GXBank, Malaysia’s first digital financial institution, is quite basic in its current form. It’s basically a savings account and there’s no choice to spend through card or QR funds. Nonetheless, the state of affairs for GXBank will get fairly fascinating with their upcoming GX Debit Card as they’ve shared extra particulars on their website.
GXBank affords limitless 1% cashback with no cap
As proven above, that is their upcoming GX Debit Card which is available in a bodily Mastercard debit card with PayPass. It will get a clear vertical design on the entrance whereas the cardboard particulars together with cardholder title and numbers are printed on the again.
In line with GXBank, the GX Card affords limitless 1% cashback for on a regular basis spending and there are not any markups on trade charges or hidden charges on abroad transactions. In line with the FAQ, there isn’t a cap on the quantity of cashback you may obtain once you spend along with your debit card. Nonetheless, there are some classes which aren’t eligible for cashback comparable to eWallet top-ups.
Like different “digital financial institution” providing out there, you may handle your card together with freezing the cardboard and proscribing sure transactions comparable to contactless and on-line transactions. By default, GXBank account holders will get a financial savings account and so they might want to apply for the cardboard individually. Whereas ready for the cardboard to reach, it is best to be capable of use the cardboard for on-line transactions by acquiring the cardboard particulars from the app.
GXBank waives GX Debit Card charges till 31 December 2024
In line with the Product Disclosure Sheet, there’s a card issuance price of RM12 and money withdrawals from MEPS ATMs will value you RM1 per transaction. In the meantime, GXBank will even cost a 1.2% administration price for the quantity transacted in international forex or transacted abroad with the GX Card. These charges are waived till thirty first December 2024 or different date decided by GXBank once in a while with prior discover.
Apparently, it is usually talked about that GXBank doesn’t cost charges for abroad money withdrawals (through Mastercard community). Nonetheless, there could possibly be different third-party ATM entry charges imposed by banks abroad.
On the time of writing, GXBank is open for public beta and they’re opening it up for 20,000 Malaysians. You’ll be able to obtain the app through the Apple App Store and Google Play Store, and signal as much as be on the ready record.