Opening a Dollar Account in Kenya just got easier. Over the last years, many Kenyans have had to open foreign accounts to make and receive international transactions. And while there are options like opening a domiciliary account, there’s no flexibility for opening one and carrying out these transactions on the go. 

This is why you need a better alternative for opening a Dollar account in Kenya. In this post, you will learn about the Grey Dollar account and get a step-by-step guide for opening one without leaving the comfort of your home. 

Why Do You Need to Open a Dollar Account as a Kenyan?

Over the last year, there’s been a spike in the number of Kenyans getting a foreign account. And while many might attribute it to staying on top of the economy, there’s been two major factors pushing this adoption. 

The first is that there’s been an increase in international transactions thanks to global trades. Kenyans are excelling at importation, which means that there’ll be a need to spend the major currency associated with these types of exchanges - the Dollar. 

Not only is it plausible to own a dollar account while conducting international transactions, but it saves you from the effects of exchange rates and helps reduce inflation. 

The other reason is the rising number of Kenyans in the diaspora. Many citizens are relocating either for school, work, or seeking permanent residency in a foreign country. As a result of this migration, families and loved ones have to start sending money in foreign currencies, which is much easier when you have the same currency account. 

So if you’d like to receive money from a loved one abroad, it’s easier for them to send it into your Dollar account as it saves time and resources spent on conversions. 

There’s also the rise in remote work. With Kenyans working in foreign countries without relocating, they need a convenient way to receive these foreign payments. So to put simply, you need a dollar account if you;

• Carry out a lot of international business transactions
• Don’t want to deal with the hassle of constant currency conversions
• Want to receive or send foreign currencies to your loved ones
• Want to receive payments for your services from an employer in a foreign currency

Benefits of Opening a Grey Dollar Account

While there are many options for creating a Dollar account, like opening a domiciliary bank account, we recommend using Grey. Grey is a financial banking service that provides foreign bank accounts for Africans. 

You can send, receive, or transfer foreign payments using the website or mobile app. Here, you can also convert your currencies all in one place. 

When you choose to open a Grey Dollar account, you get access to certain advantages, which include;

• Opening a dollar account is free - no expensive opening balances are required
• Faster KYC and verification process to help you get started immediately
• Reliable banking with available customer support to help you whenever you need it
• You don’t need to visit any physical branch to open an account or carry out Dollar transactions in Kenya
• Get an international Dollar bank account with an IBAN and routing number, which makes your Grey account suitable for official purposes
• Conveniently swap your USD to KES at very competitive rates
• Seamlessly withdraw your funds to your mobile money account at low withdrawal rates too
• Enjoy unlimited money transfers on your Grey Dollar account
• A mobile app to ensure 24/7 on-the-go banking

How to Open a Grey Dollar Account in Kenya

Wherever you are in Kenya, you can open a Grey Dollar account in minutes. All you need is a smartphone or device, an internet connection, a valid ID card, and a copy of your recent utility bill. If you have all of this ready, simply follow the steps below;

• Log in to your Grey account. If you haven’t opened one yet, sign up for free here
• Once you log in on the dashboard, tap on ‘Accounts’ located on the left side of your screen
• Scroll to USD accounts and click on ‘Request USD Account.’

• On the form displayed, enter your personal information along with the details of your preferred valid identity card
• Fill in your address and upload an image of your recent utility bill
• Your request will be reviewed immediately, and once it’s verified, you can start carrying out transactions with the account

FAQs

1. What type of account will I get on Grey?
You’d get a checking Dollar account. 

2. Can I accept crypto payments on my Grey USD account?
Please note that your Grey Dollar account cannot accept payments from cryptocurrency, P2P, betting, and forex transactions. 

3. What type of transfers can I accept on this account?
Your Grey USD account is only addressable in WIRE and SWIFT transfers. Unfortunately, ACH transfers are not acceptable yet.

For more information concerning the Grey Dollar accounts, kindly visit our help center.

We hope this guide has helped you identify a much easier way to open and manage a reliable Dollar account whenever you need to. Take a step further by downloading the Grey Mobile App. With the app, you can carry out Dollar transactions anywhere in Kenya and beyond. All you need is your smartphone. Grey is available to download on the App Store and Google Play.