Grey.co has become a safe haven for internet entrepreneurs and freelancers in Africa, especially for Nigerians. This has helped a lot of internet marketers who earn dollars to get paid with ease without going through the hurdles of PayPal.
If you are one of those who find going to the bank to open a domiciliary account (dollar account) a difficult task, never worry anymore, you can get multiple foreign bank accounts online with simple steps.
As such, this post will expound on important facts you must know about making grey.co your choice for foreign virtual accounts. Let’s dive right in!
What Is Grey.co?
Grey.co, formerly Aboki Africa, is a website that helps Africans open foreign accounts so they can receive and send money abroad online. It’s just like having a domiciliary account in your local bank.
To receive foreign payments, make currency conversions, and receive them all in one location, open a global bank account for free with grey.co.
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Grey Inc., a company properly incorporated under the laws of Delaware, United States of America, provides Grey’s services.
FinCEN and FINTRAC oversee the registration and regulation of Grey. Grey is not a bank; it is a financial technology company. Partner banks with licenses offer banking services.
How To Register On Grey.co
- Head over to Grey’s official website HERE
- Use this code as your referral code 9D6QEM
- Enter your first, second (optional), and last name
- Phone number
- Enter your active email address
- Verify your email address
- Enter your preferred password
The next step after registration is to pass through the identity verification process in order to be able to apply for or request a virtual bank account.
Documents that are accepted for identity verification on Grey.co are as follows:
- NIN Slip
- Digital NIN Slip
- Permanent Voters Card (PVC)
- Driver’s License
- International Passport
- National Identity Card
How To Open a Foreign Bank Account On Grey.co
Follow the steps below to get your foreign bank account when your identity is successfully verified:
- Click on the three vertical lines
- Click on “Accounts”
- Navigate to where you see “Request Virtual Account” and click on it
- You will be asked to fill in the details of your address exactly as it is on your valid ID, go ahead with it
- Then click on “Finish”
It usually takes 1 – 3 business days to get your account open. Sometimes it can be faster! And when your foreign account goes live, transactions can begin immediately.
NOTE >> You can only receive via International Wire and Local or Domestic Transfers from eligible countries.
Available Foreign Bank Accounts On Grey.co
You can only apply for three foreign virtual bank accounts, namely;
- United States Dollar (USD)
- Euro (EUR)
- Great Britain Pounds (GBP)
Default Account: Nigerian Naira
7 Facts Why Grey.co Is The Best Online
#1 Low Fees
Grey charges 1% for every international wire transfer you receive into your account. 1% when you want to swap from foreign to local currencies.
It charges only N35 for any amount you wish to withdraw to your local bank account, even if it’s N1,000,000. But if you are withdrawing in dollar currency directly to your domiciliary account, you will be charged 0.5%
#2 Grey.co Virtual Prepaid/Credit Cards
With this option, you can comfortably make payments online using its virtual dollar prepaid card without currency barriers or restrictions as with the Naira debit card.
This card can help you with paying for all kinds of subscriptions, purchasing items on foreign e-commerce platforms, add payment methods or cards online.
#3 Beneficiaries/Multiple Payment Channels
You can add many beneficiaries (bank account details you wish to use for withdrawals both in dollar and Naira currencies) to your Grey account.
Grey provides you with two payment channels that you can withdraw your funds conveniently which are Mobile Money and Bank. That means you can add your mobile money details and your local bank account details.
#4 Sending Money To a Grey.co User
All the users in Grey Inc can send funds to each other with the speed of light. This aspect is an awesome development that is quite welcoming to the Grey community.
You can send money to a Grey user by utilizing the “Create My $GreyTag” to create a unique username with a combination of letters and numbers. Only 4 characters are permitted.
#5 Amazing Conversion Rate
Grey has one of the best black market rates for dollars, pounds, and euros out there online. $1 could go for as high as N800, and £1 for N930.
#6 Send Money From the Balance
You don’t need to deposit money into your Grey account before you can send funds to anybody. Right from balance you can convert it to any currency and transfer it to anybody in the world.
#6 Referral Income
Those who are into affiliate marketing or any form of marketing can leverage Grey’s referral program to make some passive income.
All you have to do is check the top screen of your Grey account homepage, you will see a static notification that states, “Claim Your Free $5 Now.”
Click on it, grab your referral code and send it to your freelancer friends or internet marketers. You can also share your unique referral link via Twitter and Facebook.
What happens is each time your referrals receive above $500 you will be credited $5. Accumulating $5 overtime can turn into a massive amount that can be converted instantly and withdrawn.
Who Can Use Grey.co?
Entrepreneurs doing business online can use Grey to receive funds hassle-free. The following categories of people can use the foreign virtual account platform:
- Bloggers (to receive payments from Google AdSense)
- Freelancers
- Affiliate Marketers
- Digital Marketers
- Individuals staying abroad who wish to send money to their family members
- Amazon Kindle Direct Publishers (the best for self-publishers on Amazon KDP)
- Domiciliary account owners
Conclusion
Despite the fact that Grey’s targeted Africans, at this time, you can only send and receive money to your Nigerian account. You can also conduct transactions and make payments directly on the website, in contrast to the majority of financial apps.
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