GXBank Debit Card review - A complete guide on fees, benefits and cashback

GXBank¹ is Malaysia’s first digital bank. If you’re eligible for a GXBank account, you can also get a GXBank debit card² which offers perks like cashback and pretty much no fees at all until the end of 2024. This guide walks through all you need to know about GXBank cashback on card spending, and the fees you may need to pay for your GXBank card now and in the future.

To help you consider your options for a digital account and powerful debit card, we'll also compare the GXBank debit card with the Wise card. Wise is a global provider of multi-currency accounts and debit cards which offers international spending with low fees and the mid-market rate. Let’s dive right in.

What is the GXBank Debit Card?

GXBank is a digibank - a fully online and in-app bank which doesn’t have a branch network. It’s licensed by Bank Negara Malaysia, and offers saving accounts to eligible customers which come with a GXBank debit card. At the time of writing, GXBank has waived most applicable card fees until 31st December 2024, or whichever other date GXBank determines. You’ll be able to earn cashback on card spending, and can use your GXBank card for international spending with the Mastercard exchange rate and no foreign transaction fee.

It’s important to note that certain fees will apply to the card once the GXBank promotional offer expires - likely to be at the end of 2024. This guide looks at the fees to use your GXBank debit card now and from 2025 onwards, so you can decide if it's right for you.

GXBank cashback when using the card

At the time of writing, GX Bank debit card users can get a 1% cashback benefit as part of the GX Bank introductory promo which is running throughout 2024. GXBank is also waiving other fees, including the 1RM fee for using a local ATM, and the 1.2% foreign transaction fee which will apply once the promotion expires.

GXBank exchange rate

GXBank savings accounts hold MYR only, so when you spend in a foreign currency in person or online, your foreign currency spend will be converted back to ringgit to be deducted from your digital account. At the time of writing, GX Bank will convert your spending with the Mastercard exchange rate and no foreign transaction fee. This usually presents pretty good value, as the network rate is likely to be quite fair.

It’s useful to know, though, that a foreign transaction fee of 1.2% is specified in the GX Bank debit card product disclosure sheet³. This fee is waived until 31st December 2024, but may apply to spending from 2025 onwards. Using a foreign transaction fee is extremely common, but it can mean you spend more than you expect when you transact overseas. Not all providers use a foreign transaction fee - we’ll take a look at the Wise card as one example of a provider which approaches currency exchange differently, in a moment.

Wise vs GXBank

GXBank may be Malaysia’s first digital bank, but it’s not the only digital account service offered in Malaysia. One option to consider instead is Wise - a smart idea if you transact internationally often, and want to manage your money with just your phone. Here’s a quick overview of some of the similarities and differences of GXBank vs Wise:

Wise card vs GX Bank Debit Card

If the key feature you want from your digital account is a debit card, you could choose either Wise or GXBank. Some of the features and fees are different between the 2 providers - making it worth weighing up your options. Here’s an overview of some key details about the GXBank debit card vs the Wise card:

How to apply for GXBank debit card

To apply for a GXBank debit card you must have a GXBank account first. You’re eligible to apply for a GXBank savings account if you meet the following eligibility requirements:

• You must be Malaysian
• You must be aged 18 years and above
• You must not be an existing GXBank customer at the time of application
• You must hold a bank account with another bank in Malaysia
• You must have a Malaysian mobile number

You can apply for a GXBank account if you’re eligible, by taking the following steps⁵:

1. Download the GXBank app
2. Tap on Create Account
3. Follow the prompts to enter your personal and contact information
4. Get verified by uploading images of your MYKad and a selfie

If you have any problems during your application you can reach out to GXBank support for help and advice.

Once your GXBank account is opened and verified, you’ll be issued automatically with a virtual debit card. If you also want to have a physical card which you can use for ATM withdrawals, you’ll be able to order this within the GXBank app.

Summary

GXBank offers a convenient way to manage your money in MYR, with no need to visit a bank branch to transact. Instead, simply use your phone and card to transact at home and abroad. GXBank has some great local service options - and until the end of 2024, pretty much no fees to worry about. You can earn interest on your balance, and cash back when you spend. However, once the current promotion ends, some GXBank fees may apply when you transact - particularly in foreign currencies.

If you transact often in foreign currencies - or if you need other international services such as ways to send and receive payments from abroad, check out the Wise card. You could always use Wise alongside GXBank to cover your foreign currency spending, with smart ways to hold and exchange 40+ currencies in one account, mid-market exchange rates and low conversion fees from just 0.33%.