The (Middle East and North Africa) MENA region has a rapidly growing, with a  sGDP of over  $4.3 trillion and strong international trade. Having a foreign currency account makes it easier for  individuals and businesses in the Middle East and North Africa transact freely in the global market, as you can hold and transact  in USD, EUR, and GBP without frequent conversions.

However, opening a foreign currency account in MENA could be difficult, especially for expatriates, freelancers, and  business owners dealing with foreign clients. Grey simplifies this process, offering a  cross-border payment solution that allows you open a foreign currency account in the Middle East and North Africa.

This guide will walk you through how to create a foreign currency account in the Middle East and North Africa and introduce an easier, digital alternative with Grey.

Why open a foreign currency account in MENA?

Managing multiple currencies is crucial for individuals and businesses involved in international transactions. Here’s why a foreign currency account is beneficial.

• Avoid currency conversion losses: Hold foreign currencies without frequent exchange rate fluctuations.
• Receive international payments easily: Get paid in USD, EUR, or GBP without hassle.
• Global transactions with ease: Make seamless payments for online services, international suppliers, or investments.
• Lower transaction costs: Reduce fees compared to local currency conversions.

Read also: Why is international payment so complex for migrant workers?

How to create a foreign currency account in the Middle East and North Africa with Grey

Opening a foreign currency account on Grey is a straightforward process. Follow these steps to get started.

1. Sign up for a Grey account

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Visit the Grey website or download the app. Sign up and enter your details to create an account.

2. Complete the verification process

To activate your account, you must complete a Know Your Customer (KYC) verification. This involves submitting these documents:

• A valid government-issued ID
• Proof of address (such as a utility bill or bank statement)
• A clear selfie for identity verification

Verification is typically quick, and you can start using your account without delay.

3. Request your foreign currency account

Once your account is verified, request a virtual foreign currency account in USD, EUR, or GBP. This enables you to receive payments in these currencies and hold funds.

4. Start receiving and sending money

You can receive international payments from anywhere with your new foreign currency account. You may convert currencies at competitive rates whenever you need. Withdrawing money into your local bank accounts is also swift.

Grey: A simpler way to open a foreign currency account

Grey provides a fully digital solution for managing foreign currencies. Unlike traditional banks, Grey offers:

1. Multi-currency accounts in minutes

You can open USD, EUR, and GBP accounts online. Receive international payments directly into your account without conversion hassles.

2. Competitive exchange rates

Convert currencies at real-time, market-driven rates. Avoid hidden fees and unfair conversions.

3. Instant transactions

Send and receive money quickly and securely.

4. Easy account setup

You can sign up on Grey to get your foreign currency accounts quickly and easily.

Read also: Getting your foreign currency account

5. Virtual USD card

Grey offers a versatile virtual USD card for online payments. The card integrates seamlessly with other payment platforms that accept MasterCard.

Read also: How to get an instant USD debit card online in 2025

Conclusion

Managing multiple currencies is essential for expatriates, freelancers, and business owners in the Middle East and North Africa (MENA). Whether you receive payments from international clients or send money abroad, having a foreign currency account simplifies financial transactions. Grey provides an easy and efficient way to open and manage foreign currency accounts in USD, EUR, and GBP, helping users navigate international payments effortlessly.

Create a Grey account today and simplify your international money management.

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