Would you like to receive and send money abroad without the constraints of using a domiciliary account or visiting your bank in person?
Grey formerly known as Aboki Africa is a website designed to help Africans get foreign accounts to receive and make foreign payments online.
In this post, I’ll show you how this financial app works and how to get your own foreign virtual account
How Grey Works
Although Grey’s targeted Africans, you can only send and receive money to your Nigerian account at the moment. Unlike most financial apps, you can also carry out transactions and make payments directly on the website.
Currently, virtual accounts are only available in the United States Dollars (USD), British Pounds (GBP), and Euros (EUR).
There’s also a currency converter that allows you to convert money between an international and local currency. However, the only local currency supported is still the Nigerian Naira.
How to get a virtual foreign bank account on grey.co
- Sign up to Grey.co and verify your email address
- Next, proceed to complete your KYC verification by uploading a valid ID card (driver’s license, national ID, or international passport)
- Once you’ve been verified, sign in to your account
- On your dashboard, tap on ‘Accounts’ located on the right side of your screen
- Request for a virtual account from the available options and fill in the details of your valid ID card
- Fill in your address details, upload a recent utility bill and click on finish
- Once you receive your Virtual account, you can start sending and receiving money online
Do note that: KYC verification takes one full business day. 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 Foreign Account
There are two options. You can either;
- Choose to convert the foreign currency to your local equivalent and then process the withdrawal for a fee of N35
- Directly send your money to a domiciliary account if (USD) and your other foreign bank accounts (for GBP and EUR). There’s a 0.5% withdrawal flat fee for this type of withdrawal.
Interested in finding out other ways you can handle cross-border payments? Check out our Fintech segment for more.