GXS Debit Card review - How does it compare against other travel cards in Singapore?

GXS¹ is a digital bank you can access through their app or via your Grab or Sing tel apps. Once you have an account set up you can also create a virtual GXS debit card², and order a physical version if you want one. This guide walks through how - including some important features, fees and limits to consider.

We'll also touch on an alternative to the GXS debit card that you might want to compare - the Wise card. Wise lets you hold multi-currency balances, and pay overseas with no foreign transaction fees. Plus you can send international transfers and make ATM withdrawals when you travel, services which aren’t offered by GXS.

What is the GXS Debit Card?

GXS is a digibank which came about as a partnership with Grab and Singtel. GXS lets customers borrow, spend and save - with all services delivered via either their own app or by logging in using Grab or Singtel. There’s no branch network so everything has been designed for a smooth digital experience with no need to leave home to get set up.

Once you have an eligible GXS account you can also get a virtual or physical debit card to allow you to spend from your account. Cards are available with the GXS savings accounts and offered on the MasterCard network.

You can use your GXS card to spend online and in person, and earn rewards as you do - we’ll look at these in detail in a moment.

There are a few drawbacks with the GXS card which you’ll want to know about as well. Firstly, GXS doesn’t support multi- currency balances, so when you spend overseas you may find that fees apply which push up the costs overall. And secondly you can not use your GXS card in an ATM³. While spending with cash is pretty rare here in Singapore, this is a disadvantage if you’re overseas somewhere where cash remains a primary payment method. More on that later.

GXS Debit Card rewards

GXS offers reward opportunities as you spend with the GXS debit card⁴. GXS debit card rewards activate every time you use your card to spend 10 SGD or more. You’ll automatically win GXS debit card cashback of up to 5 SGD. The amount you receive is varied - but any cash back you get is automatically credited to your GXS savings account so there’s no need to make any effort to claim it.

As with any offer, this reward earning opportunity may not last forever so do keep an eye on the GXS app or website to make sure it’s still available.

GXS Debit Card exchange rate

GXS savings accounts can only hold a balance in Singapore dollars. This means that when you use your GXS bank card to spend overseas, your purchase is converted back to SGD before the money can be deducted from your GXS savings account.

The exchange rate used when you spend with the GXS bank debit card overseas is set by Mastercard. This network rate is usually very fair, and sits pretty close to the rate you see if you run a Google search. At the time of writing, GXS does not charge foreign transaction fees for card spending.

In the terms and conditions of your GXS card, there’s a clause which allows GXS to charge an administrative fee of 2.5% on foreign card spending. This fee is being waived at the moment - and GXS will give card holders 30 days notice if they choose to apply this fee in future. However, it’s worth keeping an eye out for news on this before your next trip - paying an extra 2.5% every time you buy something overseas can push prices up a lot.

We’ll look at an alternative to the GXS debit card - the Wise card - next, which can be a smart move for your overseas spending.

Wise vs GXS

For travel purposes, getting a multi-currency account and card can help you keep down costs and manage your money more flexibly. One option popular with Singaporeans is the Wise account and card. Here’s a quick comparison of Wise and GXS as providers:

Wise card vs GXS Debit Card

So - what about the cards in particular? Here’s a head to head of the GXS debit card vs the Wise card:

How to use GXS Debit Card

You can use your GXS physical debit card to spend online and in stores both locally and abroad. Your virtual card can be used for online shopping and spending in apps.

You can not make ATM withdrawals with your GXS card. In Singapore that’s not likely to cause you much of a headache as you can tap and pay wherever contactless is accepted, or use other local services for digital payments. However, bear in mind that digital payment options aren’t as widespread in some other countries. If you’re planning to travel you might want to check out alternative ways to get cash from an ATM - like the Wise card - so you’ll have some foreign currency in your pocket for small purchases, tipping, and where cards aren’t accepted.

Does GXS Debit Card support Apple Pay?

No. At the moment you can not use your GXS debit card with Apple Pay or similar wallets like Google Pay. This feature may be added to GXS in future though - stay tuned for updates.

Summary

GXS is a really helpful arrival on the Singapore scene, with ways for customers to borrow, spend and save in SGD. You can also earn instant rewards when you spend with your card - which could be as much as 5 SGD a time. However, it does have a few downsides. While you can use your GXS card to spend online and in person in stores, you can’t get cash from an ATM. This isn’t much of an issue here - but if you travel you may struggle if you can’t get cash to pay for smaller items or taxis.

The other major drawback with GXS is around foreign currency spending. Because GXS does not support foreign currency balances, your purchases are converted back to SGD using the GXS rate. This rate is set by Mastercard - and probably pretty fair - but if GXS exercises their right to add a foreign transaction fee of 2.5% in future, foreign currency spending won’t represent quite such good value.

To manage your money when you travel, you may consider another option - like a Wise account - which you can use alongside your GXS card and account.

You can get set up online or in app, and order your Wise card to spend globally and make overseas ATM withdrawals whenever you need travel cash. Tap and pay in stores, or use the Wise virtual card to make mobile payments with Apple Pay or your favourite ewallet.

Wise accounts can hold and exchange 40+ currencies, and use the mid-market exchange rate with no markup with conversion fees from 0.33%. This allows you to set your travel budget in advance if you want to. Just convert your SGD balance to the currency you need, and spend when you travel with no extra fees. No hassle and no hidden costs - just easy ways to spend and withdraw overseas.