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

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

OCBC offers average balance transfer rates.

Good for

  • Individuals that need a backup balance transfer

Bad for

  • Borrowers seeking a balance transfer with the lowest total cost

Editor's Rating


OCBC's balance transfers are not the best available in Singapore. While the bank offers interest-free periods of 3, 6 and 12 months, it charges higher processing fees than other banks. This makes the effective interest rate of each of its balance transfers less competitive than the other offerings available in Singapore.

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 current balance transfer offerings are not particularly remarkable. The bank offers interest-free periods of 3, 6 and 12 months and 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%7.22%
6 months2.5%5.27%
12 months4.5%4.99%

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.

Comments and Questions

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