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GXBank Digital Bank Honest Review – Is GXBank Safe?

Samuel Ting

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GXbank malaysia 02
GXBank is a legitimate financial institution in Malaysia, backed by prominent entities such as Grab and Singapore Telecommunications (Singtel). It is Malaysia’s first digital bank and the first among the five digital bank license applicants to receive approval from Bank Negara Malaysia (BNM) and the Minister of Finance. This approval confirms that GXBank has met all regulatory requirements and passed the operational readiness review, ensuring its compliance with stringent financial regulations.

Summary of GXBank Malaysia Review 2024

Bank GXBank
Licenses
  • Regulated by Bank Negara Malaysia
  • Protected by Perbadanan Insurans Deposit Malaysia(PIDM)
Year of Establishment 2020
Product and Services
  • Saving Account
  • Debit Card
  • Suppport DuitNow and Paynet
  • Impian Gigih Scholarship
Bonus and Promotion
  • Unlimited RM8 referral bonus
  • 1% Unlimited Cashback Debit Card
Customer Support
  • Live Chat
  • 24/7 Customer Support
Mobile Apps
  • Available on both Android and IOS

Several factors make GXBank reliable to the public:

  1. Regulatory Approval: GXBank has received regulatory approval from Bank Negara Malaysia, which is a significant endorsement of its legitimacy and operational standards. This approval ensures that GXBank adheres to the high regulatory and operational standards set by Malaysia’s central bank. 
  2. PIDM Membership: Deposits in GXBank are protected up to RM250,000 by Perbadanan Insurans Deposit Malaysia (PIDM), providing a safety net for depositors similar to traditional banks. 
  3. Technological Innovation: GXBank leverages advanced technology to offer a seamless banking experience. It provides daily interest rates on savings and innovative features through its mobile app. This focus on technology makes banking more accessible and convenient for users. 
  4. Customer Focus: GXBank aims to serve the unserved and underserved populations, including micro and small medium enterprises (MSMEs). Its mission is to provide inclusive financial solutions, enhancing financial resilience among Malaysians. 
  5. 24/7 Customer Support: The bank offers round-the-clock customer support through multiple platforms, ensuring that users can get assistance whenever needed. 
  6. Backed by Established Entities: As a joint venture involving Grab and Singtel, GXBank benefits from the extensive experience and resources of these established companies in the tech and finance sectors.

These attributes demonstrate GXBank’s commitment to providing reliable and innovative banking services, making it a trustworthy option for digital banking in Malaysia​

 

GXbank Analysis: Digital Bank vs. Traditional On-Ground Bank

The banking world is rapidly changing, and digital banks like GXBank are at the forefront of this transformation. These online-only banks are redefining how we handle our finances, offering a fresh alternative to the familiar traditional on-ground banks. In this section, we’ll explore how GXBank stacks up against conventional brick-and-mortar banks, focusing on the key differences in services, accessibility, costs, and customer experience. To help you see the bigger picture, we’ve put together a detailed comparison table that highlights what sets digital banks apart and why they might be the right choice for you.

 

Feature GXBanks Local Banks
Accessibility Accessible online 24/7 via apps  Physical branches and phone call limited to operating hours
Account Opening  Fully online with instant verification Requires visiting a branch for documentation
Service Offered Focused on core banking services, often with innovative digital features Comprehensive range of services including loans, investments, and insurance
Fee and Charges
  • No minimum balance
  • No limits
  • No lock in periods
  • No fees for core banking services
  • Account Maintenance Fee
  • ATM Cards Fee
  • Transaction Fee
  • Credit Card Fee
  • Miscellaneous Fee
Interest Rates 3% Daily Interest Rate 2.70% for 60 Months
Customer Support 24/7 Customer support
  • 24/7 for customer care hotline
  • 9am – 5pm for physical branches
Technology Integration High integration with fintech solutions, AI, and automation Moderate integration, traditional banking systems
Regulation Subject to Bank Negara Malaysia regulations Subject to Bank Negara Malaysia regulations
Security Advanced digital security measures, encryption Established security protocols, physical security measures
User Experience Seamless, user-friendly apps and interfaces More traditional, less focus on digital UX

 

Accessibility is one of GXBank’s strongest suits, offering unparalleled convenience with 24/7 access via its mobile app. This round-the-clock availability ensures that customers can manage their finances at any time, without being constrained by traditional bank operating hours. In contrast, traditional banks are limited by their physical branch hours and phone support availability, which can be a significant inconvenience for busy customers.

 

GXBank Hasslee Free application
The account opening process at GXBank Malaysia is streamlined and hassle-free, as it is fully online with instant verification. This eliminates the need for branch visits and extensive paperwork, making it incredibly user-friendly. Traditional banks, on the other hand, often require in-person visits and multiple documents, which can be time-consuming and cumbersome.

When it comes to service offerings, GXBank Malaysia focuses on essential banking services with cutting-edge digital features. This includes seamless online transactions, innovative digital tools, and high integration with fintech solutions. While traditional banks provide a broader range of services, such as loans, investments, and insurance, they often lack the same level of digital innovation and convenience that GXBank offers.

 

GXbank Malaysia fees and charges
Cost-effectiveness is another area where GXBank Malaysia digital bank excels. The bank does not impose minimum balance requirements, fees for core services, or lock-in periods, making it highly attractive for customers looking to avoid hidden charges. In contrast, traditional banks typically charge various fees for account maintenance, ATM cards, and transactions, which can add up over time.

 

GXBank Malaysia Saving Account
Interest rates at GXBank are highly competitive, with a 3% daily interest rate on savings, significantly higher than the 2.70% offered by traditional banks for fixed deposits over 60 months. This higher interest rate allows customers to grow their savings more effectively.

 

GXBank Malaysia Customer supportCustomer support at GXBank is available 24/7, providing immediate assistance online at any time. This level of accessibility ensures that any issues or concerns can be addressed promptly, enhancing customer satisfaction. Traditional banks offer 24/7 hotline support but are limited to standard business hours for in-branch services, which may not be as convenient.

In terms of technology integration, GXBank leads the way with high integration of fintech solutions, AI, and automation. This enhances efficiency and user experience, providing customers with a seamless banking experience. Traditional banks have moderate integration, often relying on legacy systems that may not offer the same level of convenience.

Both GXBank and traditional banks are regulated by Bank Negara Malaysia, ensuring compliance with national financial standards and regulations. This regulatory oversight provides customers with peace of mind, knowing that both types of banks adhere to stringent guidelines.

 

GXbank safety and securitySecurity is a top priority for GXBank, which employs advanced digital security measures, including encryption, to protect customer data and transactions. Traditional banks also have established security protocols and physical security measures to safeguard customer assets, providing robust protection in both environments.

The user experience at GXBank is designed to be seamless and intuitive, with user-friendly apps and interfaces that prioritize digital convenience. This focus on creating a positive digital user experience sets GXBank apart from traditional banks, which offer a more conventional approach with less emphasis on digital usability.

In conclusion, GXBank stands out for its accessibility, cost-effectiveness, innovative technology, and user-friendly experience, making it a compelling choice for those looking to embrace modern banking solutions. Traditional banks, while offering a broader range of services, may not match the convenience and efficiency provided by digital banks like GXBank.

 

GXBank Debit Card – Step-by-Step Guide for Application

Applying for a GXBank Debit Card is a straightforward process that can be completed entirely online. Follow these easy steps to get started and enjoy the benefits of your new debit card.

  1. Download GXBank Malaysia app
    GXBank QR code
  2. Verify Your AccountGXBank verify account
    • Email: Enter your email address and confirm it.
    • Name: Provide your full name as it appears on your identification documents.
    • IC Verification: Upload a clear photo of your IC (Identity Card) for verification.
  3. Apply for the Physical C
    GXbank card application

      • Address: Enter your mailing address where the card should be delivered.
      • Name on Card: Specify the name you want to appear on your debit card.

  4. Track the Progress
    GXbank track progress

    • Once you’ve applied, you can track the status of your debit card application through the GXBank app. The tracking system is similar to how Grab apps track driver deliveries, providing real-time updates on the delivery status
  5. Activate Your Card via GXBank AppGXBank debit card
    • After receiving your debit card, activate it using the GXBank app.
    • Within the app, you can manage various settings such as setting limits, freezing the card if lost, checking transaction history, and adjusting online transaction settings for enhanced security.

By following these simple steps, you can quickly and efficiently apply for and start using your GXBank Debit Card, enjoying all the convenient features and benefits it offers.

FAQ

  1. I am having problems with my registration. What should I do?
    To ensure a smooth registration process, we kindly ask you to keep the following points in mind:Make sure your device has a stable internet connection. This will help you complete the registration seamlessly without any interruptions.Enable camera permission on your device. This will allow you to use any features that require camera access during the registration process. Don’t worry, we’ll only use it when necessary.Ensure that your device is capable of receiving SMS messages. This way, you won’t miss any important verification codes or important communication during the registration process.By considering these points, you’ll be well-prepared for a hassle-free registration experience.
  2. My account is locked. What do I need to do?
    To unlock your account, simply call our 24/7 Customer Support Hotline at +603 7498 3188. Our dedicated GX Buddy is available around the clock to assist you.
  3. Who is eligible for GX Card?
    As an active GX Account is required to apply and link the GX Card to the account, the eligibility and requirements to apply for the GX Card is thus driven by the eligibility requirements for GX Account opening.
  4. When will my physical card arrive?
    The delivery date provided in the app is our best estimate, calculated based on our service agreement with our processing and delivery partners. Please note that this estimate may vary slightly due to weekends or public holidays.For our customers in East Malaysia or those residing in remote areas, kindly allow an additional 1-2 working days beyond the initial estimated date for card delivery. Rest assured, our team is working diligently to ensure your card reaches you as swiftly as possible.
  5. Can I only apply for the Physical Card and cancel the Virtual Card?
    No, you may not only opt for the Physical Card.After successful opening of the GX Account, applying for the Virtual Card will be first made available to you. You can opt to only have the Virtual Card, but you are not able to only have the Physical Card.