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Maybank balance transfer
Find out how Maybank's balance transfer program works and whether it suits your income level, lifestyle and spending habits.
For those who are existing Maybank cardholders, Maybank’s balance transfer program lets you transfer your funds from Maybank to any other bank or financial institution. This funds transfer will give you time to repay any outstanding debts you have with other banks over 6 to 12 months without incurring any interest charges.
If you’re unsure how a funds transfer with Maybank works and want to consider the benefits and drawbacks of its balance transfer program, read on. We’ll also help you find out how much it will cost you and how to apply.
How does the Maybank balance transfer program work?
With a Maybank funds transfer, you can transfer funds on an existing Maybank credit card to any other bank’s credit card, credit line, savings or current account. This will allow you to cover existing debts you may have with other banks without incurring additional interest charges. You’ll then be able to pay your bills or make loan repayments from this new account.
Maybank credit card members can apply for a 6 month or 12 month fund transfer. Transferring funds over to a new account will let you spread out your payments over a longer repayment period and maximise your interest savings. Instead of being charged a cash advance rate or purchase rate, you’ll have 6 or 12 months to pay off your personal debt at 0% interest cost.
Benefits of a Maybank funds transfer
- Flexible monthly payments. A 0% funds transfer will provide you with 6 or 12 months to pay off your existing debt with another bank. While Maybank requires you to pay off a minimum balance on your monthly statement (3% of the total payment due or S$10, whichever is greater), you can plan out a flexible, personal repayment schedule. This could be a useful financial aid to ensure you can easily pay back the entire amount of personal debt you have.
- Minimise interest charges. As long as you pay off your minimum monthly balance, you’ll avoid incurring any extra interest charges on existing debt.
- Low fees. Maybank customers that opt for the S$10,000 transfer option can benefit from the competitively low processing fee of 1.38% (or 1.88% for those that opt for the S$2,000 transfer option).
Drawbacks of a Maybank funds transfer
- Limited 0% interest period. Maybank only offers 6 and 12 month fund transfer periods.
- High minimum transfer amount. To benefit from the lowest bracket of processing fees, you’ll have to opt for the minimum S$10,000 transfer. Before applying, ask yourself whether you can realistically afford to repay your entire S$10,000 transfer within 6 months. If not, you might be better off opting for a funds transfer with lower minimum transfer requirements or with a longer repayment term.
- Minimum monthly payments. Consider whether the minimum monthly repayment of 3% or S$10 (whichever is higher) is affordable.
- High reverting interest rate. After the interest-free balance transfer period ends, you’ll be charged interest.
How to apply
Steps to apply
- If you’re not an existing Maybank cardholder, you’ll need to sign up for a Maybank credit card first. Once you’ve become a Maybank cardholder, you’ll need to complete and submit the Maybank Fund Transfer application form.
- If you’re already an existing principal or supplementary Maybank cardholder, you can apply straightaway for the Maybank fund transfer program by filling out the one-page application form.
- You can only transfer up to 95% of your approved credit limit to a new card at another bank. If your application is approved, your funds will be automatically moved over to your new account upon card activation.
Documents you’ll need
- If you’re a Singaporean citizen or permanent resident, you’ll need to provide a copy of your NRIC.
- If you’re a foreigner, provide a copy of your passport.
- You’ll also need to provide your Maybank credit card number and contact details.
All Maybank credit cardholders are eligible to apply for a Maybank funds transfer. The following are general requirements that you need to qualify for a Maybank credit card. If you aren’t an existing Maybank cardholder, be sure to carefully read specific card requirements before applying for a Maybank credit card.
- Minimum annual income. You’ll need a minimum annual income of S$30,000. Foreigners may be subject to higher minimum income requirements.
- Age. You must be at least 21 years old.
- Residency status. While you don’t have to be a Singaporean citizen or permanent resident to apply, foreigners may be subject to stricter income and employment requirements.
For Maybank credit card members who have outstanding balances with another bank, a funds transfer could help you manage and pay off your debts with no extra interest charges.
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