GXBank review

The main cost is the currency conversion fee of 1.2%, which applies when you spend in a currency you do not hold. Cashback of 0.1% to 1% offsets part of that on everyday purchases. For context, conversions run at 0% on Monzo Flex and 0.1% on Wise.

GXBank operates through GX Bank Berhad, which holds a Bank Negara Malaysia licence under number 202101014409 and is based in Malaysia. Bank Negara Malaysia is the central bank regulator, so your balance is held by a bank rather than by a crypto platform.

It is a debit card, so purchases come out of the money in your account. The account is multi-currency and a virtual card is available as well, which is handy for online payments and for adding a card you can freeze when you do not need it.

The card runs on mastercard, so acceptance follows that network at home and abroad. Because the account is multi-currency, you can hold the currency you need and only pay the 1.2% conversion fee when you spend money you did not save in that currency.

Cashback of 0.1% to 1% applies to spending on the debit card. On purchases where you do not need to convert, that rebate adds up quickly. On spending in another currency, the 1.2% conversion fee takes a large share of it back.

It suits people in Malaysia who want a multi-currency account, a virtual card and cashback of 0.1% to 1% handled together. If you convert between currencies very often, a rival card with a lower conversion fee may serve you better day to day.

GXBank is based in Malaysia, with GX Bank Berhad as the legal entity, and it serves its home market. If you live elsewhere, check whether you can open the account before you plan a budget around the cashback of 0.1% to 1%.

If conversions dominate your spending, Wise at 0.1% and Monzo Flex at 0% both cost less than GXBank's 1.2%, and Bitpanda converts at 0%. GXBank's own draw is its Malaysian base and the cashback of 0.1% to 1% on home spending.