GXBank, 1st Digital Bank in Malaysia and We Managed to Test Them OUT

Tags: Android, iOS, Personal Finance

GxBank is a digital bank that operates entirely online, without any physical branches or offices. A digital bank is different from a typical bank in that it offers banking services through a mobile app or a website, instead of through a physical location. Digital banks can offer convenience, speed, security, and lower fees to their customers, as they have lower operational costs and can leverage technology to enhance their services.

GxBank is the first digital bank in Malaysia to receive approval from Bank Negara Malaysia (BNM) to commence operations. GxBank aims to provide a seamless and personalized banking experience to its customers, with features such as instant account opening, real-time transactions, and fee-less transactions.

Getting Started Guide:

To start using GxBank, you need to download the app and register to join the waitlist to open your GX Account. You can download the app from the App Store or the Google Play Store. Once you have downloaded the app, you need to follow these steps:

Enter your phone number and verify it with a code sent to you via SMS.
Enter your email address and create a password for your account.
You will then be put on the waiting list. (We waited for a few weeks)
Once the wait is over, you should receive an email with the invitation.
Fill in your details, such as your name and identification number.
You will need to complete the e-KYC to be verified and approved. No worries, this time the approval should be fast.
Once you have activated your GX Account, you can start using the app to manage your money, make payments, transfer funds, save, invest, and more.

Rewards:

Cashback: You can get a cashback reward of ~~RM20~~ RM8 for funding your GX Account with a minimum deposit of RM100. You can also get a cashback reward of 1% for spending with your GX Card at selected merchants. GxBank promises unlimited 1% cashback on all of the spending which sounds interesting. If you set Gxbank as your primary DuitNow account, you may get an additional RM8 cashback.
GrabUnlimited subscription: You can get a complimentary GrabUnlimited subscription for up to six months when you join GxBank and your Grab account. After opening your Gxbank account, wait for a few days and your Grab account should have a button to link your Gxbank account. Once it is linked up, wait for at least 24 hours then, subscribe the Grab Unlimited to be able to receive the cashback.
Fee-less: Zero fees on cash withdrawals from MEPS ATMs nationwide, and no hidden fees or markups on overseas transactions.
Daily Interest: Similar to how TNG eWallet’s Go+ works, Gxbank gives out 3% p.a. of daily interest without any minimum balance, cap, or lock-in period.

Testing Their Support Capabilities:

We do have the Free 6-month Grab Unlimited cashback issue where we are supposed to get our cashback a day after subscribing to Grab Unlimited. We contacted Grab initially to ask about the issue and then we were directed to the support team of GxBank. We know that this is the chance where we can test out their support’s capability. Since Gxbank is a digital bank that only offers services and helps online without any physical presence, we expect that the support team should be capable of fixing and answering all sorts of issues faced by the users/customers. Having a 24/7 support team is never enough to serve the users, they will need to have a “capable” support team that could serve customers and users better and gain trust from users. It took them a few weeks to manage to get the cashback credited to our account, which seems a bit long.

However, we did try to contact them to change our device. Yes, the GXBank application will allow you to log in to only one device, you will need to send a request to them for changing devices. This time, they responded promptly and the issue was resolved just within 1-2 days.

Testing the GxBank debit card:

The design of the debit card is nice and has a shiny GX logo. It is very easy to activate the card and use it on the spot. We tried to use it in grocery shopping and fast food restaurants and it functions the same as a normal debit card. The 1% unlimited cashback will be received on the account after a few days of the transaction date. You will see a “processing” status if the transaction is yet to receive any cashback.

Advantage & Disadvantage

Advantage 1 – Feeless, free debit card, and easy-to-use app. (effective until 31-Dec-2024)
Advantage 2 – Cross-platform accessibility, from Andriod to Apple, from Tablet to Computer. It is accessible on any device with an internet connection.
Advantage 3 – Unlimited cashback of 1% with no minimum spend by using GXBank’s debit card.
Disadvantage 1 – No QR payment system. Unlike Maybank QR Pay/CIMB Pay/Hong Leong Pay which you can use QR scanning to pay like TNG eWallet, GXBank does not have this feature.
Disadvantage 2 – The GXBank app only allows the latest Android 11 or iOS 15 and above. In other words, if you have older devices, you won’t be able to use GXBank. On top of that, you won’t be able to access your GXBank account via a web browser.
Disadvantage 3 – You won’t be able to add the virtual physical card to any of the wallets like Samsung Pay / Apple Pay/ Google Wallet.

Conclusion:

GxBank is a pioneer in the digital banking space in Malaysia, offering a range of features and benefits that cater to modern and savvy customers. From cashback rewards, fee-less transactions, daily interest, and GrabUnlimited subscription, GxBank has something for everyone who wants to enjoy a hassle-free and personalized banking experience. However, GxBank also has some drawbacks, such as the lack of a QR payment system, and occasional delays in customer support. Overall, GxBank is a promising and innovative digital bank that deserves a try.

Compatibility:

iPadOS, iOS, Android

Pricing:

Key Features:

Ease of Use/UX/UI :

Disclosure: Please note that this article is written based on the author’s experience using the GxBank application as of the posting date. It might consist of incorrect or outdated information.

appdot.my