tenures0%25.9%

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