Standard Chartered Funds Transfer Review: How Does it Compare?
Standard Chartered Funds Transfer Review: How Does it Compare?
ValueChampion Rating 
Pros
- Good for credit card debt
- low minimum repayment requirement with credit card debt
Cons
- No 18 month interest free loan available
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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Table of Contents
What Makes Standard Chartered Balance Transfer Loan Stand Out to Borrowers
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 Loan Costs
| Interest-Free Period | Processing Fee | Effective Interest Rate | Prevailing Interest Rate |
|---|---|---|---|
| 3 months | 0.7% | 2.83% | 26.9% |
| 6 months | 1.5% | 3.10% | 26.9% |
| 9 months | 2.5% | 3.51% | 26.9% |
| 12 months | 4.5% | 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.
| Fee | Fee Amount |
|---|---|
| Early Redemption Fee | S$0 |
| Late Payment Charges | S$100, Late interest will be calculated on a daily basis at the EIR of 28% p.a. (0.077% per day) |
How to Apply for Standard Chartered's Funds Transfer Balance Transfer Loan{#apply}
- 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.
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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.