How To Create A Grey Foreign Virtual Bank Account In Nigeria
Looking to secure a domiciliary account in Nigeria without the hassle of visiting a bank in person? Enter Grey, your solution for effortless cross-border financial transactions. With Grey, you gain the ability to both receive funds from overseas and conduct international transfers, all from the comfort of your own space. Offering USD, EUR, and GBP accounts tailored for African individuals, Grey is your gateway to seamless global financial connectivity. For a similar post, read our comprehensive article on the Top Fintech companies in Nigeria.
Formerly known as Aboki Africa, Grey, also recognized as Grey.co and Grey Finance, stands as a comprehensive platform that empowers Africans with the convenience of foreign accounts. These accounts open up avenues for inbound payments from international sources while also enabling straightforward online payments to foreign destinations. The transformative power of a foreign account becomes evident as it allows you to partake in cross-border trade, explore investment opportunities in global markets, and diversify your portfolio. All of this occurs under the reassuring umbrella of a trusted and esteemed financial institution.
This guide is here to demystify the process of establishing your very own foreign account in Nigeria brought to you by A3Techworld. We’ll navigate the journey together, utilizing the user-friendly services of Grey, a cutting-edge banking application designed to cater to digital nomads and beyond. If you’re looking for a similar article, read our comprehensive article on How to Add a USD Domiciliary Account to Your Paystack Account.
Table of Contents
What Is Grey and how does it work?
Grey represents a fintech application that empowers users to establish virtual overseas accounts, facilitating seamless international money transfers. It stands as a user-friendly avenue for anyone seeking to conveniently establish an online domiciliary account through Grey’s platform.
Although initially developed with an African audience in mind, Grey’s operations are presently confined to Nigeria. Grey provides access to three distinct virtual foreign accounts: United States Dollars (USD), British Pounds (GBP), and Euros (EUR). Moreover, the application incorporates a currency conversion tool, enabling effortless transitions between global and local currencies.
How To Create An Account On Grey.co
If you’re from Nigeria, you have the opportunity to create an account with Grey and seamlessly receive international funds. The process is straightforward – all you’ll require are your essential documents, and you’re set to proceed.
Here’s a step-by-step guide to establishing your virtual foreign account through Grey:
- Start by visiting Grey’s official website.
- As you land on the registration page, provide the necessary information in the designated fields. Once you’ve entered the details, proceed by clicking on the “Create your account” button.
- Shortly after, you will receive an email containing a verification link to confirm your email address. Be sure to follow this link to verify your email.
- Once you’ve successfully completed the email verification process, you’ll need to move on to the next step, which involves verifying your newly created account by completing the KYC (Know Your Customer) process.
How To Verify Grey.co Account – Document Verification
To complete your KYC verification On the home page, click on the “Complete verification” button. You’ll be redirected to the document verification portal, do ensure to follow the prompts. You are required to upload the following one of the Government-issued IDs; an International passport, Driver’s license, Bank Verification Number (BVN), National ID, or Voter’s card and of course your utility bill.
How to Get a Virtual Foreign Bank Account on Grey.co
- 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 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.
How to Withdraw From My Grey Finance Foreign Account
If funds are received into your virtual international account, they will be indicated in your foreign balance. Subsequently, you’ll have the option to transfer these funds to your local bank account by either converting them from your USD, EUR, or GBP balance or transferring them directly from your foreign currency account to your domiciliary account. If you’re looking for a similar article, read our comprehensive article on How to Create Alat by Wema Domiciliary Account.
Withdrawal from your Grey account can be accomplished through two methods:
Currency Conversion
You have the choice to convert the money held in your foreign account (denominated in foreign currency) into Naira. Once converted, you can proceed to withdraw the funds to your Nigerian bank account. A nominal fee of N35 applies for this service.
Direct Domiciliary Transfer
Alternatively, you can directly transfer your foreign funds to a domiciliary account from your USD, GBP, and EUR bank account on Grey. However, please note that a flat withdrawal fee of 0.5% is applicable for this withdrawal option. If you are looking for a virtual card, we have a comprehensive article on the Best Virtual Dollar Cards in Nigeria for International Payment.
Transaction fees on GREY.co
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.
Frequently asked questions
Once you have this account, simply share your account details, address, SWIFT code, and routing number from the bank. Once they send the funds, you should get the transfer after 72 hours. Unfortunately, in some cases, it might take longer
Yes, you can go ahead and link either your GBP or EUR account to Paypal
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
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.
