You receive a $2,000 payment from a client in New York. Before you withdraw it to your naira account, you want to know exactly what Grey charges you at each step: the deposit, the conversion, and the withdrawal. This is the page that answers that question.
Grey charges three types of fees: deposit fees when money comes in, conversion fees when you switch between currencies, and withdrawal fees when you send money out to a local bank account or mobile wallet. There are also charges for virtual cards if you use them for online spending. Every fee is shown before you confirm a transaction, so there are no surprises after the fact.
This guide breaks down each fee category with the exact amounts, caps, and examples so you can calculate your cost before you move any money.
When someone sends money to your Grey account, a deposit fee applies. The fee depends on the currency and payment method. For most deposits, the Grey deposit fee is 0.8% of the amount received, with a minimum charge and a maximum per-transaction cap.
ACH is the standard method for receiving USD from US bank accounts. It is the most common deposit method for freelancers and remote workers receiving client payments.
ACH deposits are the better option for most transactions. Fedwire makes sense only when you need same-day settlement, and the $20 flat fee is worth the speed, typically for amounts above $2,500 where the percentage-based ACH fee would cap at $10 anyway.
SEPA is the only EUR deposit method. The fee structure is identical to ACH: 0.8% with a floor and a cap. For deposits above €1,250, the fee caps at €10 regardless of the amount.
FPS is the default for most GBP deposits and the cheapest option for amounts under £1,875 (where the 0.8% fee stays below the £15 BACS flat rate). BACS and CHAPS are legacy bank transfer methods. CHAPS is typically only worth using for urgent, high-value transfers where same-day settlement is critical.
If you receive a deposit that is less than the minimum fee, the full minimum fee still applies. For example, if someone sends you $2 via ACH, the $2 minimum fee is deducted, and $0.01 is credited to your balance. This matters if you receive many small payments. Where possible, combining smaller payments into fewer, larger ones avoids triggering the minimum fee multiple times.
Every time you convert one currency to another on Grey, a 1% conversion fee is charged on the amount you are converting from. This fee has a cap for certain currency pairs.
The cap makes a meaningful difference in larger conversions. If you convert $1,000 in a Group A pair, the fee would be $10 at 1%, but you only pay $6 because of the cap. For a $5,000 conversion, the savings are even larger: $50 at 1% versus $6 capped. If you regularly convert large amounts, check whether your currency pair falls into Group A.
On top of the conversion fee, the exchange rate on Grey includes a margin over the mid-market rate. This margin is part of how Grey prices its service. The rate is always shown before you confirm, so you can see exactly what you will receive before you proceed.
Withdrawal fees are charged when you send money from your Grey account to a local bank account or mobile wallet. The fee depends on the destination country and payment method. Most withdrawals in Africa are processed instantly; withdrawals to Europe and North America take 1 to 3 business days.
For Nigeria specifically, the ₦35 flat withdrawal fee makes Grey one of the cheapest options for converting USD to naira and withdrawing to a local bank. Combined with the capped deposit and conversion fees, the total cost of receiving a $2,000 payment and withdrawing to your Nigerian bank account is approximately $16 (see the worked example below).
Grey offers virtual cards on the Visa network for online and in-store payments (via Apple Pay and Google Pay in supported regions). Virtual card charges are separate from deposit, conversion, and withdrawal fees.
The cross-border fee applies when the merchant charges in a currency different from your card currency. If you hold a USD card and pay on a European website that charges in euros, the 2% + $0.50 fee covers the currency handling across networks. This is a standard charge from the card networks that applies across providers, not a Grey-specific fee. If you frequently pay in euros or pounds, consider funding a EUR or GBP card instead to avoid cross-border charges entirely.
The total cost of moving money through Grey depends on which steps your transaction involves. Not every transaction hits all three fee types. Here are the most common scenarios.
Scenario 1: Receive USD, withdraw to a Nigerian bank account. A client sends you $2,000 via ACH. Deposit fee: 0.8% = $16, but capped at $10. You convert USD to NGN: 1% = $20, but capped at $6 if the pair is in Group A. You withdraw ₦ 35 to your bank account. Total cost: $10 + $6 + ~$0.02 (₦35) = approximately $16.02 on a $2,000 transaction, or about 0.8%.
Scenario 2: Receive GBP via FPS, spend with a virtual card in USD. You receive £1,000. Deposit fee: 0.8% = £8. You convert GBP to USD: 1% conversion fee (check Group A/B for cap). You fund your card: $1. No cross-border fee because you are paying on a USD website with a USD card.
Scenario 3: Receive EUR, withdraw to a Moroccan bank. You receive €500. Deposit fee: 0.8% = €4. You convert EUR to MAD (conversion fee applies). You withdraw MAD: $2.00. Total depends on the conversion fee cap for your currency pair.
The pricing calculator on Grey’s pricing page lets you input your specific amounts and see the exact fees before you make a transaction. Use it to compare the cost of different deposit or withdrawal methods for your situation.
Some costs that are common on other platforms do not apply to Grey. There is no monthly account maintenance fee, no fee for holding balances in USD, EUR, or GBP, and no charge for receiving stablecoin deposits where supported. There is also no fee for creating your Grey account or completing KYC verification. Grey does not charge transfer fees on deposits or withdrawals beyond the fees listed above; the exchange rate margin is the remaining cost and is shown before you confirm any conversion.
Does Grey charge hidden fees?
No. Every fee is displayed before you confirm a transaction. The deposit, conversion, and withdrawal fees are shown separately so you can see the breakdown. The exchange rate, including the margin over the mid-market rate, is also visible before you proceed. If you want to preview costs before initiating a transaction, use the pricing calculator on Grey’s pricing page.
What is the cheapest way to receive money on Grey?
For USD, ACH is the cheapest deposit method at 0.8% (capped at $10). Fedwire costs a flat $20 regardless of amount, so it only makes sense for same-day settlement needs. For GBP, Faster Payments (FPS) is the cheapest at 0.8%, capped at £10. BACS (£15) and CHAPS (£25) are more expensive and typically unnecessary for standard deposits.
How much does Grey charge to withdraw to a Nigerian bank account?
The NGN withdrawal fee is a flat ₦35 per transaction, and the transfer is instant. If you are withdrawing from a USD balance, you will also pay the 1% conversion fee (capped at $6 for Group A pairs) when converting USD to NGN. The deposit fee would have already been charged when the USD was credited to your account.
Why does the India withdrawal show a 1% conversion fee instead of a flat fee?
INR withdrawals from Grey require a currency conversion step during the payout process. The 1% conversion fee applies to this step. This is different from most other withdrawal corridors, where the fee is a fixed amount. The effective cost depends on the amount you are withdrawing.
Do Grey charges change over time?
The 1% conversion fee is fixed. Grey may update deposit and withdrawal fees from time to time, but conversion fees remain at 1% with the existing cap structure. Any changes to fees are communicated before they take effect, and the current fee is always shown before you confirm a transaction.
Is there a fee for using Grey’s virtual card on international websites?
If the website charges in the same currency as your card (for example, a USD card on a USD website), there is no additional fee beyond whatever you paid to fund the card. If the website charges in a different currency (for example, a USD card on a EUR website), a cross-border fee of 2% plus $0.50 per transaction applies. This is a standard card network charge, not a Grey-specific fee. You can avoid it by using a card denominated in the same currency as the merchant.
Exchange rates on Grey are variable and include a margin over the mid-market rate. The rate is always shown before you confirm a conversion. Fees listed in this article are accurate as of March 2026. For the most current pricing, visit grey.co/fee-calculator. If you do not have a Grey account yet, you can sign up at grey.co and complete verification in a few minutes.
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