How long does a balance transfer take?

Applying for a balance transfer? Discover how long it can take and learn how to speed up the process here.

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If your current debt is collecting interest, a balance transfer can be a useful way to move it to a card that offers 0% for a promotional period. Applying for a balance transfer is a relatively simple process, but it can take up to a few weeks for the balance to appear in your account. Use this guide to find out how long it will take conduct a balance transfer with each of Australia's major banks and how you can plan your repayments accordingly.

How long does it take for the bank to process my balance transfer application?

Applying for a new balance transfer credit card usually takes between 10 - 15 minutes and you can expect a response almost immediately. Once your balance transfer credit card application has been approved, it can take between one or two weeks for the balance to move to your new account.

As the processing times can vary between banks, we've summarised how Australian card issuers manage balance transfers and the processing times you can expect below:

How long will it take for my new bank to process my balance transfer?

Institution	Number of days to process	Balance transfer guides
American Express	Up to 13 business days	American Express credit card balance transfer guide
ANZ	Up to 15 business days	ANZ credit card balance transfer guide
Bankwest	Up to 5 business days	Bankwest credit card balance transfer guide
Citi	Up to 10 business days	Citi credit card balance transfer guide
CommBank	Up to 10 business days	Commonwealth Bank credit card balance transfer guide
HSBC	Up to 10 business days	HSBC credit card balance transfer guide
NAB	Up to 10 business days	NAB credit card balance transfer guide
St.George	Up to 14 days	St.George Bank credit card balance transfer guide
Virgin	Up to 10 business days	Virgin Money credit card balance transfer guide
Westpac	Up to 7 days	Westpac credit card balance transfer guide

If you've applied for a balance transfer and it's taken longer than two weeks to appear in your account, you can contact your new bank to confirm when you can expect the balance to appear in your account. Once it does appear in your account, you can start making repayments to pay it off before the promotional period ends.

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How to speed up the balance transfer process

Being organised is the key to avoiding any speed bumps during the balance transfer process. Know what details the bank needs and ensure that your accounts are in order so your balance transfer can be completed as quickly as possible. Use the following steps as a guide:

1. Do your research. Every bank and credit card has different interest rates, one-off fees, balance transfer limits and introductory offer time periods. Compare your options to discover which one works for your situation.
2. Meet the eligibility requirements. You need to meet eligibility requirements such as minimum income and good credit history to be approved for a balance transfer. Make sure you meet these conditions before applying. There are also some banks that only accept balance transfers from certain institutions. Check which banks you’re eligible to transfer your balance from.
3. Collect the required information. Each bank has a different application process and will require you to provide specific information and documents. To avoid stalling the application process, research what you will need and prepare the relevant paperwork before applying.
   Some commonly required information includes:
   • Existing account name and type
   • Card/account number
   • Balance transfer amount
   • Issuing bank’s name
   • Biller code and reference number
4. Have your accounts in order. Having large debts or cash advances owing on your credit cards won’t look good to the bank. Ensure your accounts are all in order to increase your chances of approval and show that you have been making repayments regularly and managing your debts well.

Balance transfer information, tips and comparison

Balance transfers to a new credit card can help minimise your interest fees while you're consolidating your debts. Applying for a balance transfer is simple, but you should compare your options and organise the necessary information beforehand to speed up the application process and improve your chances of approval.

Compare balance transfer credit cards

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