Standard Chartered Funds Transfer Review: How Does it Compare?

Standard Chartered Funds Transfer Review: How Does it Compare?

Standard Chartered offers competitive credit card balance transfers due to its low minimum repayment requirement and lower than average processing fee.

Good for

  • Borrowers seeking a low minimum repayment requirement

Bad for

  • Borrowers seeking a interest-free period of 3 or 12+ months
  • Borrowers seeking the lowest processing fee

Editor's Rating


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: 1.99% or 4.5%
Minimum monthly repayment 1%
Interest-Free periods of 6 or 12 months
Transfer amount: S$1,000 - 95% of credit limit

Table of Contents

What Makes Standard Chartered Stand Out to Borrowers

Standard Chartered offers competitive balance transfers with interest-free periods of 6 or 12 months with minimum monthly payments of 1%, compared to most other lenders that require monthly payments of 2.5% - 3%. While Standard Chartered does not charge the lowest processing fee, it is one of the best options for borrowers that require a smaller, credit card balance transfer or do not qualify for one of the other 6-month interest free balance transfers. This is because of its below average processing fee and low minimum monthly repayment requirement .

Because Standard Chartered charges balance transfer customers a relatively high prevailing interest rate of 26.9%, borrowers that might require more than 6 months to repay their debt may be better suited for a 12 or 18 month interest-free balance transfer from other banks. Alternatively, borrowers that expect to be able to repay their debt in a short-period of time might be better off with a balance transfer loan from other banks has a 3-month interest-free period.

Summary of Standard Chartered's Balance Transfer Costs

Interest-Free PeriodProcessing FeeEffective Interest RatePrevailing Interest Rate
6 months1.99%4.12%26.9%
12 months4.99%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 prefer a balance transfer loan with a low processing fee and and low minimum monthly repayment

Processing Fee 1.99%
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 "Apply Now" 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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