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Ryt Bank vs GXBank 2026: Which Digital Bank is Best for Your Ringgit?

Joel Conceicao

27.02.26 (last updated)

Read time 4 minutes

Digital banking in Malaysia isn’t just new - it’s getting smart.

Ever since GXBank¹ launched as the country's first digital bank, the competition for your Ringgit has shifted from physical branches to your smartphone. The latest disruptor is Ryt Bank², a YTL and Sea Limited collaboration that is the world’s first AI-powered bank. But does "banking by prompt" actually mean more money for you?

Whether you’re chasing high daily interest or a seamless way to pay your bills, here's a breakdown of Ryt vs. GXBank in 2026 - and why "stacking" them with a Wise account is the ultimate move to optimise your savings at home and abroad.

Table of Contents
Ryt Bank vs GXBank at a Glance Is Ryt Bank or GXBank Better for Interest? Ryt AI vs. GXBank User Experience Is My Money Safe with GXBank and Ryt? Travel smarter: Use your digital bank alongside Wise

Ryt Bank vs GXBank at a Glance

Let’s have a look at how Ryt Bank and GXBank compare below:

Feature	Ryt Bank	GXBank
Best For	AI-driven interface	Business banking needs
Base Interest	3% p.a.	2% p.a.
Promotional Rate	Up to 4% p.a. interest	Up to 4% p.a.
Overseas Admin Fee	1.2% (waived for in-store transactions till 31 March 2026)	1.2% on the amount transacted (waived till 6 May 2026)⁴
AI Integration	Yes, frontend	Yes, backend
Safety	Licensed digital bank in Malaysia, PIDM-protected up to RM250,000	Licensed digital bank in Malaysia, PIDM-protected up to RM250,000

*Details correct at time of research - 7th February 2026, 2:18pm (UTC) *

Ryt Bank and GXBank are great for growing your MYR savings with daily interest. But be careful: there is a "fee cliff" waiting for you at the border. Once promotional waivers expire, you'll pay a 1.2% fee on every overseas swipe.

Picture purchasing MYR 316 Universal Studios Japan express passes for two (total roughly MYR 632). A purchase made after the promos are waived for the overseas admin fee will incur MYR 7.50 alone just for making a purchase. That adds up to a few packets of nasi lemak bungkus - surely that’s worth saving.

To avoid such a scenario, one might consider using Ryt Bank and GXBank in tandem with a multi-currency card such as Wise on their FX spend.

With Wise, users can hold, send, and spend over 40 currencies in 150+ countries, using the mid-market exchange rate (the one you see on Google) with low, transparent fees you will see upfront.

See it for yourself by comparing your card’s rate to the live mid-market rate Wise offers below:

🚀 Get Started with Wise

Is Ryt Bank or GXBank Better for Interest?

Let’s take a look comparing the interest rates for both banks below:

Feature	Ryt Bank	GXBank
Base Interest Rate	3% p.a. (Applies to Main Account & Save Pocket)	2% p.a. (Applies to Savings Pockets)
Max Interest Rate	4% p.a.	4% p.a.
How to get the 4%	Perform 5 qualifying transactions per 30 days to earn the extra 1% There’s a minimum of MYR 10 per transaction and a maximum one stamp per day	Utilise Bonus Pockets (requires commitment for 2-3 months) You can earn up to 4% p.a. When you complete your chosen tenure
Balance Cap for 4%	Up to RM20,000	Up to RM50,000 (RM12,500 across 4 pockets)
Lock-in Period	None	No fixed tenure, but acts similarly to a Fixed Deposit
Promo Deadline	Runs until 31 March 2026³	Ongoing (check Product Disclosure for updates)

*Details correct as of 26 February 2026, 9:03am UTC.

Which should you choose: So, between Ryt Bank vs GXBank, which is actually better for interest? Well, both digital banks have their pros and cons, but on a bare bones basis with no further actions, Ryt Bank has the edge over GXBank with the higher base interest rate. For those who want the most bang for their Ringgit, GXBank offers a higher cap of RM50,000. However, the money is sort of “locked-in”, so do keep that in mind.

Ryt AI vs. GXBank User Experience

Ryt Bank has been making waves with its Ryt AI interface, built on Intelek Luhur Malaysia Untukmu or ILMU, Malaysia’s homegrown and first multimodal large language model. Built by YTL AI Labs in collaboration with Universiti Malaya, it is fluent in Manglish and Bahasa Malaysia.

The AI-driven user interface also allows the app to understand plain language, so users can have a conversation with their digital “bank teller” 24/7 . You can literally chat with your app in Manglish or Bahasa Malaysia . Use commands like “Pay @Sue RM50” or snap a photo of a bill to pay via JomPAY instantly.

GXBank also has an in-built and integrated AI for a seamless, minimalistic user interface . Users can interact with Aini, GXBank’s first GenAI multilingual chatbot that can detect and respond in the customer’s native language . At the same time, AiNi is also learning from users’ responses, channelling back insights into GXBank’s service roadmap .

Is My Money Safe with GXBank and Ryt?

Users can have peace of mind, as GXBank and Ryt Bank, though digital, are very much real banks - just without physical branches.

Both of them hold a full digital bank licence and are strictly regulated by Bank Negara Malaysia. Users’ money is also protected by Perbadanan Insurans Deposit Malaysia (PIDM), up to RM250,000 for each depositor. This is an insurance by the Malaysian government.

Travel smarter: Use your digital bank alongside Wise

As of the time of writing, both GXBank and Ryt Bank are temporarily waiving their 1.2% foreign transaction fee; with Ryt Bank’s only till end-March 2026 and only for in-store transactions, and GXBank’s till end-May 2026.

To maximise your shopping without the fees eating into your spending, consider using a multi-currency card such as Wise as a permanent solution to avoid paying this additional FX fees.

Wise offers currency conversions at the mid-market rate (what you see on Google) with no hidden markups, and transparent low fees. It also supports 40+ currencies and can be used in over 150+ countries.

Pay Like a Local Wherever You Go with Wise

The Wise card lets you spend in 40+ currencies at the mid-market rate including CNY, JPY, GBP, and SGD so you know you'll be getting a great deal in over 150+ countries. Simply create a free Wise account, order a card and top-up MYR to get started.

Virtual cards are free and can be added to your Google or Apple Pay wallet, while a physical Wise card can be ordered for a low fee of 13.7 MYR. Having a physical Wise card allows you to make chip and pin payments, as well as two free ATM withdrawals to the value of 1,000 MYR each month, before low fees start.

While abroad, you can choose to spend with directly in MYR and let auto-conversion do the trick, or convert to your desired currency with your Wise account. Either way, you’ll get the exchange rate you see on Google, with low, transparent fees from 0.77%.

💳 Get your Wise card today

Sources:

*Please see terms of use and product availability for your region or visit Wise fees and pricing for the most up to date pricing and fee information.

This publication is provided for general information purposes and does not constitute legal, tax or other professional advice from Wise Payments Limited or its subsidiaries and its affiliates, and it is not intended as a substitute for obtaining advice from a financial advisor or any other professional.

We make no representations, warranties or guarantees, whether expressed or implied, that the content in the publication is accurate, complete or up to date.