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UOB Balance Transfer Review: One of Singapore's Least Expensive Funds Transfers

UOB offers the least expensive long-term balance transfers.

UOB Balance Transfer Review: One of Singapore's Least Expensive Funds Transfers

UOB offers the least expensive long-term balance transfers.

4.5/5.0

ValueChampion Rating ValueChampion Icon

Pros

  • Good rates long-term loan tenors
  • Good for large amounts of personal debt

Cons

  • Not the most competitive for interest free periods below 6 months
  • Not the cheapest for small amounts of debt

UOB offers the least expensive balance transfers of 12 months. This makes it an excellent option for individuals with a significant amount of credit card or other personal debt to repay their debt within this longer tenure.

Summary of UOB's Balance Transfers
Cheapest balance transfer for tenures of 12 months
Minimum monthly payment: 2% - 3% of outstanding balance
Transfer amount: S$500 - 95% of credit limit
Promotion: 0% interest rate for 12 months with a processing fee of only 4.28% of approved loan amount.

Table of Contents

What Makes UOB Stand Out to Borrowers

UOB is a great choice for individuals seeking a longer-term fund transfer. For example, the bank charges particularly low processing fees for its fund transfers with 12 month interest-free periods. This makes UOB's fund transfers the least expensive options for borrowers that are able repay their balance within one year. The table below details the effective interest rates of UOB's balance transfer options.

Summary of UOB's Balance Transfer Costs

Interest-Free PeriodProcessing FeeEIR with UOB Credit CardsEIR with UOB CashPlus
6 months2.5%5.34%5.27%
12 months4.28%4.95%4.82%

UOB also offers a competitive prevailing interest rates after the interest-free period of 19.98% for CashPlus and 25.9% with credit cards. With that said, we strongly recommend that borrowers repay their balance transfer within the interest-free period in order to make their balance transfer as inexpensive as possible. Finally, UOB has a wide range of acceptable fund transfer principals. The minimum transfer of S$500 is lower than the minimum of many other lenders, while the maximum transfer amount of 95% of the borrower's total credit limit is among the highest available.

We should also note that borrowers that specifically seek a balance transfer with a 6-month interest free period will find that UOB's competitors offer more competitive rates for this tenure. However, given its competitive rates and more accomodating terms, UOB is an excellent choice for most individuals seeking a balance transfer loan.

Cashback Promotion

On top of its competitive rates, UOB is currently offering a S$50 Dairy Farm Gift (DFG) Voucher. To participate in the promotion applicants must successfully apply for a UOB Balance Transfer amount of at least S$10,000 for 12-months tenor. To apply for UOB's Balance Transfer loans and these promotions, click any of the "Check Rates" boxes on this page.

Approved Loan AmountCashback
S$10,000+S$50 DFG Voucher

Who Can Apply: Eligibility Criteria

To be eligible for the CashPlus Balance Transfer, an individual must have an annual income of at least S$30,000 and an existing CashPlus customer. Borrowers seeking a UOB Credit Card Balance Transfer must first apply for a UOB Credit Card before being approved for a funds transfer.

Other Charges & Fees

In addition its processing fee, UOB charges a fund transfer cancellation fee. However, the bank does not provide details regarding this fee on its website. We strongly recommend that borrowers avoid late payments to their lender as it can significantly increase the price of their balance transfer.

How to Apply for UOB's Balance Transfer

Promo: Discounted processing fee of 4.28% for 12 month balance transfers
Consider this if you expect to be able to repay your debt within 12 months
  • Processing Fee
    • 4.28%
    • Maximum Principal
      • 95% of credit line
      • Interest Free Period
        • 12 months

        Existing UOB credit card and CashPlus customers can apply for a fund transfer online. Individuals that are not currently UOB customers must first apply for a UOB credit card and opt-in for a funds transfer.

        Stephen Lee

        Stephen Lee is a Senior Research Analyst at ValueChampion, specializing in insurance. He holds a Bachelor of Arts degree in International Studies from the University of Washington, and his prior work experience include risk management and underwriting for professional liability and specialty insurance at Victor Insurance. Additionally, Stephen is a former US Peace Corps Volunteer in Myanmar (serving between 2018-2020), where he continues to provide business development consulting services to HR companies in Asia Pacific.

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