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OCBC Balance Transfer Review: Are OCBC's Balance Transfer Rates Competitive?

OCBC offers the cheapest short-term balance transfer.

OCBC Balance Transfer Review: Are OCBC's Balance Transfer Rates Competitive?

OCBC offers the cheapest short-term balance transfer.


ValueChampion Rating ValueChampion Icon

Processing Fee
Maximum Principal
Interest Free Period


  • short term balance transfers


  • Not the cheapest for interest free periods above 3 months

OCBC's short-term balance transfers make it a good fit for borrowers that expect to repay their outstanding debt within 3 months. This is because the bank charges the lowest processing fee (1.80%) and effective interest rate (7.38% p.a.) of any lender in our review for balance transfers with 3-month interest free periods. Those that think they might need a little more time to pay down their loan should consider one of OCBC's competitors, as OCBC's rates are much less competitive for longer tenures.

Summary of OCBC's Funds Transfer
Interest-Free periods of 3, 6 and 12 months
Processing Fees: 1.8% - 4.5%
Transfer amount: S$500 to 90% of credit limit
Minimum monthly repayment: 3% or S$50, whichever is greater

Table of Contents

What Makes OCBC Stand Out to Borrowers

OCBC's 3-month interest free balance transfer is a great option for borrowers with relatively little debt. Those that would be able to repay their loan within 3 months will only face a 1.8% processing fee (EIR 7.38% p.a.), which is the best rate available for this short tenure. However, borrowers that might possibly need more than 3 months would be better off with a longer-term balance transfer from a different lender with more competitive rates. That is because OCBC's other balance transfer offerings are not particularly cheap. The bank also offers interest-free periods of 6 and 12 months, but charges processing fees that are slightly higher than average. This causes the total effective interest rate of OCBC's balance transfers to be more expensive than the EIR of other banks.

Additionally, OCBC requires monthly repayments of at least 3% of the outstanding balance or S$50, whichever is greater. This is one of the highest requirements of balance transfer lenders in Singapore. Finally, The prevailing interest rate after the interest-free period is 19.8% for OCBC's EasiCredit balance transfers and 28.92% for its credit card balance transfers.

Table of OCBC's Balance Transfer Costs

Interest-Free PeriodProcessing FeeEffective Interest Rate
3 months1.8%7.38%
6 months2.5%5.34%
12 months4.5%5.20%

Who Can Apply: Eligibility Criteria

To be eligible for OCBC's balance transfer loans, individuals be at least 21 years old. Singaporeans and permanent residents of Singapore must earn at least S$20,000 annually, while foreigners must earn S$45,000 or more.

Other Charges & Fees

In addition to its processing fee, OCBC charges a cancellation fee of S$100 for balance transfers. This is a standard fee and OCBC charges less than some other lenders; however, the fee is avoidable with proper planning. It is typically wise to avoid fees associated with any loan in order to manage the total cost of borrowing.

How to Apply for OCBC's Balance Transfer

Individuals interested in OCBC's balance transfers can apply online. Applicants must provide their NRIC/Passport number/FIN, annual income amount and contact information.

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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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