Wise vs GXBank Comparison 2024
If you’re looking for an account you can use to manage your money from your phone you may have heard of Wise, an international account and card provider, and GXBank - Malaysia’s first digibank. Both offer intuitive digital first services and are safe to use in Malaysia. However, the features and benefits do vary quite a lot - this guide walks through all you need to know about Wise vs GXBank on features, fees, international usage and more.
Summary: Wise accounts have debit cards, and cover 40+ currencies for holding and exchange, with mid-market exchange rates and low fees from 0.33%. GXBank has savings accounts and a cash back debit card, but doesn’t support holding foreign currencies - and when you spend overseas with your card there’s a foreign transaction fee. Which is best for you depends entirely on how you need to transact.
WiseVs GXBank: side by side
Let’s kick off with a quick head to head:
| Wise | GXBank | |
|---|---|---|
| Eligibility | Available for customers in many countries globally | Available for Malaysians only |
| Hold MYR in your digital account | Yes | Yes |
| Hold other currencies in your account | Yes, hold 40+ currencies | No |
| Maintenance fees | No ongoing fees | No ongoing fees |
| Debit card available | Yes | Yes - cashback on spending offered |
| Exchange rate | Mid-market rate, conversion from 0.33% | Network rate for card transactions + foreign transaction fee of 1.2% (waived in 2024) |
| Send money overseas | Send to 160+ countries | Not specified - GXBank only discloses information about Duitnow transfers |
| Local account details to receive payments to your account | Yes | No |
| Regulation | Licensed by Bank Negara Malaysia as a remittance, e-money and money changing business | Licensed by Bank Negara Malaysia as a bank |
In summary:
Both Wise and GXBank all allow you to hold a balance in MYR - only Wise supports foreign currencies for holding and exchange
Neither Wise or GXBank have ongoing costs
Both providers let you use your card to pay, and in an ATM to get cash at home and abroad - GXBank offers cash back on spending
GXBank only discloses information about Duitnow transfers within Malaysia, Wise lets you send money to 160+ countries
Wise allows you to receive payments in foreign currencies, GXBank does not
Both providers are regulated by Bank Negara Malaysia - GXBank has a banking licence, while Wise is regulated as a remittance, e-money and money changing business
The important bits
Before you choose to open an account with either GXBank or Wise you’ll want to know a bit about their costs, service levels, safety and more. Here’s an overview:
| Wise | GXBank | |
|---|---|---|
| Rates | Mid-market rate | Network rate + 1.2% foreign transaction fee (waived in 2024) |
| Fees | One off card fee No fee to spend a currency you hold in your account Other fees may apply depending on how you transact | One off card fee Other fees may apply depending on how you transact |
| Speed | 60%+ of transfers are instant, 90% arrive in 24 hours | Duitnow transfers are instant |
| Service | In app, online, by phone | In app, online, by phone |
| Safety | Regulated and licensed for all services offered | Regulated and licensed for all services offered |
To summarise:
Rates: Wise uses the mid-market rate, GXBank uses a foreign transaction fee for overseas card use
Fees: GXBank and Wise have a one off card order fee. Both also have some transaction fees which may apply depending on how you transact
Speed: GXBank offers Duitnow transfers only - these are instant, Wise transfers could arrive instantly or in 24 hours
Service: Both providers have online, in app and phone service
Safety: Both providers are safe and regulated
Pros and cons of Wise and GXBank
| Wise | GXBank |
|---|---|
✅Multi-currency account and card with flexible features ✅ Send and receive international payments | ✅Earn cash back on your card spending ✅ No ongoing account fees or account opening charges ✅Full Malaysian banking licence in place |
| ❌One off card order fee ❌ Currency conversion fees apply | ❌Foreign transaction fees apply ❌ No international transfers offered |
The verdict: Which is better, GXBank or Wise?
Ultimately, neither Wise nor GXBank is better - you may even decide you want an account with each of them, for different transacting needs.
Wise is more international in focus compared to GXBank, with 40+ supported currencies for holding and exchange, and ways to send and receive international payments in a broad array of currencies. If you’re looking for an account to hold foreign currencies, or need a card to spend abroad, this could be a good bet, with mid-market exchange rates and low fees from 0.33%.
GXBank has few fees to worry about, but doesn’t offer international payments. However, you can get a cash back debit card, which is handy for use in Malaysia. You can also use your card overseas, but there’s a foreign transaction fee which may negate the value of the cash back offer.
About GXBank and Wise
GXBank is Malaysia's first digibank, having received one of the first licences from Bank Negara Malaysia to operate fully digital. GXBank has 800,000+ customers and offers savings accounts and debit cards. As a fully digital bank GXBank doesn’t have a branch network, so you can manage your money entirely online or in the GX app. GXBank has a focus on serving Malaysian clients - so you can hold MYR in your account and send Duitnow payments, but you can’t hold foreign currencies - and you can’t necessarily send money overseas.
Wise is a specialist in multi-currency accounts and cards, with services for individuals and businesses. Wise accounts allow you to hold and exchange 40+ currencies, including MYR, spend in 150+ countries with your card, send money to 160+ countries, and receive payments to Wise with local account details in a selection of currencies. Wise is also licensed by Bank Negara Malaysia as an e-money institution among other things.
How do they work?
To get started with either GXBank or Wise you’ll need to register an account online or in the provider’s app. To do this you’ll usually need to be verified by uploading images of your MYKad and a selfie, before you can then add money to your account. If you want a debit card with either provider you can then apply for one in the app, pay the one time fee, and wait for the card to arrive in the mail.
GXBank Vs Wise: fees
Both GXBank and Wise have pretty straightforward pricing structures, with many services and features available for free, and relatively low costs for transactions. Here’s a quick overview:
| GXBank | Wise | |
|---|---|---|
| Fees to get a card | 12 MYR order fee | One off 13.7 MYR fee No fee for a virtual card |
| Top up fees | No fee to top up in MYR from a bank or through Duitnow | Free to add funds in select currencies including MYR, with local bank details |
| ATM fees | 1 MYR local ATM fee No fee for international withdrawals | 2 withdrawals to 1,000 MYR/month free 5 MYR + 1.75% after that |
| Foreign transaction fee | 1.2% (waived until the end of December 2024) | None If you don’t hold the currency you need you can convert with low fees from 0.33% |
| Fees to send money overseas | Not available | Low fees from 0.33% |
Wise Vs GXBank: which is cheaper for international transfers?
Wise is a specialist in international payments and can help customers send money to 160+ countries globally. Using a specialist service can often be cheaper than using a bank to move money overseas - Wise transfer fees start from 0.33%.
GXBank does not disclose any information about international transfers on their website. All details relating to transfers refer to Duitnow transfers, and funds transfers to add MYR to your account from your linked bank account in Malaysia. If you have a GXBank account it’s worth reaching out to the bank directly to check if international services are available for your particular transaction.
Wise Vs GXBank: exchange rates
Wise uses the mid-market exchange rate with low conversion fees from 0.33%, whenever you spend with your Wise card, or send a Wise payment.
GXBank allows you to spend overseas with your GXBank debit card, which can earn you 1% cash back. However, it’s useful to check the currency exchange rate which applies. The costs of currency conversion for card spending with GXBank are 1.2% - more than the cash back you’ll earn. This may mean it’s not the ideal card to take with you when you travel.
GXBank Vs Wise: which is faster?
GXBank does not support international payments, but Duitnow payments to local accounts are usually instant. Wise payments are also usually pretty quick. 60%+ arrive instantly or in seconds, while 90% are there in 24 hours.
GXBank Vs Wise: international transfer limits
GXBank does not have international payments but does have a default limit of 5,000 MYR per day on local transfers - this can be raised on request.
Wise limits vary by currency. If you’re sending from MYR, Malaysians and expatriates can send up to 30,000 MYR/day, while foreign workers sending MYR can send up to 5,000 MYR/month.
Other currency limits can vary a lot, but are often set very high - the equivalent of 1 million GBP - for convenient high value payments
GXBank Vs Wise: Payment methods
You can add money to your GXBank by bank transfer or Duitnow. With Wise, if you’re using MYR, you’ll add funds by bank transfer or FPX.
GXBank Vs Wise: card
Both GXBank and Wise offer a debit card which you can use to spend and make cash withdrawals at home and abroad. Here are a few pointers about both card offerings:
| GXBank card | Wise card |
|---|---|
|
|
GXBank vs Wise card: Where can you use them?
You can use your GXBank card more or less anywhere that Mastercard is accepted. One important thing to note is that your card will have a 6-digit PIN. This is not standard in many countries, which require a 4-digit PIN. If you’re making a Chip and PIN transaction in a country which uses a 4-digit PIN you will have to ask the merchant if you can sign for the transaction instead of using your PIN.
Wise cards are issued on either the Mastercard or the Visa network and can be used globally. You’ll be able to use a 4-digit PIN which is accepted widely around the world.
Ease of use
Creating an account: Make an account online or in app with both providers
Making a transfer: Send money internationally online and in app with Wise, GXBank allows local Duitnow transfers only
Ways to send money: Send money for bank deposit with Wise - Duitnow transfers are available with GXBank
Minimum & maximum amounts: GXBank has a 5,000 MYR default transaction limit. Wise has a high limit of around 1 million GBP or the equivalent for many currencies. If you’re sending from MYR, Malaysians and expatriates can send up to 30,000 MYR/day
Supported currencies
For holding, GXBank supports MYR only. Wise supports MYR and 40+ other currencies. You can use both provider’s cards for international spending in many countries around the world.
Safety
Both GXBank and Wise are regulated and safe to use. The terms of their licences are slightly different, which may mean they can offer slightly different services. However, both are fully regulated.
GXBank is licensed by Bank Negara Malaysia as a bank. Wise is licensed by Bank Negara Malaysia as a remittance, e-money and money changing business.
GXBank Vs Wise: customer service
GXBank offers in app chat services - or you can get in touch using:
Customer Support Hotline: +603 7498 3188
Customer Support Email: [email protected]
With Wise you can get customer service online and by opening an in app chat.
Conclusion: Comparing GXBank and Wise
GXBank is Malaysia’s first digital bank, offering great banking services within the country including savings accounts, a cash back debit card and Duitnow payments. However, international features are more limited, making this a good choice if you want to hold and spend MYR predominantly.
Wise, on the other hand, is an international account and card which can be used globally, to hold and exchange 40+ currencies and to spend in 150+ countries. You get the mid-market exchange rate with low conversion costs from 0.33% when you use Wise, and can also send and receive foreign currency payments easily.
Use this guide to decide which might meet your specific needs.
Wise vs GXBank FAQs
GXBank is a Malaysian digibank which offers savings account, a cash back debit card and Duitnow services. Wise is an international provider of multi-currency accounts and cards, which supports sending and receiving international transfers. Which is best for you will depend on how you need to transact.
Neither is better - it all comes down to the services you want to use. GXBank might be a good choice if you’ll mainly spend in Malaysia, but still want to be able to transact internationally with your debit card (fees apply). Wise could be your perfect match if you want a low cost multi-currency account and card with mid-market rate currency conversion.
Which is cheaper depends on the services you need. The good news is that both GXBank and Wise are pretty transparent when it comes to pricing so it is easy to compare them based on the transactions you want to make to see which is cheapest for you.
GXBank Duitnow payments are usually instant. 60%+ of Wise payments arrive instantly or in seconds, while 90% are there in 24 hours.
For holding, GXBank supports MYR only. Wise supports MYR and 40+ other currencies.