Earlier this month, I received an email from Singtel informing me that I have received a special invite to join GXS Bank, the digibank backed by Singtel and Grab.
The email stated that it’s an offer exclusively for Singtel/Dash’s selected customers and staff. It mentioned that GXS will be integrated with the Singtel Dash app.
According to publicly available information on Singtel regarding GXS, signing up with the digibank is currently by invite only. The service will open access progressively to selected customers over the coming months.
The offer to sign up for a GXS bank account was through Singtel. Even though I am an avid Grab user, the invite did not come from Grab perhaps because I am not in Grab’s target group (freelance, gig workers, foreign domestic workers) but I am in Singtel’s (millennial, digital user).
As an introduction, here are the steps I took to sign up for the digital bank so that you can watch out for it when the bank is open to the public or when the invite is extended to you.
Step 1: Receive The Invite And Download The Singtel Dash And GXS app
The email invite prompted me to download the Singtel Dash and GXS apps to sign up for GXS on Singtel Dash. If you are an existing Singtel Dash user, update your Dash app.
Singtel Dash is available on Apple’s app store, Google Play, and Huawei’s AppGallery. The GXS app is available on Apple’s app store and Google Play and only users who set their profiles to Singapore can find it.
The GXS Savings Account is provided by GXS and holds a banking licence that’s regulated by the Monetary Authority of Singapore. It is backed by a consortium consisting of Grab Holdings Inc., Southeast Asia’s super app and Singtel, a leading communications technology group in Asia.
GXS is a separate entity and is not associated with Grab Holdings, Singtel and their entities. The GXS Savings Account is provided by GXS.
Step 2: Set Up Your Account On Singtel Dash
I created an account with Singtel Dash by filling up information such as my Full Name, Nationality, Gender, Occupation, Country of Residence, Mailing Address, Date of Birth, and Mobile Number.
These steps are necessary to sign up for a Singtel Dash account otherwise you cannot proceed and complete the setup. Although the “basic information” felt a little like too much information, I believe they are necessary as the Dash app is an all-in-one mobile e-wallet that has payment functions (and more).
Step 3: Set Up GXS Savings Account Within Dash App Via Singpass
I then clicked on the GXS tile icon within the Dash app which was accessible, inviting me to join the digibank. (You can also click on the GXS home banner on the Dash app.)
The next step was to authorise the applying of the account via Singpass. If you already have the Singpass app on your mobile phone this will be a seamless step. You will just have to accept the authorisation for GXS to access your Singpass details.
I was then brought to a page and told to wait while the application was processing and that the confirmation of my application for a GXS bank account will be received shortly.
The application was approved in a few hours and when I reopened my Dash app, the GXS icon was in my account wallet settings. You will also be given your GXS account details such as your name in the account, account number, bank name, bank code, and branch code. Use those details to set up a transfer from another bank account into your GXS Savings Account.
Once you have set up a transfer/linked the account with another bank account, you can then send money to that account from other sources.
Step 4: Link GXS to Dash And Collect The Welcome Bonus For GXS And Dash Sign Up
At the time of writing, a one-time welcome gift of 2,500 Dash reward points will be given to subscribers when you link the GXS Savings Account to your Dash Wallet Account.
You can redeem items like 2 Toast Box Hot Beverage (Small) (1,060 points) with that number of points.
Note: This welcome bonus may not be available to all users as this is a promotional offer to new sign ups who are invited to join the GXS ecosystem.
Image Credit: Singtel Dash, GXS
Step 5: Sign Up For GXS Savings Pockets To Get The Prevailing Interest Rate Of 3.48%
The Savings Pockets can be found on the GXS app after you have set up your GXS Savings Account. The prevailing interest rate is at 3.48% per annum paid out daily.
You earn interest daily based on the total balance of your Main Account and Saving Pockets at the end of each day. Interest for each Saving Pocket is 3.48% per annum, and is 0.08% per annum for your Main Account. GXS multiplies your balance by the interest rate per annum over 365 days. Interest will be credited to your account when you earn at least $0.01 in accumulated interest.
For example, based on an interest rate of 3.48% per annum,
- On 1 July, your balance is $4000. You will earn an accrued interest of $0.38136.
- $0.38 will be credited to your account on 2 July morning. Your balance will now be $4000.38. The remaining $0.00136 will continue to accrue the next day.
To get started, you have to select a category of your Savings Pocket (or create your own). These category sections are probably for informative purposes for the bank to note your savings motivations but even if you use the funds for something else I doubt they will know as well.
The Savings Pockets sections include travel, tech upgrade, hobby fund, education and “big day”.
Next, you will have to set a target/goal amount and a target date to make it easier to save. You can choose a duration from months to years.
Thereafter, give your Savings Pockets a boost by adding funds. You can send money to your GXS Account or sign up for PayNow.
Image Credit: Singtel Dash, GXS
The Pros And Cons Of GXS Bank Offerings (And On The Singtel Dash App)
We all know that Singaporeans probably own multiple bank accounts thanks to the robust banking sector here. So why should you own another bank account?
Here is a list of pros and cons of having a GXS Savings Account (and on the Dash app).
Benefits of a GXS Savings Account on Singtel Dash App
- You can earn 1.2 Dash Reward points when paying with GXS on Dash
- You can view your GXS Savings Account number and main account balance on Dash
- Manage your GXS transaction limit for Dash services easily
- Score extra Dash points when there are ongoing GXS savings incentives/promotions
Benefits of a GXS Savings Account
- No minimum balance
- No hidden fees
- No lock-in period
- Withdraw your funds anytime
- Funds are insured up to $75,000 by Singapore Deposit Insurance Corporation (SDIC)
Limitations of GXS Savings Account
- Account balance is capped at $5,000
- A digital bank has no physical store presence, but you can still contact their 24/7 helpline for issues and speak to a human operator
Featured Image Credit: Angela Teng
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