Maybank Fund Transfer Review: Is This the Right Balance Transfer for You?

Maybank Fund Transfer Review: Is This the Right Balance Transfer for You?

A great balance transfer offer for individuals with at least S$10,000 in personal debt that they expect to repay within 6 months.

Good for

  • Borrowers that prefer 6-month interest-free balance transfers of at least S$10,000

Bad for

  • Borrowers that need more than 6 months to repay their personal debt
  • Borrowers seeking balance transfers with the lowest minimum repayment requirement
  • People with less than S$10,000 of personal debt

Editor's Rating

4.0/5.0

Maybank offers the cheapest 6-month interest-free balance transfer for borrowers with at least S$10,000 in personal debt. This makes it a great option for borrowers that have a significant amount of credit card or personal loan debt and will be able to fully repay this debt within 6 months. However, it may not be a good option for those with smaller amounts of debt that they can repay more quickly.

Summary of Maybank's Funds Transfer
Best transfers of at least S$10,000 for 6 months
Minimum monthly repayment 3% or S$10, whichever is higher
Interest-Free periods of 6 or 12 months
Maximum transfer amount: 95% of credit limit

Table of Contents

What Makes Maybank Stand Out to Borrowers

Maybank's processing fee 1.38% for balance transfers with a 6-month interest-free period is tied for the lowest in Singapore. With that said, Maybank's competitive balance transfer is limited to borrowers that need balance transfers of at least S$10,000. Furthermore, borrowers with this much debt should be confident that they can repay their balance transfer within the 6-month interest-free window or they will be at risk of accruing interest at 25.9% annually, which could make their balance transfer very expensive.

For this reason, individuals that might need more than 6 months to repay their balance, should consider some of the cheapest options for 12 or 18-month interest free balance transfers, such as UOB. Similarly, borrowers that expect to be able to repay their balance transfer within 3-months might be able to save money with a 3-month interest free balance transfer.

Summary of Maybank's Balance Transfer Costs

DurationMinimum TransferInterest RateProcessing FeeEffective Interest RatePrevailing Interest Rate
6 monthsS$10,000N/A1.38%2.96%25.9%
6 monthsS$2,000N/A1.88%4.02%25.9%
12 monthsS$2,0004.99%2.5%9.01%25.9%

Who Can Apply: Eligibility Criteria

Consider this if you require a large balance transfer, which you expect to repay within 6 months

Processing Fee 1.38%
Maximum Principal 95% of credit line
Interest Free Period 6 months

All Maybank credit card holders are eligible for the bank's balance transfers. Therefore, the first step for individuals interested in Maybank's balance transfers is to sign up for a credit card with the bank. Additionally, Maybank requires that borrowers apply for balance transfers at least S$2,000.

Other Charges & Fees

In addition to its processing fee, Maybank charges a fee for late payments equal to 5% of monthly repayment or S$50, whichever is greater. We advise borrowers to make on-time payments in order to avoid this fee and keep their loan as inexpensive as possible.

How to Apply for Maybank's Funds Transfer

After becoming a Maybank credit card customer, individuals are eligible to apply for Maybank's fund transfers. To apply, applicants must submit the Maybank Fund Transfer Application Form and submit it to Maybank. The simple 1 page form requires personal identification and financial information.

Comments and Questions

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