Best Balance Transfer Singapore 2023

It’s 2023, Let’s look for the best balance transfer in Singapore!

We have come up with a list of balance transfer rates in Singapore for your easy reference and comparison so that you can choose the best promotion that suits your needs.


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This list consists of various banks offering theirĀ fund transfer promotions, having different interest rates (as low as 0%), and transfer fees for their line of credit and credit cards.

Best Bank Transfer By Loan Tenor

  • 3-month: Standard Chartered / CIMB
  • 6-month: HSBC / CIMB
  • 9-month: Standard Chartered
  • 12-month: UOB

Do remember to return the loan amount back before the tenure ends. After which, the prevailing interest rate will apply which is very high!

=> Balance Transfer Admin Fee Calculator.

Tip: If you are unable to repay back the money within the promotion rates period, find another good promotion from another bank to pay back the first bank so that you are not paying the more expensive interest rates.

Check out these attractive FD rates too!


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DBS Balance Transfer (Cashline / Credit Card)

Loan tenor
(Months)
Interest Rate
(p.a.)
Admin
Fee
Credit Card
EIR (p.a.)
Cashline
EIR (p.a.)
3
0%
1.50%
6.15%
6.12%
6
0%
2.50%
5.34%
5.27%
12
0%
4.50%
5.20%
5.06%

(Source)

Minimal monthly repayment (whichever is higher):

  • DBS Cashline: S$50 or 2.50% of the outstanding balance
  • DBS Card card: S$50 or 3.00% of the outstanding balance
Best Balance Transfer Singapore 2023 1
Photo Credit: DBS

Citibank Balance TransferĀ (Ready Credit / Credit Card)

For new customers:

Loan tenor
(Months)
Interest Rate
(p.a.)
Admin
Fee
Credit Card
EIR (p.a.)
Ready Credit
EIR (p.a.)
6
0%
1.58%
3.65%
3.65%

(Source)

UOB Balance Transfer (CashPlus / Credit Card)

Loan tenor
(Months)
Interest Rate
(p.a.)
Admin
Fee
Credit Card
EIR (p.a.)
CashPlus
EIR (p.a.)
3
0%
1.49%
6.11%
6.05%
6
0%
2.50%
5.34%
5.20%
12
0%
4.28%
4.95%
4.69%

(Source)

Minimal monthly repayment (whichever is higher):

  • UOB CashPlus: 2.00% of the statement balance
  • UOB Card cards: 3.00% of the statement balance

Maybank Fund Transfer (CreditAble/Credit Card)

Loan tenor
(Months)
Interest Rate
(p.a.)
Admin
Fee
CreditAble/Credit Card
EIR (p.a.)
3
0%
1.28%
5.26%
6
0%
2.28%
4.87%

(Source/Source)

Minimal monthly repayment (whichever is higher):

  • Maybank Creditable/Credit Card: S$10 or 3% of the total amount due

HSBC Personal Line of Credit Balance Transfer

Loan tenor
(Months)
Min
Amount
Interest Rate
(p.a.)
Admin
Fee
Line Of Credit
EIR (p.a.)
6
< S$10,000
0%
2.50%
5.47%
12
< S$10,000
4.88%
0%
4.88%
6
ā‰„ S$10,000
0%
1.50%
3.26%
12
ā‰„ S$10,000
4.88%
0%
4.88%

(Source)

Minimal monthly repayment (whichever is higher):

  • HSBC Personal Line of Credit: 3% of the outstanding amount

Based on a Balance transfer amount of S$6,700:

HSBC Balance Transfer
Photo Credit: HSBC

HSBC Credit Card Balance Transfer

Loan tenor
(Months)
Min
Amount
Interest Rate
(p.a.)
Admin
Fee
Credit Card
EIR (p.a.)
6
< S$10,000
2.50%
S$88
4.39%
12
< S$10,000
4.88%
S$88
6.77%
6
ā‰„ S$10,000
2.50%
Waived
4.39%
12
ā‰„ S$10,000
4.88%
Waived
6.77%

(Source)

Minimal monthly repayment (whichever is higher):

  • HSBC Credit Card: 3% of the outstanding amount

Based on a Balance transfer amount of S$10,000:

HSBC Card Balance Transfer
Photo Credit: HSBC

Standard Chartered Funds Transfer (Credit Card)

Loan tenor
(Months)
Interest Rate
(p.a.)
Admin
Fee
Credit Card
EIR (p.a.)
3
0%
0.70%
2.83%
6
0%
1.50%
3.10%
9
0%
2.50%
3.51%
12
0%
4.50%
4.86%

(Source)

Minimal monthly repayment (whichever is higher):

  • Standard Chartered Credit Card: S$50 or 1% of your principal plus interest, fees, and charges

OCBC Balance Transfer (EasiCredit / Credit Card)

Loan tenor
(Months)
Interest Rate
(p.a.)
Admin
Fee
Credit Card / EasiCredit
EIR (p.a.)
3
0%
1.80%
7.38%
6
0%
2.50%
5.34%
12
0%
4.50%
5.20%

(Source)

Minimal monthly repayment (whichever is higher):

  • OCBC EasiCredit / Credit Card: S$50 or 3% of your total outstanding balance
OCBC Balance Transfer
Photo Credit: OCBC

Bank Of China (BOC) Fund Transfer (MoneyPlus / Credit Card)

Loan tenor
(Months)
Interest Rate
(p.a.)
Admin
Fee
Credit Card / MoneyPlus
EIR (p.a.)
3
0%
1.80%
7.49%
6
0%
3.00%
6.38%

(Source)

BOC Fund Transfer
Photo Credit: BOC

CIMB Balance Transfer (Credit Card)

Loan tenor
(Months)
Interest Rate
(p.a.)
Promo Fees
(New Customers)
Promo Fees
(Existing Customers)
Existing Fee
3
0%
1.00% (EIR 4.14%)
1.00% (EIR 4.14%)
1.50% (EIR 6.21%)
6
0%
1.48% (EIR 3.21%)
2.00% (EIR 4.35%)
2.00% (EIR 4.35%)
12
0%
4.18% (EIR 5.02%)
4.40% (EIR 5.30%)
4.50% (EIR 5.42%)

(Source)

Minimal monthly repayment (whichever is higher):

  • CIMB Credit Card: S$50 or 3% of your total outstanding balance

Comparison Table

What is the Administration Fee/Processing Fee?

It’s a one-time fee charged to transfer a balance from one lender to another.

What is the Effective Interest Rate (EIR)?

The Effective Interest Rate reflects the true cost of borrowing and is often calculated based on the declining principal balance over the tenure of the loan.

It takes into account the admin/processing fee and monthly minimum payments of the principal, plus interest, fees and charges, and full payment in the final month of the promotional period.

Is a balance transfer for you?

By consolidating all your other banks’ credit balances into one main bank’s credit card/credit line, you get better financial control and not miss out on payments on so many credit bills.

You get to save on interest rates when you didn’t pay off your credit bills in full, as most banks offer 0% balance transfer interest rate for up to 12 months. They usually charge a one-time processing fee instead. So you need to take note of the effective interest rate. The shorter the loan period, the higher the EIR.

Lastly, you can have flexible repayment as long as you meet the minimum monthly repayment requirements. Just make sure to clear the outstanding fund transfer amount by the due date. If not, the prevailing interest rate will come into effect.

We hope you are able to find the lowest balance transfer rate for your needs.

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