If you’ve ever tried to open a US bank account while living outside the US, you already know the struggle. Between the paperwork, the requirement for a US address, and the inevitable “Sorry, we can’t proceed without a Social Security Number,” the process can be hectic.
Thankfully, Grey solves a lot of these problems. But how exactly is Grey different from a traditional US bank? Are they the same? Does Grey replace the need for a US bank?
I’ll break it all down in simple terms.
What is Grey and how does it work?
Grey is a cross-border financial platform that helps individuals and businesses receive, hold, and send money globally. It lets you open virtual foreign accounts like USD, GBP, and EUR, without being in those countries.
For example, you can get a US bank account number, routing number, and SWIFT code without living in the US. You can also convert your money into different currencies, pay contractors, or withdraw directly to your local bank.
What is a US bank?
A US bank is exactly what it sounds like, a financial institution based in the United States. These banks offer traditional financial services like:
- Checking and savings accounts
- Credit and debit cards
- Loans, mortgages, and credit lines
- Wealth management services
- Physical branches (and online banking)
US banks are typically built for US residents. To open an account, you’ll usually need:
If you don’t have those, opening an account is difficult.
Also read: How non-US citizens can open a US bank account online
How is Grey different from a US bank?
Let’s break it down step-by-step.
1. Who can open an account?
- Grey: Anyone from a supported country can open an account. No US residency, SSN, or ITIN is required.
- US bank: This is usually only available to US residents or people with valid SSN/ITIN and US addresses.
2. What is the account used for?
- Grey: Designed for receiving international payments, holding money in multiple currencies, sending payouts, and converting money.
- US bank: Used for local banking in the US, spending, saving, accessing loans, and paying bills.
3. Currencies supported
- Grey: Multi-currency (USD, GBP, EUR). You can hold balances in foreign currencies and convert between them easily.
- US bank: Mostly USD. Foreign currency support is limited and usually expensive.
4. How accessible is it?
- Grey: 100% digital. Open your account online or through the app without travel or paperwork headaches.
- US bank: Primarily focused on people inside the US. Opening an account often requires visiting a branch or providing a US-based mailing address.
5. Transaction speed and fees
- Grey: Faster cross-border transfers, instant currency conversions, and transparent fees. Supports digital payments like USDC.
- US bank: International transfers are slower, rely on SWIFT (with high fees), and currency exchange rates are often poor.
6. Financial services offered
- Grey: No loans or credit products. Purely focused on cross-border banking; receive, hold, send, and convert money globally. It also helps users generate virtual USD cards.
- US bank: Full-service banking. Includes checking, savings, loans, mortgages, credit cards, and more, but only for qualified US-based customers.
Also read: How to open a US bank account for freelancers and independent contractors abroad
What Grey offers that a US bank doesn’t
Grey offers flexibility that most regular US banks lack. Here are some of its standout features:
- Open a USD, GBP, or EUR account from anywhere. No US citizenship required.
- Instant currency conversion. Swap USD to local currencies like NGN, KES, GHS, ZAR, and more.
- Support for digital payments. Use USDC to send or receive money alongside traditional currencies.
- Virtual USD cards for your online spending. Perfect for subscriptions, business tools, or paying freelancers.
What Grey doesn’t do
While Grey is fantastic, it still leaves a few things off the table.
- Grey doesn’t offer loans, mortgages, or credit facilities.
- It’s not meant to replace your local bank for day-to-day domestic transactions.
Why choose Grey?
If you do any of these, then Grey is built for you.
- Work with international clients
- Run a business with global customers
- Hire remote employees or freelancers abroad
- Need to receive and hold USD, EUR, or GBP from anywhere in the world
No complicated paperwork. No residency restrictions. No hidden fees. Just smooth, fast, cross-border banking.
Also read: What non-US residents need to open a US bank account at major banks
Grey vs a US bank; what’s the real difference?
It’s simple: A US bank serves US residents. Grey serves everyone.
While a US bank offers a broader range of financial services within the US, Grey gives you instant access to global money, helping you receive, send, and manage USD, GBP, and EUR no matter where you live or work.
If you’re tired of fighting banking barriers, Grey is the modern way to manage money across borders.
Create your Grey account today or download the app to enjoy inclusive global banking designed to carry your dreams across borders.
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