Last Updated on April 2, 2023
Do you want to get a domiciliary account in Nigeria without having to go to the bank? With a Grey account, you can receive money from abroad and also send money abroad.
Grey aka Grey. co aka Grey finance, formerly Aboki Africa is a platform that lets people in Africa get foreign accounts so they can receive payments from abroad and make foreign payments online.
Grey provides USD, EUR, and GBP accounts for people in Africa.
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A lot of Africans are leveraging the internet, building up their digital skills and getting recruited by foreign companies but a lot of them still don’t have easy access to receiving payments.
In Nigeria, it can be really hard for these digital workers to receive payment for their work because of how hard it can be to open a dollar account in Nigeria, convert it to local currency and spend.
This is why a company like Grey is becoming popular as they make it easy for anyone to open virtual foreign accounts in Nigeria like dollar accounts, Pound and Euro accounts.
In this Grey.co review, we’ll show you how this fintech app works and how to open a foreign virtual account today and start receiving foreign payments.
Checkout: How to Recieve Dollars in Nigeria Easily
How Grey Works
While Grey was created for Africans, it currently only operates in Nigeria.
Grey.co app allows lets you create virtual foreign accounts that you can use to receive and send money to your Nigerian account at any moment whenever you like.
Grey currently offers 3 virtual foreign accounts; United States Dollars (USD), British Pounds (GBP), and Euros (EUR).
The app also features a currency converter that allows you to convert money between international and local currencies.
How to Get a Virtual Foreign Bank Account on Grey.co
If you need to open a Grey account to start owning a foreign account for free, follow these steps:
- Sign up on Grey’s website or the grey.co app
- Then verify your email address
- Next, complete your KYC verification and verify your account by uploading a valid Nigerian ID card (driver’s license, national ID, or international passport)
- After you’ve been verified, sign in to your Grey account
- Then, on your account dashboard Navigate to ‘Accounts’ and tap/click on it.
- Request for your preferred virtual account from the available options and then provide the required information like the details of your valid ID card, your address, and an upload of your recent utility bill and click on finish/Continue.
- After you have been granted a once Virtual account, you can start sending and receiving money online.
💡Note: KYC verification on Grey can take up to one full business day. While your virtual account application will also be reviewed and you should get a response between 1-3 business days.
How to Withdraw From My Grey Finance Foreign Account
There are two ways you can withdraw from your Grey account.
You can either;
- Choose to convert the money in your foreign account (foreign currency) to your Naira and then process the withdrawal to your Nigerian bank account for a fee of N35
- Or you can send your foreign funds directly to a domiciliary account from your USD and your other foreign bank accounts on Grey (GBP and EUR). however, There’s a 0.5% withdrawal flat fee for this withdrawal option.
The Grey.co alternatives for receiving foreign payments in Nigeria are:
How to transfer from Payoneer to GREY.co?
Do you have a Payoneer account and want to transfer money from your Payoneer account to your Grey account by following these steps:
- Create a virtual foreign account on Grey following the steps above.
- Add your Grey virtual foreign account to Payoneer account settings and withdraw into that account.
- Leave the funds in your Grey account or cover the funds to NGN.
Is Grey better than Payoneer?
Grey and Payoneer accounts are similar in the sense that you can use both to receive foreign payments, however Grey is better in the sense that if offers a better exchange rate than Payoneer.
How much does GREY co charge for transfer?
Deposit Fees (EUR Account): EUR Virtual account (SEPA transfers payment scheme) 1% per transaction while EUR cards incur 3.8% per transaction(Card Processor fees).
Withdrawal fees (EUR Account): EUR foreign accounts that support SEPA transfers only incur 0.5% with a minimum of Є5 within 1 – 3 working days.
Deposit Fees (GBP Account): GBP Virtual account (FPS, Chaps, and Bacs payment schemes) 1% per transaction, while GBP cards incur 3.8% per transaction(Card Processor fees).
Withdrawal fees (GBP Accounts): GBP foreign accounts that support FPS, Chaps, or Bacs transfer incur only.0.5% with a minimum of £5 within 1 – 3 working days.
Deposit Fees (USD Accounts): Via domiciliary bank transfers – from your Zenith domiciliary account to our Zenith domiciliary account only. 0% (Zero charges). USD virtual account (Wire) 1% per transaction. USD virtual account (SWIFT) 1% per transaction. While USD cards 3.8% per transaction(Card Processor fees).
Deposit Fees (NGN): Mono direct debit 0.5% + N60 per transaction(Processor fees)Via NGN Virtual account Free
How Long does it take to Receive Money on GREY?
It takes less than 5 minutes to receive money on the Grey app.
How do I send money through GREY?
Sign up on the Grey website or the Grey.co app, verify your account and fund your account. Then you can send money to another foreign bank account through Grey