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best funds transfer rate now?

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Old 13-01-2011, 12:03 AM   #31
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For new HSBC Personal Line of Credit customers who applied online, the funds transfer rate is 1.28% per annum for 6 months with no processing fee. You can read the promotion T&C at this website:


is this upfront interest rate?

on fund transfer page:

1.88% p.a. for 6 months* with upfront processing fee of S$50 (EIR: 2.62%+)

+ The Effective Interest Rate (EIR) is calculated based on an approved fund transfer of S$10,000 with 3% monthly minimum payment and full payment of the fund transfer amount outstanding at the end of the promotion period. EIR is subjected to compounding if the monthly finance charges are not paid in full.

https://www.hsbc.com.sg/1/2/!ut/p/kc...DQiHJHRQCv4WaB
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Old 13-01-2011, 12:11 AM   #32
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is this upfront interest rate?

on fund transfer page:

1.88% p.a. for 6 months* with upfront processing fee of S$50 (EIR: 2.62%+)

+ The Effective Interest Rate (EIR) is calculated based on an approved fund transfer of S$10,000 with 3% monthly minimum payment and full payment of the fund transfer amount outstanding at the end of the promotion period. EIR is subjected to compounding if the monthly finance charges are not paid in full.

https://www.hsbc.com.sg/1/2/!ut/p/kc...DQiHJHRQCv4WaB
The link you provided is the link to Credit Card Funds Transfer promo. The one i provided earlier is for the credit line, Personal Line of Credit Promo. Both promos are different.

Interest rate is charged on the daily outstanding balance. For example if the outstanding balance for the day is $10K, the interest payable for 1 day will be $10K*0.0128/365days.

Assuming that repayment of $300 is made on Day 2, the outstanding balance is $9,700. Balance interest for Day 2 will be $9.7K*0.0128/365days.

Carry on this method of computation for the whole month and the total amount interest charged to account will be the sum of whole month interest payable computed above.
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Old 13-01-2011, 12:19 AM   #33
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yes i know there are different products.
just trying to understand why the so call interest rate may not be the final interest rate in the end, paying more!

1.88%>>2.62%
so 1.28% is actually going to be higher

Last edited by coffeeSG; 13-01-2011 at 12:23 AM..
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Old 13-01-2011, 09:28 AM   #34
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yes i know there are different products.
just trying to understand why the so call interest rate may not be the final interest rate in the end, paying more!

1.88%>>2.62%
so 1.28% is actually going to be higher
2.62% is because they include $50 processing fee and treat it as "interest payment", thereby increasing the effective interest rate.
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Old 13-01-2011, 12:12 PM   #35
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i see. thanks for explaining. is there any early payment penalty for hsbc offer?
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Old 13-01-2011, 12:20 PM   #36
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what are you guys transferring?
__________________
z.
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Old 13-01-2011, 02:13 PM   #37
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i see. thanks for explaining. is there any early payment penalty for hsbc offer?
There is no penalty for early repayment. This is just a credit line and each month you will need to make payment of at least 3% of statement outstanding. You can of course pay more and make full payment before the 6-month promotional rate is over.
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Old 14-01-2011, 01:55 AM   #38
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anyone received funds transfer promo from ANZ? Cos from what i saw from e letter, it seems that I don't have to pay a single cent to have funds transferred. 100% savings. ANZ that good?
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Old 14-01-2011, 08:04 AM   #39
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what do u mean no need to pay a single cent?
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Old 14-01-2011, 11:41 AM   #40
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what do u mean no need to pay a single cent?
maybe he/she meant no transaction fee?
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Old 14-01-2011, 03:44 PM   #41
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where can i get the brochure for uob 1.88% balance transfer?
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Old 14-01-2011, 10:27 PM   #42
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where can i get the brochure for uob 1.88% balance transfer?
It's by invitation. You got to be an existing customer.
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Old 14-01-2011, 10:59 PM   #43
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anyone received funds transfer promo from ANZ? Cos from what i saw from e letter, it seems that I don't have to pay a single cent to have funds transferred. 100% savings. ANZ that good?
I have the anz three month zero percent interest no processing fee promotion. It is true. Dunno wat they earn. But then their approval take some time.
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Old 15-01-2011, 01:08 AM   #44
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UOB just call me on Thursday. they offer me 1.88% with no processing fee. And i took up the offer for both my UOB credit card and Cash plus.

So currently, i have fund transfer from UOB, HSBC fund transfer both 1.88% with no processing fee.

I also have fund transfer with OCBC Easi Credit at 1.88% no processing fee (+ free watch)

i am also enjoying from ANZ 0% for 3 mth with no processing fee and comes with free $50 Isetan Vouchers. this one is for customers who receive a empty chq from ANZ.

i think i am able to enjoy the good promotion because i took up many fund transfer from the bank and the officer would call me whenever they have good promotion

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hmm now i'm getting 3% with no processing fee from uob.
anyone knows where i can get a lower rate?

Last edited by Verbatin; 15-01-2011 at 01:11 AM..
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Old 15-01-2011, 08:54 AM   #45
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UOB just call me on Thursday. they offer me 1.88% with no processing fee. And i took up the offer for both my UOB credit card and Cash plus.

So currently, i have fund transfer from UOB, HSBC fund transfer both 1.88% with no processing fee.

I also have fund transfer with OCBC Easi Credit at 1.88% no processing fee (+ free watch)

i am also enjoying from ANZ 0% for 3 mth with no processing fee and comes with free $50 Isetan Vouchers. this one is for customers who receive a empty chq from ANZ.

i think i am able to enjoy the good promotion because i took up many fund transfer from the bank and the officer would call me whenever they have good promotion

---------
OCBC also make telephone call for balance transfer? Never received their call before leh only a lot of mailer but there is too many T&C
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