Every year, the UK attracts a diverse community of families, entrepreneurs, digital nomads, and remote workers, thanks to its exciting opportunities, cultural diversity and political stability. Regardless of your reason for relocating, having a reliable way to manage your finances is important. However, the process for currency exchange can make this challenging.

Also read: How to create US and UK bank accounts as a migrant worker in the UK

While traditional banks are usually the default choice for currency exchange they often have high fees, slow transactions and poor rates which can make you lose  money. But Grey offers a faster and more affordable solution to this.

In this article, we’ll explore why Grey is a better option for currency exchange in the UK than traditional banks.

Grey gives you more value for your money

Traditional banks often add a markup to their exchange rates, making their rates more expensive than the market rate. This means you lose money during currency conversions. Many banks also don’t display the rates in real-time, making it harder to know the true value.

On the other hand, Grey offer competitive rates close to market rates, so you keep more of your money. But that’s not all, with our currency converter, you can track exchange rates in real-time ensuring you’re always getting the best value.

Grey has no hidden fees or charges

Traditional banks usually charge multiple fees for transfers, currency conversion and service charges all of which can add up quickly, leaving you frustrated with unexpected costs. However, at Grey, we offer transparent pricing with no hidden fees and costs. You know exactly what you’re paying for without the added costs that come with traditional bank services.

Convenience

With Grey, currency exchange is simple and straightforward and completed in seconds. You don’t have to visit a physical branch or fill out lengthy paperwork. There are also no time restrictions, so you can convert money anytime, anywhere. All you need is your phone or laptop.

Multi-currency support

Expats and businesses might need to manage and exchange multiple currencies. However, traditional banks often limit currency options or charge high fees for handling different currencies, making cross-border transactions costly and complicated.

Grey simplifies this process by offering multi-currency support. This allows users to easily hold and exchange currencies like US dollars (USD), Great Britain pounds (GBP), and Euros (EUR). This flexibility eliminates unnecessary fees and restrictions, making international payments faster and more convenient.

With Grey, managing multiple currencies is seamless, giving you greater control over your finances wherever you are.

Also read: An immigrant's guide to starting a business in the UK

How to open a Grey account in the UK

1. Create a Grey account

Register on the Grey website or download the mobile app to get started.

2. Complete identity verification

To verify your identity and ensure security, Grey requires Know Your Customer (KYC) verification before you can fully use your account. This involves submitting a valid ID, proof of address, and a selfie for security purposes. The process is quick and ensures smooth transactions.

Also read: Top reasons your KYC verification is failing and how to fix them

3. Request your foreign bank accounts

Once verified, navigate to the ‘Accounts’ section to generate your US, UK, or EU bank account to receive global payments. Your account will be generated instantly, and you’ll receive your bank account details and your IBAN, sort code or routing number.

Why Grey is the best currency exchange option in the UK

Regarding currency exchange in the UK, Grey stands out from local banks due to its transparent pricing, competitive rates and multi-currency support. If you’re looking for a solution that offers value and convenience, create your Grey account today or download the app to get started!