The global digital evolution has not left the banking sector untouched. A fast-paced generation requires fast transactions. Many employees now work with clients they’ve never met, living in foreign countries they’ve never visited. The educational sector is seeing a growing number of international students. Digital nomads work remotely while hopping from country to country. Businesses are expanding, with growing cross-border trade. Our banking needs are evolving. We now need seamless and swift borderless payment solutions at the lowest cost possible.

Fintech companies like Grey offer solutions that fit today’s needs and help solve problems that traditional banks haven’t fixed.

In this article, we compare the new and the old, Grey vs. traditional banks, and examine where each stands in terms of time conservation.

Also read: Global accounts vs traditional banks: What remote workers should know

How Grey works

With Grey, you can open international bank accounts and manage money across borders easily. It’s made for freelancers, expats, and remote workers. You can open an account in just a few minutes, all online, with no need to visit a branch or fill out lots of paperwork. Grey offers:

• Multi-currency support: Receive, send, hold, and convert between USD, GBP, EUR, and local currencies.
• Swift conversions and transfers: Currency conversions and international transfers are completed within minutes to a few hours.
• Additional feature: Grey also offers automated invoicing, expense tracking, and virtual USD debit cards for seamless online payments.
• Security: Grey is fully regulated by FINTRAC and FinCEN, ensuring that your funds and data are adequately protected.

Unlike traditional banks, which are often constrained by regulatory hurdles and official bottlenecks, Grey leverages digital provisions to enable faster processing.

Also read: Global accounts vs traditional exchange houses: which is better?

How traditional banks work

Traditional banks, such as Chase and HSBC, as well as local branches in various countries, offer a wide array of banking services, including savings accounts, loans, mortgages, and investment advice. They operate through physical branches, ATMs, and digital platforms. They offer more robust banking services compared to emerging fintechs. However, many traditional banks remain traditional in practice, with lengthy paperwork and cumbersome processes, such as waiting in lines, scheduling appointments, or dealing with international money transfer delays, in a fast-paced economy.

Grey vs traditional banks: Which saves you more time

Fintechs like Grey don’t replace traditional banks, but they do some things differently. Let’s see which one saves you more time by looking through important banking processes.

1. Account opening

The onboarding process of a banking system basically shows you what to expect from them. This is why many strive for a streamlined account opening process. Now, let’s compare Grey and traditional banks.

• Grey: Signing up and verifying your identity on Grey is a seamless process that takes only a few minutes. The process is entirely through the app or website and doesn’t require a physical branch visit or mailing documents. You simply need to upload a valid ID, proof of residence, and a selfie for Know Your Customer (KYC) compliance. Accounts in USD, GBP, or EUR can be opened from anywhere in the world, making it ideal for non-residents or travellers.
• Traditional banks: Opening an account typically involves visiting a branch, filling out forms, providing multiple documents (e.g., proof of address, income statements), and waiting for approval, which can take days to weeks. For international accounts, additional hurdles, such as residency requirements or embassy verifications, may extend this to several months.

Grey takes the show here, with a swift account opening and verification process, with the ease of opening an account remotely without visiting a physical bank branch.

2. Transactions and money transfers

Transaction processing speed is crucial during emergencies, such as paying bills. Delayed payments can leave you stranded.

• Grey: Transactions on Grey are swift, usually completed within minutes to a few hours using networks like SEPA or ACH. Users receive real-time notifications, and the app handles everything without the need for intermediary banks.
• Traditional banks: Transfers, especially international ones (via SWIFT), can take 1-5 business days due to the involvement of multiple intermediaries, compliance checks, and banking hours. Even domestic transactions may require branch visits or phone confirmations, which can increase wait times.

With Grey, cross-border payments are done much faster, often saving you days compared to traditional banks.

3. Currency exchange and management

Many people now deal with different currencies, especially remote workers, students abroad, expats, and global businesses. Managing money across several banks or apps can take a lot of time, and converting currencies isn’t always quick.

• Grey: Conversions occur within seconds in the app at competitive rates, with no hidden fees. Users can manage multiple currencies on a single platform, track expenses, and automate invoicing to streamline client payments.
• Traditional banks: Exchanges often require branch visits or calls, with markups on exchange rates and fees. Processing may take hours or days, and managing multiple accounts requires logging into separate systems or handling paperwork for each currency.

Grey simplifies international finance management with multi-currency accounts and swift conversions.

4. Customer support and issue resolution

How quickly can your banking solution resolve your payment crisis? What mechanisms are available?

• Grey: As a digital-first payment service, Grey offers fully digital support services that avoid phone queues. and features like language switching enhance accessibility. However, as a fintech, it may lack the depth required for complex issues, such as loans.
• Traditional banks: Support involves calling hotlines with uncertain waiting times, visiting branches, or scheduling appointments. Traditional banks are evolving to offer 24/7 digital support through chats.

Grey generally offers faster initial responses and saves time on routine queries. Traditional banks offer a wide range of support, whether you visit a bank branch or use one of their remote options.

Also read: How to switch from traditional banking to Grey for remote work payments

Swift transactions with Grey

Grey is a payment solution designed for a fast-paced era, offering swift processing compared to traditional banks. From instant account openings to quick transfers and seamless multicurrency support, Grey removes the need for physical visits, paperwork, and delays.

Get started on Grey today for faster international transactions.

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