Fees and charges on Grey

Money can mean different things. It might be your next flight, this month’s bills, an emergency fund, or something you’ve been saving toward for months.

Until now, Grey has been the place your money passes through. Now, you can do more with it while it’s here, with Pouch and Lifestyle.

Lifestyle brings everyday services and rewards into one place, while Pouch gives you a simple way to split your balance and organise your money around your plans. Together, they give you more to do with your Grey balance, from spending and earning rewards to preparing for what’s next.

More ways to spend and earn with Lifestyle

Lifestyle brings everyday digital services and rewards together in the Grey app.

Instead of only using Grey to receive, send, and spend money, you can now use your balance for more of the things you need day to day. From the Lifestyle tab, you can get eSIMs and, where available, buy airtime and data or pay supported bills.

Your spending can also earn you rewards. Eligible Grey card payments earn points you can track directly in Lifestyle and redeem for available rewards.

So, the next time you need data for your phone, an eSIM for a trip, or want to check the rewards you’ve earned from using your Grey card, you can find it all in Lifestyle.

Services vary by location, so check the Lifestyle tab in your Grey app to see what’s available to you.

Give every goal its own Pouch

Maybe you’re planning your next adventure, building an emergency fund, buying something special, or preparing for future investments.

Create different Pouches for the things that matter to you, give each one a name, and choose how much you want to keep aside. Having separate spaces for different goals makes it easier to see what you’re working on and stay connected to your plans.

Instead of looking at one balance and trying to remember what you can and can’t spend, you can split your balance and give each amount a purpose. And because plans change, your money isn’t locked away. You can move it back to your Grey balance when you need it.

Hold funds in dollars, pounds and euros

For people who earn, spend, or move money across currencies, you can also decide what works best for you. If you receive money in USD, EUR, or GBP, you can create a Pouch in that same currency without converting first.

Use your USD for your next adventure, your EUR for a big purchase, or keep your GBP ready for something important you’re planning.

Put Round-ups on autopilot

Sometimes the easiest way to reach a goal is to make it part of something you already do.

With Round-ups, the spare change from eligible Grey card payments can automatically go into a Pouch you choose. Every time you use your Grey card, you can put a little extra aside for your goal.

For example, if you spend $8.60 on your Grey card, your payment is rounded up to $9, and the remaining $0.40 goes into your Pouch.

Small amounts, collected over time, can help you keep moving closer to the things you want.

Everything you need, in one place

Grey already helps you receive, hold, send, and spend money across currencies. Now, Pouch and Lifestyle give you even more ways to use and manage your money without needing a separate app.

So whether you’re keeping money ready for what’s next, getting connected in a new city, paying a bill back home, or picking up something you need, you can do more of it without leaving Grey.

Your money can stay where it is, while more of your life happens around it.

Open your Grey app to explore Lifestyle and create your first Pouch today.

Frequently Asked Questions

What is Pouch?

Pouch is a Grey feature that helps you set aside money for specific goals. You can create separate Pouches for your plans, choose your preferred currency, and track your progress in one place.

Which currencies can I use for Pouch?

You can create Pouches in USD, EUR, and GBP.

Can I create more than one Pouch?

Yes. You can create multiple Pouches for different goals, such as travel, an emergency fund, a big purchase, or future plans.

Does Pouch earn interest?

Not yet. Pouch currently holds your funds separately and does not earn interest.

What are Round-ups?

Round-ups automatically move the spare change from eligible Grey card payments into a Pouch you choose. It’s a simple way to make progress as you spend.

Do I need a new Grey account to use Pouch?

No. Pouch is already part of the Grey app, so you can use it with your existing account.

Can I keep money without converting my currency?

Yes. With Pouch, you can hold funds in USD, EUR, or GBP, so you can set aside money in the currency you already hold.

Can I take money out of a Pouch whenever I want?

Yes, you can.

What is Lifestyle on Grey?

Lifestyle is a space in the Grey app where you can access everyday services and rewards. Depending on availability in your location, you can get eSIMs, buy airtime and data, pay supported bills, and access rewards.

How do Grey points work?

You can earn points on eligible Grey card payments. You can view your points balance in Lifestyle and redeem them for available rewards.

Is Lifestyle available everywhere?

Availability varies by service and location. Open the Lifestyle tab in your Grey app to see the services currently available to you.

Your Grey balance just got a new destination. Send CNY directly to personal and business bank accounts in China using the USD, EUR, GBP, or stablecoins you already have in Grey.

We will handle the conversion, and you’ll see all the details before you send.

Here’s what you need to know before making your first transfer.

Send CNY directly to Chinese bank accounts

With the new CNY transfer option, you can send money straight to your recipient’s bank account in China.

Bank transfers are available for both personal and business accounts across operating banks in the country. So, you can use Grey to send money to friends and family, pay for services, or make payments to businesses in China.

And because you can send from a balance you already have in Grey, there’s no need to convert your money to CNY somewhere else first.

How much does it cost to send CNY with Grey?

Each CNY bank transfer costs a flat $2.80.

There’s no percentage-based transfer fee, so the cost stays the same regardless of how much you send within the available limits.

Before you confirm your transfer, you’ll see the exchange rate, fee and how much your recipient will get. This way, you know exactly what to expect before the money leaves your account.

How much CNY can you send?

You can send from 50 CNY up to 21,000 CNY in a single bank transfer.

It's enough flexibility for everything from paying a contractor to sending money to someone back home. How long does it take to send CNY to China?

CNY bank transfers are typically completed within 24 hours, Monday to Friday.

There’s a 10:00 GMT cutoff time, so keep this in mind if you need your money to arrive by a particular day. Transfers made after the cutoff may take longer to reach the recipient.

Processing times can also vary depending on banking days and other factors outside Grey’s control.

Which Grey balances can you send from?

You don’t need to hold CNY before sending money to China.

You can make your transfer using money from your USD, EUR, GBP or stablecoin balance.

Choose the balance you want to use, enter the amount you’d like your recipient to get in CNY and review the conversion before confirming.

It’s a simple way to use money you already have in Grey to send money to China.

How to send CNY to China with Grey

Sending CNY takes just a few steps:

1. Log in to your Grey account and go to Send money.
2. Select CNY as the currency you want to send.
3. Choose bank transfer.
4. Add your recipient’s bank details and the amount you want to send.
5. Choose the Grey balance you want to send from.
6. Review the exchange rate, fees, and the amount your recipient will receive.
7. Confirm your transfer.

Once everything looks right, confirm your transfer, and Grey will take it from there.

Send money to China from your Grey account

Your Grey balance can now take you one country further.

You can send CNY directly to Chinese suppliers, contractors, and partners in China from your USD, EUR, GBP, or stablecoin balance, at a flat $2.80 transfer fee. If you live and work outside China, you can also use CNY payouts to send money directly to family and friends in China.

So the next time you need to send money to China, you can do it while keeping your money and your payments in one place.

Open Grey and make your first CNY transfer today.

When making bulk transfers from your bank accounts or financial services like Grey, you need to be wary of your transaction limits.

Transaction limits are the maximum amount of money you can either withdraw, transfer, deposit, or spend in a single transaction. Sometimes, it could be how much you can spend in a day, week, or month.

On Grey, there are limits on how much you can transact with too. This post will show you how to view these limits and share helpful information about account limits.

How Do Bank Account Limits Work?

Banks and financial institutions usually set bank limits. This is why it varies based on account levels, the country, and transaction methods. So, for example, a student account would have a significantly lower limit than a Tier 3 business bank account would.

Once this amount is set, you can only transact within the limit. Once you exceed that limit, the bank won’t be able to process any further transactions until it resets.

In unique cases where the transaction amount is alarming, financial institutions are required to notify regulators as part of the anti-money laundering measures.

Why Do Banks and Financial Services Have Transaction Limits?

Grey account transaction limits are important because they help protect the customer and the bank from any potential fraud cases. When there’s a limit, there’ll be a lesser loss incurred.

Limits are also a security measure to prevent money laundering. If there’s a maximum threshold, these services can better comply with regulations and prevent any illegal activities around finances.

How to View Your Grey Account Transaction Limits

Transaction limits on Grey vary based on deposits, withdrawals, and card spend limits. You can currently spend up to $10,000 on your Grey virtual card at a maximum of $ 2,500 per transaction.

For withdrawals and deposits, there are daily and monthly limits. Here’s how to check how much you have left on your Grey account;

• Log in to your Grey Mobile app
• On the navigation bar located at the bottom of your screen, tap on “More”
• Tap on “Transaction Limits”

• Choose to view either “Withdrawal limits” or “Deposit limits”

You’ll see a breakdown of your daily and monthly account limits. You’ll also see how much you have left to exceed that limit.

Can I Increase My Transfer or Deposit Limit on Grey?

Unfortunately, at this time, you cannot increase your deposit or spend limit on your Grey account. You can, however, take advantage of the daily limit reset to split your transactions across several days.

Fortunately, the limits on Grey are much higher than what you’d get on your domiciliary bank account. If you’d like to know more about how Grey foreign accounts work, you can always explore our guides and product updates here.

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Our card services provider has rolled out new regulations to ensure secure and safe card transactions for you, and we want to let you know about the latest updates to your virtual USD card. You don’t need to worry; these updates do not affect your card functionality in any way.

What’s changing:

Your card will now be temporarily frozen after two(2) initiated transactions with insufficient funds. If the card is reactivated, and has two (2) other failed transactions due to insufficient funds, i.e. a total of four (4) failed transactions, the card will be permanently terminated.

Why this is happening:

We want to keep providing this service to our users. To do this, we need to prevent any unauthorized charges that can cause financial loss to us and, in turn, jeopardize the service relationship with our providers.

What Grey is doing:

To help you with navigating this, we implemented a “low-balance notifier,” which sends you a push notification once your balance goes below a certain threshold.

Our machine-learning models analyze your card spending patterns and recurrent transactions to determine your threshold and remind you to top-up your card.

We understand that declined transactions due to insufficient funds can be unplanned, so please turn on your push notifications for the mobile app so you can get these reminders.

What you need to do:

To ensure that your card remains active, we recommend taking the following steps:

• Check that your card has enough funds before making a transaction.
• You can just top up your card before the due date if you have recurring card payments and subscriptions like Spotify, Apple Music, etc.
• Remove your card details from one-off payment platforms and expired free trials to avoid unintended charges.

We’re sorry for any inconvenience this update might cause. If you have any questions or concerns, learn more about our cards here, or please feel free to contact our support team through the chat in the app or at support@grey.co. We’re always here to help.

Occasionally, when you receive money from a client, business partner, or loved one, you might get a notification asking you to verify that transaction. During this period, your funds will be allocated to a pending balance. We’ve received a lot of questions concerning why this is a requirement for some transactions, especially deposits. 

That’s why in this post, we’ll be clarifying what a pending balance means, why certain transactions require verification, and how you can access your funds once they are in your pending balance. 

What is a pending balance?

A pending balance is a type of wallet designed to temporarily hold funds received from unverified transactions on Grey. Unfortunately, this means that you won’t be able to access the funds in this balance. However, you can see how much you’ll receive once you verify this transaction. 

The real reasons why your transactions are in a pending balance

With the rise in fraud cases and chargebacks, there are now new regulatory requirements from the governing bodies of financial institutions. In line with these requirements, we have to prioritize the safety and security of your financial transactions (both inflow and outflow).

So, if there’s an inconsistency between your account name and the payment details, we are required to verify that the transaction is, in fact, legitimate. This is a safety and precautionary measure to ensure that we;

• Verify that all funds received by our users are legitimate
• Protect you from any potential fraud case by verifying that your funds are legitimate
• Reduce the risk of any fraudulent activity that can harm you in the future. Some examples are money laundering, identity theft, and online scams.
• Provide safe services for everyone and serve as a deterrent against potential fraudsters.
• Are a responsible financial institution that’ll serve you for a long time.

How to verify a pending transaction on Grey

If you do get a prompt to verify your pending transaction, don’t worry. It’ll only take a few minutes. Here’s what you need to do; 

• Login to your Grey app
• Tap on the message asking you to verify a transaction.

• You will see the required deposit you need to verify, highlighted in yellow.

• Tap on it and then tap on 'verify the transaction.'

• Enter a clear purpose of the transaction. E.g., payment for a service, deposit from a family member, etc. Remember to be truthful here.
• Enter what your relationship with the sender is, e.g., employer, client, brother, sister, etc.

• Upload your supporting documents and submit them.

The supporting documents you’ll be required to upload will depend on where your money is coming from. Once you submit the verification form, your transaction will be reviewed within 24-72 working hours. 

If everything checks out, you’ll receive the funds in your available balance, where you can access your money.

What happens when I cannot verify my pending transaction?

If you do not have sufficient documents to prove that the transaction is legitimate, the funds will be reversed to the sender’s originating account. This can take anywhere between 7-10 working days. 

If the rare occasion that the sender doesn’t get the money, we’ll give you a refund telex so they can trace the status of the refund. 

The bottom line

At Grey, we take your financial security seriously, and this is why we’ve implemented several measures to ensure that you’re in the clear when it comes to any financial risks.

For more information on pending transactions, please visit our help center, and we’ll be happy to help out in any way we can.

If you make a lot of money transfers, you’d have an idea of how exchange rates can make you gain or lose money. Lately, they’ve been fluctuating a lot, especially in the Nigerian market. This is why it can cause a dent in your conversion and money transfer plans.

Because of how important this is to our users, our product team has come up with a great way to keep track of Grey's real-time exchange rates. This way, you can compare and track rates before your transactions.

In this post, we’ll show you how to find our rates page on Grey and how to make exchange rates work for you.

Why you should track exchange rates

Tracking market exchange rates are very important because they help you plan and better strategize your money transfer plans - especially when they are cross-border payments.

Perhaps the most apparent reason to track exchange rates is to get the best market rates. Since rates go up and down often, you need to know when the right window is to make a swap.

For example, if you want to convert your GBP to NGN, you need to swap when the exchange rates are higher. If you swap when it’s lower, you’d be losing out on some NGN you could have earned during that conversion.

Another reason is to be able to make the right estimates during your budgets. If you are sending money abroad frequently, especially for business, you need to know if there’ll be any price changes. Tracking rates will help you know how much you need to spend for that transaction and what you’d need to factor in for surprise costs.

In general, tracking exchange rates will help you avoid any potential losses during currency conversions as well as reduce any risks involved in your foreign transactions.

Also Read: Factors that Affect the Prices of Exchange Rates

How to see exchange rates on Grey

Before making your currency conversions, here’s how you can see Grey exchange rates. These rates cut across all accepted currencies on Grey, and they are updated in real-time in line with parallel market rates.

On website

• Log into your Grey account on the web app
• On the top right of your screen, click on “See our rates”

• You’ll see the dropdown of our rates across all accepted currency pairs.

On mobile

• Log in to your Grey mobile app
• On the bottom right of your screen, tap on the ‘More’ button
• Scroll down to the ‘Others’ Category
• Tap on ‘See our rates’
• You’ll see a dropdown with our rates across all accepted currency pairs

PS: Please keep in mind that you have to be signed in to your Grey account to see this page.

Make our exchange rates work for you

Grey has one of the best exchange rates available in the market. With competitive fees, you can be sure to get the best deals on your instant currency conversions. Since we know how exchange rates can affect businesses, we hope our rates page helps you make better financial decisions.

Create a Grey account and start enjoying all the tools and rates available to make your international payments better.

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