Thinking of putting your money to work with Chocolate Finance? Here’s everything you need to know before diving in.
Chocolate Finance and its Chocolate Visa Card have been buzzing in Singapore’s fintech scene. The platform promises higher returns on your cash while offering perks like zero FX fees and miles on spending. But with recent headlines about suspended withdrawals and reduced rewards, it’s natural to wonder: Is Chocolate Finance still a safe and practical option?
This guide breaks down interest rates, withdrawals, the Chocolate Visa Card, and how it stacks up against travel-friendly alternatives like YouTrip.
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📚 Table of Contents:
- TL;DR
- What is Chocolate Finance?
- Who Owns Chocolate Finance?
- Interest Rates
- What Happened in 2025
- Withdrawals
- Is It Still Safe?
- Is Chocolate Finance Approved by MAS?
- Chocolate Visa Card Benefits & Exclusions
- Chocolate Visa Card Limit, Miles & Tax
- Where Can You Use the Chocolate Visa Card?
- Referral Programme
- USD Account
- Latest Changes
- FAQs
TL;DR: Chocolate Finance at a Glance
| Category | Details |
|---|---|
| Type | Digital wealth platform (not a traditional bank) |
| Regulation | MAS-approved under a Capital Markets Services (CMS) license |
| Chocolate Finance Interest Rate | Up to 2.5% p.a. (SGD) and 4.3% p.a. (USD) — promotional, subject to change |
| Withdrawals | Instant withdrawals suspended; standard processing takes 3–6 business days |
| Chocolate Visa Card | Offers HeyMax Miles, but rewards reduced in 2025 |
| Safety | MAS-regulated, funds held with licensed custodians, but not SDIC-insured |
| Alternative | YouTrip — offers instant FX access, zero hidden fees, and smooth travel spending |
What is Chocolate Finance?
Image Credits: Chocolate Finance
Chocolate Finance is a Singapore-based fintech platform designed to help users earn higher returns on idle cash. Instead of traditional deposits, your funds are invested in short-term bond funds — meaning your money can fluctuate based on market performance.
It’s often compared to digital wealth apps like Endowus Cash Smart or StashAway Simple, but with a twist — you can also spend your funds directly using the Chocolate Visa Card.
Key Highlights:
✅ MAS-regulated fund manager
❌ Not SDIC-insured (unlike traditional banks)
⚠️ Market risk applies — returns can vary
📚 Also read: iChange Vs YouTrip comparison guide
Who Owns Chocolate Finance?
Chocolate Finance is owned and operated by Chocolate Pte. Ltd., a Singapore fintech company founded by ex-banking and investment professionals. While details of its full shareholder structure aren’t publicly listed, the company has confirmed its regulatory oversight under the Monetary Authority of Singapore (MAS).
Chocolate Finance Interest Rates
Chocolate Finance offers promotional interest rates on both SGD and USD balances.
Current Rates (as of October 2025):
SGD Account
- 2.5% p.a. on first S$20,000
- 2.2% p.a. on next S$30,000
- 2.2% p.a. above S$50,000
USD Account
- 4.3% p.a. on first US$20,000
- 4.0% p.a. on next US$30,000
- 4.0% p.a. above US$50,000
⚠️ Note: These are not guaranteed interest rates — they depend on fund performance and can change anytime.
📚 Money matters: Best Savings Account Singapore 2025: Top Interest Rates & Bank Picks
What Happened to Chocolate Finance in Singapore?
In early 2025, Chocolate Finance Singapore faced a liquidity crisis following viral social media posts urging users to withdraw funds.
What went down:
- Heavy withdrawals overwhelmed its systems
- Instant withdrawals were suspended
- Standard withdrawals (3–6 business days) remained functional
- Investor confidence took a hit
This event sparked discussions about whether Chocolate Finance is still safe and highlighted the risks of treating investment products like bank accounts.
Chocolate Finance Withdrawals Explained
After the 2025 incident, Chocolate Finance withdrawals are now limited to standard processing only:
- ❌ Instant withdrawals: Suspended indefinitely
- ✅ Standard withdrawals: 3–6 business days
- 🔄 Funds are sold from bond portfolios before transfer
If you need instant cash for travel or emergencies, this delay can be inconvenient — especially compared to instant-access cards like YouTrip, which let you spend and withdraw immediately.
Is Chocolate Finance Still Safe?
Here’s the short answer: Yes, but with caveats.
Safety Snapshot
✅ MAS-regulated fund manager
✅ Client funds held in segregated custodian accounts (e.g., Citibank)
❌ Not SDIC-insured
⚠️ Exposed to market fluctuations
So while Chocolate Finance Singapore is legit and regulated, your capital isn’t guaranteed. It’s safer than an unlicensed platform but riskier than a traditional savings account.
📚 Travel smart: Best DBS Miles Credit Cards In Singapore (2025 Guide)
Is Chocolate Finance Approved by MAS?
Yes — Chocolate Finance is approved by MAS under a Capital Markets Services (CMS) license. This means it’s allowed to manage collective investment schemes and offer digital investment products to retail customers.
However, being MAS-regulated ≠ deposit insurance. Your money is protected by compliance frameworks, not the government safety net (SDIC).
The Chocolate Visa Card: Benefits & Exclusions
The Chocolate Visa Card is a spend-from-investment card that connects directly to your Chocolate Finance account.
💡 Benefits of the Chocolate Visa Card
- Zero foreign currency (FX) fees
- Earns HeyMax “Max Miles” for spending
- No minimum spend or lock-in period
- Works like a debit card — spend your invested balance
❌ Chocolate Visa Card Exclusions
- Bill payments (insurance, utilities, tax) are now capped at 100 miles/month
- No miles for government payments, CardUp transactions, or top-ups
- Limited merchant support overseas
📚 Learn more: HSBC Everyday Global Account (HSBC EGA) Singapore Guide 2025
Where Can You Use the Chocolate Visa Card?
You can use the Chocolate Visa Card anywhere Visa is accepted globally — including retail stores, e-commerce sites, and travel bookings.
However, some users report that it’s not compatible with MRT or public transport systems in Singapore.
So if you’re wondering “Can I use my Chocolate Finance card for MRT?” — the answer is no. It’s not integrated with SimplyGo like standard debit or credit cards.
Chocolate Visa Card Limit, Miles & Tax
Card Limit
- Default spend limit: Based on the available balance in your Chocolate account
- No preset monthly limit (subject to card provider rules)
Miles
- 1 Max Mile per S$1 on first S$1,000 monthly spend
- 0.4 Max Miles per S$1 after that
- Bonus multipliers for high Monthly Average Balance (MAB):
- e.g., S$50,000 balance → 50% bonus miles
- Full 2 mpd only with S$100,000+
Taxes
- No tax benefits; miles earned may be reportable if treated as rewards income for businesses.
Chocolate Finance Referral Programme
Chocolate Finance Singapore previously offered a referral bonus, allowing users to earn small cash or miles rewards for inviting new users. As of late 2025, referral campaigns have been paused — though they may return once platform stability improves.
Chocolate Finance USD Account:
- Higher potential returns vs the SGD account
- No lock-ins, daily returns
- In-app SGD to USD conversion
Keep in mind, this is still an investment product, not a guaranteed deposit.
USD Exchange Rate Comparison: Chocolate Finance vs YouTrip
Let’s see how Chocolate Finance’s USD rates stack up against a travel card like YouTrip
| Currency | Chocolate Finance | YouTrip |
|---|---|---|
| USD | 1 SGD = 0.7753 USD | 1 SGD = 0.7782 USD 👑 |
💡 For frequent travellers, YouTrip is worth considering as a travel card alternative. It offers competitive FX rates with zero fees and the ability to lock in rates across multiple currencies — without tying up your cash.
📚 Read: Best DBS Miles Credit Cards In Singapore (2025 Guide)
Latest Changes to the Chocolate Visa Card (2025)
1. Bill Payment Nerf
Previously, you could rack up miles by charging recurring expenses like insurance premiums, utilities, hospital bills, and even government payments to your Chocolate Visa Card.
Some users also used third-party services like CardUp to funnel big-ticket transactions (e.g. rent or income tax) through the card to earn miles.
That’s now changed. Chocolate Finance has capped these bill payment categories at just 100 miles per month. For context:
- Paying a S$1,000 hospital bill in the past might have netted you 2,000 miles (at 2 mpd).
- Today, the same payment maxes out at just 100 miles, no matter how large the bill is.
This cap significantly reduces the appeal of using Chocolate for big recurring or mandatory expenses.
📚 Learn more: CashChanger.co Vs YouTrip: Where To Get The Best Exchange Rate In Singapore?
2. New Miles Multiplier (from 1 Jul 2025)
Another big shift is the introduction of the Miles Multiplier system, which effectively rewards users who keep large amounts of money invested with Chocolate Finance.
| Monthly Average Balance (MAB)* | Miles Multiplier % |
|---|---|
| < S$5,000 | 0% |
| S$5,000 – < S$10,000 | 5% |
| S$10,000 – < S$15,000 | 10% |
| S$15,000 – < S$20,000 | 15% |
| S$20,000 – < S$25,000 | 20% |
| S$25,000 – < S$30,000 | 25% |
| … | … |
| S$100,000 and above | 100% |
*Includes both SGD and USD balances.
How it works:
- S$50,000 MAB → 50% bonus multiplier → earns more than standard 1 mpd
- Full 2 mpd requires S$100,000 parked with Chocolate
For most users without six-figure balances, the card defaults to 1 mpd on the first S$1,000 and 0.4 mpd thereafter.
📚 Learn more: OCBC Multi-Currency Account Guide: OCBC Global Savings Account (2025)
FAQs:
Q: What happened to Chocolate Finance in 2025?
A: A liquidity crunch triggered by mass withdrawals forced them to suspend instant withdrawals. Standard withdrawals still work but take 3–6 days.
Q: Is Chocolate Finance still safe?
A: It’s MAS-regulated and uses segregated accounts, but funds are not SDIC-insured and remain exposed to market risk.
Q: What are the current Chocolate Finance interest rates?
A: Up to 2.5% p.a. (SGD) and 4.3% p.a. (USD), though these are promotional and subject to change.
Q: Can I earn miles with the Chocolate Visa Card?
A: Yes. You earn Max Miles, but the earn rate was cut in 2025 to 1 mile per S$1 (first $1k) and 0.4 thereafter.
Q: Is Chocolate Finance MAS-regulated?
A: Yes, it holds a Capital Markets Services license under MAS, but your funds aren’t government-insured.
Q: How long do Chocolate Finance withdrawals take?
A: Standard 3–6 business days, no more instant withdrawals.
Bottom Line
Chocolate Finance Singapore offers an interesting blend of investing and spending, but it’s not without risk. The Chocolate Visa Card adds flexibility, yet its reduced miles, withdrawal delays, and category exclusions have dimmed its shine in 2025.
💡 If your goal is travel spending, strong FX rates, and instant access to funds, a travel card like YouTrip may be a more practical option. You can spend globally, avoid hidden fees, and still earn great rates — without tying up your money.
Not a YouTrooper yet? Get a free YouTrip card + S$5 YouTrip credits with code <YTBLOG5>.
💜 Don’t forget to explore our YouTrip Perks page for exclusive deals, join our Telegram (@YouTripSG) for weekly tips, and connect with fellow travellers on @YouTripSquad.
Safe travels and happy savings!
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