Living in this digital age means our worlds are better connected, and so should our finances. Managing international finances requires fast, affordable, and accessible solutions. Traditional EUR banks, such as Deutsche Bank, BNP Paribas, and ING, have long dominated the financial landscape in Europe. However, emerging fintech platforms like Grey are spicing things up to match the demands of this digital age.
Grey is at the forefront of simplifying international transactions by providing users with foreign bank accounts (including EUR accounts) regardless of location. A EUR bank account is typically issued by conventional banking institutions operating in the Eurozone. While the functionality of both banking solutions might overlap, there are vast differences.
This article explores how Grey compares to EUR banks regarding account setup, fees, international transfers, access, features, and regulatory coverage.
Also read: Monieworld vs Juicyway vs Cleva vs Grey – which is better?
EUR banks are conventional financial institutions, typically based in the European Union. They are designed to serve residents, businesses, and entities within the region. Grey, on the other hand, is a digital cross-border banking platform that offers multi-currency accounts for users within and outside the EU. Grey users can receive, convert, and spend EUR, USD, and GBP without visiting a bank.
EUR banks:
Opening an account with a European bank usually requires proof of residency in the EU, a national ID or passport, and sometimes even a tax ID or local address. Depending on the bank’s regulations, the process can take several days or weeks. Many times, In-person visits or video interviews may be necessary, especially for non-EU residents.
Grey:
Grey simplifies the onboarding process. You only need a government-issued ID and a selfie to verify your identity. The account opening is entirely online and can be completed within minutes without providing proof of EU residency or address. This makes it ideal for anyone who needs to receive and manage euros both within and outside the EU.
EUR banks:
Most EUR banks only support euro transactions. While some may support foreign currencies like USD or GBP, high exchange fees and conversion limits might apply. For some others, multi-currency features are limited to big businesses or premium customers.
Grey:
Grey offers multi-currency accounts (EUR, USD, GBP). Users can receive international payments, convert currencies at competitive rates, and withdraw funds to their local bank in various currencies. This allows users to streamline their finances by seamlessly switching between currencies.
Also read: The best international bank accounts for freelancers and remote workers
EUR banks:
Sending money internationally from a EUR bank is often expensive and slow. SWIFT transfers are not always swift, as they can take 2–5 business days. Besides the high fees, some EUR banks charge hidden exchange rate markups or intermediary bank fees. SEPA transfers are faster within the EU but dicey when sending money to Africa or Asia.
Grey:
Grey is optimised for cross-border payments. International transfers from your virtual EUR account to a local account in Nigeria or the Philippines can be completed in minutes, and currency conversions are instant. Grey’s fees are affordable and transparent, as they tell you how much a transaction will cost before initiating it.
EUR banks:
Aside from the regular transfer fees, EUR banks typically charge monthly maintenance fees, card issuance fees, and ATM withdrawal charges. They also profit from foreign exchange markups and may impose penalties for account inactivity or overdrafts.
Grey:
Grey doesn’t charge monthly fees or require minimum balances. Its fees are clearly listed and usually limited to currency conversions and international withdrawals. There are no hidden markups.
EUR banks:
Conventional EUR banks offer a broad range of financial products and services. These include credit and debit cards, savings accounts, personal and business loans, mortgages, investment services, insurance, and overdraft facilities. For individuals and businesses needing a more holistic financial experience and access to credit, EUR banks remain the go-to institutions.
Grey:
Grey focuses specifically on international money services. It is not designed to replace a traditional bank for savings, loans, or insurance. Instead, Grey caters the financial needs of individuals who need multi-currency accounts, seamless international payments, and competitive exchange rates.
EUR banks:
Traditional banks in Europe are regulated by central banks or financial authorities such as the European Central Bank (ECB) or local regulators (e.g. BaFin in Germany, ACPR in France). They offer deposit insurance and are required to meet strict capital requirements.
Grey:
Grey is not a conventional bank but a regulated fintech platform. It partners with licensed financial institutions and complies with KYC/AML regulations in the jurisdictions where it operates. The platform is registered in the United States and subject to the regulatory oversight of the Financial Crimes Enforcement Network (FinCEN) and the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC). It uses industry-standard security protocols to protect your funds and data.
Grey is designed to simplify global transactions for international students trying to pay their fees, freelancers managing payments from international clients, businesspeople transacting globally, and travellers visiting new countries. While EUR banks are better tailored to people resident in the EU zone, Grey offers financial freedom to people who would love to manage multiple currencies on one platform and enjoy transparent fees, swift transactions and competitive exchange rates from anywhere in the world.
Sign up on Grey today to manage your global finances with ease.
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