Wise vs GXBank 2026: Which is Best for Malaysians?

All 5 digital banks in Malaysia completed their roll-out last year. And now, there’s even more competition in an already innovative financial ecosystem.

One of the best digital bank in Malaysia to go for? That’d be GXBank, Malaysia's first-ever digital bank¹ which began operations 2023 - which you can read a review about as well.

For Malaysians who love living their lives on their phones, digital banks now offer a low-barrier app-first service that is convenient, cost-effective, and inclusive².

This is especially appealing to gig workers, small businesses owners, and those with no existing bank accounts. But with so many new options on the table, finding the right fit can feel overwhelming.

To find out, we’re doing a deep dive into Wise vs GXBank. We’ll help you figure out which one fits your life and, more importantly, how to use both to make your ringgit go further.

Table of contents
Wise vs GXBank at a Glance Firstly, what is GXBank? Is My Money Actually Safe with GXBank? How GXBank Can Make Your Ringgit Work Harder GXBank FlexiCredit Explained The 1.2% Fee Factor: Why Wise is Great for Travel Frequently Asked Questions (FAQ)

Wise vs GXBank at a Glance

Feature	Wise³	GXBank⁴
Best For	Multi-currency account	Debit card: Unlimited 1% cashback on all overseas in-store payments. Online savings account: 2% p.a. daily interest.
FX Admin Fee	Varies; uses lowest available fee based on currency converted Low, transparent fees from 0.77%.	1.2% on the amount transacted (waived till 6 May 2026)
Exchange Rate	Mid-market exchange rate	Mastercard exchange rate
Currencies	40+ supported currencies, for spending in 150+ countries	MYR
Safety	Regulated in Malaysia and other global regulatory bodies around the world Customer funds are safeguarded at leading institutions, and held separately to Wise’s own operating capital	Licensed digital bank in Malaysia, PIDM-protected up to RM250,000

Firstly, what is GXBank?

GXBank is a regulated digital bank that operates entirely through a mobile app with no physical branches.

Its services include:

• Daily Interest: A savings account that earns 2% p.a., paid out every single day.
• Cashback: A debit card that gives you unlimited 1% back on overseas in-store spending.
• Flexibility: Quick access to other financial tools, like instant loans.

While the GXBank debit card is great for its unlimited 1% cashback on in-store overseas spend, Wise excels when you start crossing borders.

With Wise, sending and receiving money in 40+ currencies is lightning-quick. It’s also the go-to for low-cost global transfers and spending like a local in 150+ countries.

💳 Get your Wise card today

Is My Money Actually Safe with GXBank?

Wondering if GXBank is safe might be the first thing that comes to mind for those new to digital banks.

Even without physical branches, GXBank is very much a real bank. It holds a full digital bank licence and is strictly regulated by Bank Negara Malaysia.

Your GXBank deposits are also protected by Perbadanan Insurans Deposit Malaysia (PIDM), up to RM250,000 for each depositor. This means that your funds are automatically insured by the Malaysian government. If the bank fails, the Malaysian government ensures you get your money back (up to the insured amount).

GXBank has also implemented robust security and fraud monitoring capabilities to keep its users’ money protected.

For instance, security measures include:

• biometric authentication for secure access to the app
• real-time detection and prevention of fraudulent access with a cool-off period for high-risk activities

It is also quick and easy to instantly freeze or unfreeze your card to avoid unauthorised transactions; and if something looks suspicious, the account can be locked immediately from your phone.

These security features can offer peace of mind for Malaysians.

How GXBank Can Make Your Ringgit Work Harder

One of GXBank’s biggest draws?

That’d be GXBank Savings Pockets, sub-accounts that offer a 2% p.a. daily interest on your funds without monthly fees. You can create and name as many as you like. Whether it’s a “Tokyo cherry blossom bucket list” or an “emergency savings,” you have total control.

In terms of growing funds, the base interest rate is also much higher than what is offered by traditional bank accounts: typically 0.05% p.a. to 0.25% p.a.

For even more growth, GXBank also has Bonus Pockets.

These act like mini fixed-deposit accounts right inside the app. You can earn up to 4% p.a. on your savings if you stay committed for a few months. Just remember:

• You can open up to two Bonus Pockets.
• There’s a cap of RM25,000 per pocket.
• There are no lock-ins. You can withdraw your cash if needed.

A tip would be to stay committed for the entire duration to reap the full benefits of this attractive interest rate.

A heads-up: GXBank currently offers 1% cashback on overseas spending, but a 1.2% admin fee will be introduced after 6 May 2026. Once that kicks in, using a Wise multi-currency account will be the smartest way to stretch your money.

As with all financial products, remember to always do your due diligence, scrutinise the fine print, and take stock of all the pros and cons.

Do also note that as GXBank is still a newly licensed digital bank, it is subject to an asset cap of RM3 billion imposed by Bank Negara Malaysia for the first three to five years. A path to profitability must be demonstrated by the fifth year for digital banks to “graduate”.

As of end-June 2025, GXBank’s assets stood at RM1.58 billion⁶.

GXBank FlexiCredit Explained

GXBank also offers FlexiCredit, or loans.

You can access this short-term credit facility without needing to apply for a traditional personal loan. Application is done via the app. And approval can be within minutes for almost-instant disbursement of funds.

While it’s fast and convenient, remember: it’s still a loan. So you need to have due diligence.

Before you take the loan, keep these in mind:

• Check the terms. Just like a traditional loan, you’ll have a set interest rate and a monthly repayment schedule to follow.
• Late or missed payments come with penalties.
• Only take what you really need and know you can pay back on time.
• Be careful when you spend on that luxury bag, an uncertain investment, or an extravagant holiday.

The 1.2% Fee Factor: Why Wise is Great for Travel

Remember that 1.2% admin fee on your foreign transactions that GXBank offers for “free” now?

This will come into effect after 6 May 2026, likely negating and eating into GXBank’s current 1% cashback on in-store overseas spend.

Speaking of which, Wise offers a transparent mid-market exchange rate (the one you see listed on Google) with no hidden markups.

Typical bank cards like GXBank’s debit card tend to use a rate that follows their network, such as Visa or Mastercard. In addition, coupled with the 1.2% admin fee, you could end up paying more than you should.

With Wise, before the currency conversion goes through, you will see exactly how much you need to pay, including a low currency conversion fee. As a multi-currency account, Wise supports 40+ currencies for spending in 150+ countries. Exchange and hold these currencies in your Wise account to spend on holiday using your linked Wise card, with no hidden markups.

🚀 Get Started with Wise

Why Go with Wise?

With Wise you can:

• Hold currencies and convert between them at the mid-market rate
• Get up to local account details, including USD, GBP, and EUR
• Order a Wise debit card which you can use with our Smart Conversion technology
• Set up Auto Conversions based on your desired rate in the Wise app or use our Wise Rate Tracker to request exchange rate notifications directly to your email
• Get Wise Virtual Cards for secure online transactions
• Get instant notifications of all your purchases via the Wise app so you can track your expenses. If you lose your card, you can easily cancel it in the app to keep your money safe

Open your Wise account

Frequently Asked Questions (FAQ)

How does GXBank Malaysia compare to other banks?

GXBank is Malaysia’s first licensed digital bank, offering daily interest payouts. Everything is fully online, via an app, with no physical location.

Can I use GXBank Malaysia overseas?

Yes. GXBank Malaysia can be used overseas via the GXBank debit card. Be sure to enable the overseas usage function in the GXBank app.

Is Wise or GXBank better?

Whether Wise or GXBank is better depends on the user’s needs. Wise excels for international travel and transfers, while GXBank fares more favourably as a savings account with daily interest and cashback.

Does GXBank Malaysia have physical branches?

No. GXbank Malaysia is a fully digital bank. All banking services and transactions are conducted entirely online through its app.

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Sources: Checked on 5/2/2026

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References:

1. What is GXBank? - GXBank Help Centre
2. The Rise of Digital Banks in Malaysia - Asean ABSN
3. Wise Malaysia
4. Malaysia’s first digital bank - GXBank
5. How we protect your money - GXBank
6. Q2 2025 Unaudited Interim Financial Statements - GXBank