Southeast Asia is a top destination for expats, freelancers, and business owners looking for global opportunities. A foreign currency account can help you receive, hold, and transfer money easily, without losing money to poor exchange rates or high transfer fees.

But opening a foreign currency account in Southeast Asia isn’t always simple. Some banks have strict requirements for non-residents, and others charge high fees for international transactions.

With Grey, you can open a USD, GBP, or EUR account in minutes, making it easier to manage your global earnings without the hassle of traditional banks.

Why do you need a foreign currency account in Southeast Asia?

Having a foreign currency bank account comes with several advantages:

• Receive payments globally: Get paid in USD, EUR or GBP, whether you're working remotely or freelancing.
• Better exchange rates: Avoid the hidden fees and poor exchange rates associated with traditional money transfer services.
• Easier transactions: Make seamless payments for international services, subscriptions, or goods.

With Grey, you can enjoy all these benefits without visiting a physical bank branch.

Also read: How to manage multiple currencies as an expatriate in Mexico using Grey

Step-by-step guide to opening a foreign currency bank account using Grey

The process is pretty straightforward. Here’s how you can get started:

1. Sign up for Grey

Creating an account with Grey is simple, requiring only a few personal details. Here’s what you need to do.

• Visit grey.co: On your browser, enter grey.co and click on “Get started – it’s free.” You can also download the app.

• Choose your country: Select your current country of residence. This helps Grey tailor the setup to your location.

• Enter your details: You’ll be prompted to provide your full name, email address, and phone number, then create a secure password.

• Verify your email: Grey will send a one-time password (OTP) to your email address. Simply enter the code on the site to complete this step.

• Once you’re set up, you’re ready for identity verification — a step required for secure access to financial services.

2. Verify your identity for secure access

Here’s what you’ll need to provide:

• Government-issued ID: A valid passport or national ID card is required. Make sure it’s clear and up-to-date.
• Proof of address: A recent utility bill or bank statement will verify your location. Grey uses this document to confirm your residency.
• Submit your documents for review: Once uploaded, Grey will review your documents, a process that typically takes a few business days. Clear and accurate documentation speeds up approval.

3. Access your foreign currency bank accounts

• Once your identity is verified, log in to your Grey account.
• Navigate to the “Accounts” section and select “Create Account.”
• Choose the currency (USD, EUR or GBP).
• Your virtual bank account details, including your account number and routing number, will be generated instantly.

Also read: How to manage multiple currencies as an expatriate in Brazil using Grey

Benefits of creating a foreign currency account with Grey

• No hidden fees: Transparent pricing ensures you keep more of your money.
• Competitive exchange rates: Maximise your earnings when converting currencies.
• Fast transactions: Receive and transfer money instantly, without delays.
• Global accessibility:  Manage your finances anytime, anywhere with Grey.

Simplify banking across borders with Grey

Managing international payments in Southeast Asia doesn’t have to be complicated. With Grey, you can open a foreign bank account, receive payments seamlessly, and move money across borders.

‍Create your Grey account today or download the app to enjoy inclusive global banking, designed for you to carry your dreams across borders.