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You probably wonder how Financial institutions get the resources they use to make business happen. Well, the answer is in the fees you pay.
What are these fees? They are the commissions you pay when you make financial transactions, such as money transfers, currency exchanges, and much more on Grey after every successful transaction.
There are two types of deposit fees, Bank transfer fees and card fees.
Fees for receiving or depositing funds via foreign transfer to your virtual account are dependent on the currency and payment scheme used.
For example, an ACH transfer incurs a 1% charge for receiving payment, while SWIFT/WIRE transfers incur a 1% + $50 fee. In addition, EUR virtual accounts charge a 1% fee for receiving payments, the same as GBP virtual accounts.
Own virtual USD, EUR and GBP accounts which you can use to complete international transactions.
Based on your card type, deposit charges may vary. For international cards, such as foreign cards and domiciliary account cards, our card payment processor charges 3.8% of your transaction volume. While local cards, such as Naira (NGN) cards, attract a 1.4% charge (capped at NGN 2000).
Swap Fee is an interest charged or received for maintaining a trading position and this attracts 1% (capped at N3,000) of the currency you are converting to.
Capped fee means the maximum amount charged per transaction; the fee per transaction would not exceed the capped amount.
This is also the fee for sending payments. This fee varies for different currencies and below is the list of withdrawal fees for various currencies.
Great rates? Receive foreign payments as fast as possible and at great rates with no hidden charges on Grey, Sign up to get an account in less than 5 minutes.
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