Standard Chartered Funds Transfer Review: How Does it Compare?

Standard Chartered Funds Transfer Review: How Does it Compare?

Standard Chartered offers the best credit card balance transfers.

Good for

  • Borrowers with credit card debt
  • Borrowers seeking a low minimum repayment requirement

Bad for

  • Borrowers seeking a interest-free period of 18 months
  • Borrowers seeking a line of credit transfer

Editor's Rating

4.5/5.0

Standard Chartered provides solid balance transfer offerings to borrowers that seek to pay down their credit card or other personal debt. The bank's 1% monthly repayment requirement is the lowest of any lender in Singapore. The bank also offers interest-free periods of 6 and 12 months. Its 6-month interest free product is particularly competitive with its one-time service fee of 1.99%.

Summary of Standard Chartered's Funds Transfer
Processing fee: 0.7% - 4.5%
Minimum monthly repayment 1%
Interest-Free periods of 3, 6, 9 or 12 months
Transfer amount: S$1,000 - 95% of credit limit

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What Makes Standard Chartered Stand Out to Borrowers

graph of effective interest rates of best balance transfers in Singapore by each bank for a 12-month interest rate free product

Standard Chartered offers the most competitive credit card balance transfers. The bank charges market beating fees, starting at just 0.7%, and requires minimum monthly payments of just 1%, compared to most other lenders that require monthly payments of 2.5% - 3%. Because Standard Chartered charges balance transfer customers a relatively high prevailing interest rate of 26.9%, borrowers that might require more than 3-12 months to repay their debt may be better suited for a 18 month interest-free balance transfer from another bank.

Summary of Standard Chartered's Balance Transfer Costs

Interest-Free PeriodProcessing FeeEffective Interest RatePrevailing Interest Rate
3 months0.7%2.83%26.9%
6 months1.5%3.10%26.9%
9 months2.5%3.51%26.9%
12 months4.5%4.86%26.9%

Who Can Apply: Eligibility Criteria

To be eligible for Standard Chartered's balance transfer program, borrowers must have personal debt of at least S$1,000. Borrowers may have use the balance transfer to repay credit card or personal loans from other banks or from their Standard Chartered Credit Card. Additionally, unlike other lenders, Standard Chartered does not offer lower rates to new customers compared to its existing customers.

Other Charges & Fees

Aside from its processing fees, Standard Chartered charges a few other fees for early repayment, cancellation and transfer adjustments. These fees are avoidable to borrowers that carefully plan their balance transfer in advance. We strongly advise borrowers to do so, in order to make their balance transfer as inexpensive as possible.

FeeFee Amount
Early Repayment FeeS$250 or 5% of the full funds transfer balance, whichever is greater
Cancellation FeeS$250 or 5% of the full funds transfer balance, whichever is greater
Conversion FeeS$50

How to Apply for Standard Chartered's Funds Transfer

Consider this if you plan to repay your credit card debt within one year

Processing Fee 1.5%
Maximum Principal 95% of credit line
Interest Free Period 6 months

Individuals interested in Standard Chartered's Funds Transfer can apply through the bank's website or by clicking "Check Rates" on this page. Borrowers should be ready to submit appropriate documentation including a statement of account or offer letter from other banks. After submitting their application, individuals can expect to hear from Standard Chartered within 5 business days.

Comments and Questions

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