GXS Bank Singapore review: Business account features, fees, and benefits

Rating

Overall rating: 3.4/5

Methodology

Our evaluation of GXS Bank is based on a clear and transparent rating framework designed to provide an objective overview of the product's overall quality and performance. This is how we calculate the final score:

Arithmetic mean approach

To arrive at the final score, we calculate the arithmetic mean by adding the scores from each of the five individual categories and dividing the result by the number of categories.

Equal weighting

Each of the five categories – Features, Pricing Transparency and FX, Global Payments, Ease of Onboarding, and Support and Ecosystem – is given equal weightage for a balanced and unbiased score.

Data sources

Our scores are based on official documentation, publicly available pricing and feature details, third-party reviews, and verified user feedback.

Interpretation caveat

While our final score represents a fair and objective benchmark, it must be noted that it does not reflect individual business priorities.

Intended use

The final rating should be taken as a general performance indicator, useful in making comparisons and informing financial decisions. But it should be appraised alongside your business’ specific needs and priorities.

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GXS Bank key features

GXS Bank is a digital bank with no physical branches. It was one of the first to receive a digital bank licence from the Monetary Authority of Singapore in 2020. It is backed by a consortium comprising Grab Holdings Inc, developer of the Grab super app, and communications firm Singtel.

This digital bank serves both consumers and small businesses. Its personal banking offerings include the GXS Savings Account, GXS Debit Card, GXS FlexiCard (a credit card), GXS FlexiLoan, and GXS Invest, a wealth management service. The GXS Savings Account, especially, is known for its high yield capabilities thanks to its Boost Pocket and Savings Pocket features that are designed to optimise savings and earn bonus interest.

The GXS business banking portfolio is made up of the GXS Biz Account, a business account for SMEs, and the GXS FlexiLoan Biz.

We start off the GXS business account review by listing its key features:

App-only current account

The GXS Biz Account is an interest-bearing current account aimed at sole proprietors and select private limited companies, according to the bank's website. It is a fully digital account accessible only on the GXS app.

Instant, fuss-free onboarding

The account opening process is completely digital and paperless with sign-up under four minutes and instant approval.

Zero account fees

There are no charges for opening or maintaining an account. The bank also states that it has no hidden charges.

Free local transfers

All fund transfers within Singapore are free. Corporate customers can use their GXS Biz Account to pay their suppliers and clients using the FAST and PayNow services and to receive funds via PayNow within Singapore free of charge. There is no cap on the number of times money can be transferred.

Interest on balance

A key feature of this bank account is that the holder earns interest on the balance. The interest rate is 1.08% p.a., credited daily and insured by the Singapore Deposit Insurance Corporation (SDIC).

Grab integration

The business account offers seamless integration with the Grab Merchant app, enabling swift daily settlements and exclusive rewards in the form of fee waivers, rebates, and cashback.

No cash withdrawals

Physical money withdrawals are not allowed as it is a fully digital bank with no physical branches. Money can only be moved via direct transfer.

GXS Bank fees

The fees and charges associated with the GXS Biz Account are as such:

Account fees

There are no annual or monthly charges and no fall below fees.

Transfer fees

Moving funds locally via FAST and PayNow is free.

How to open a GXS Biz Account

Here are the eligibility requirements and procedure for opening a GXS Biz Account:

Eligibility

This bank account is currently available only to sole proprietors and select private limited companies. To be eligible, candidates must fulfil additional criteria:

• They must be at least 18 years old
  
• They must be a citizen or permanent resident of Singapore
  
• They must have a Singapore residential address
  
• They must hold a Singpass MyInfo account
  
• They must have an active Accounting and Corporate Regulatory Authority (ACRA) registration account
  
• They must not have held a GXS Savings Account, GXS FlexiLoan account, or GXS FlexiCard
  
• They must not have held a GXS Biz Account or GXS FlexiLoan Biz so far.
  

At present, applications from US citizens and residents are not accepted.

Documentats required

The application process is paperless as the bank uses Singpass MyInfo and ACRA to retrieve and verify applicant details. If additional documents are required, a request is sent to the applicant's email or they are notified via the bank app.

Account opening – Step-by-step guide

• Download the GXS Bank app via Apple App Store or Google Play Store
  
• On the app, select 'Business Banking'
  
• Next, tap on 'Sign Up'
  
• Follow the onscreen prompts to complete your account opening.
  

The entire process takes less than four minutes and approval is instant. Once the account is opened, the customer receives a welcome message and email and is also notified on the GXS app.

Who is GXS Biz Account Singapore best suited for?

This business account is geared towards sole proprietors and small private limited companies. For example, contractors, freelancers, and micro businesses with lean financial operations and transactions restricted to Singapore. The account offers good basic facilities without the high costs associated with legacy banks.

GXS Biz Account is not a good fit for:

Large corporations with complex financial operations and regular international transactions in multiple currencies. The GXS Biz Account can only be used for domestic money transfers through the FAST and PayNow services. It is not designed for moving funds directly across borders in foreign currencies. By some accounts, the business account is capable of receiving foreign funds, which it then converts into SGD. However, there is little clarity on this facility or on the exchange rates used. Therefore, it is advised to reach out to the bank directly for clarity.

The GXS Biz Account is also unsuitable if you are looking for a non-digital bank with a physical branch network, or if you need a business account that comes with corporate cards or extended financial tools such as expense management and accounting integrations.

GXS Bank pros and cons

The advantages of having a GXS Biz Account include:

• Zero account and fall below fees
  
• No minimum balance or minimum deposit
  
• No hidden costs
  
• Daily interest on the balance
  
• Free local payments
  
• Instant and paperless account opening
  
• Funds up to SGD $100,000 insured
  
• Multi-layer security with malware protection, biometric access, and fraud monitoring
  
• Ecosystem benefits and rewards for Grab merchants and Singtel users.
  

The disadvantages include:

• Limited scope (only sole proprietors and some private limited companies are eligible for the business account)
  
• Not a multi-currency account
  
• Not capable of moving funds across borders
  
• Local transactions capped at the maximum daily limit of SGD $100,000
  
• No corporate cards
  
• No cash withdrawal facility.
  

GXS Bank rating on Google Play

It scores 4.5 out of 5, with some negative reviews about the bank's mobile app and its customer service.²

GXS Bank vs Aspire: A comparison

The GXS business account's biggest drawback is that it doesn't support direct international money transfers. As a result, businesses transacting across borders might find Aspire to be a more versatile alternative with its multi-currency business account and extensive global payments coverage.

Here's a quick comparison:

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Other alternatives to GXS Bank

Here are some other banks and financial service providers businesses can consider:

• MariBank: MariBank is also a Singapore digital bank that supports free domestic transfers, provides daily interest on account balance at the rate of 1%, and is targeted at Singapore start-ups and SMEs. It has a similar pricing structure with zero account and fall below fees. A key difference is that the MariBank business account facilitates international transfers in 20 currencies.
  
• Wise: Fintech company Wise offers a wider range of corporate banking services than most digital banks in Singapore. Its business account and business debit card support 40+ currencies across 70 countries, while customers can spend in 200+ currencies using the Wise card. Customers benefit from competitive prices and mid-market exchange rates with no mark-ups. Additional services include batch transactions, accounting and e-commerce integrations.³
  

Conclusion

While GXS Bank remains a trusted name in banking, especially among sole proprietorships, its limited scope makes it unsuitable for businesses increasing their global footprint through regular overseas transactions. As an all-in-one fintech stack, Aspire provides a wider array of useful services – starting with a multi-currency business account that comes with unlimited virtual corporate cards, market-leading FX rates, and transparent pricing. With Aspire, your business can send and receive money to and from 130+ countries in 30+ currencies. Our same-day transfers in 15+ currencies ensure you never miss a payment deadline. On the Aspire platform, you'll also have access to our expense management and smarter invoicing tools and accounting integrations.

FAQs

What is a GXS Biz Account?

It is an interest-bearing current account targeted at sole proprietorships and select private limited companies in Singapore.

Can I withdraw from GXS?

The GXS business account doesn't permit physical cash withdrawals. Funds can only be moved via direct transfers.

Is a GXS account safe?

Yes, a GXS account is considered safe as the bank is licensed and regulated by the Monetary Authority of Singapore and funds to the extent of SGD $100,000 are insured by the Singapore Deposit Insurance Corporation. It also has robust security and fraud monitoring capabilities such as biometric access, as stated on its website.⁴

Is GXS trusted?

While the bank is considered to be safe, negative experiences surrounding system glitches, customer service, and accessibility found on Reddit forums have resulted in some lack of trust among users.⁵

What is the annual fee for GXS?

There is no annual fee for the business account or GXS savings account.

Which bank is good for a business account in Singapore?

Singapore businesses have access to a wide variety of business accounts from multiple providers. Traditional banks are known for their full-service business accounts, while digital banks and fintech companies are popular for their competitively priced and small business-friendly business accounts, many of them with multi-currency features. The choice ultimately comes down to a company's specific and unique business needs as well as affordability.