Being able to save on currency exchange when receiving payments is a big deal for freelancers in the UAE. Most times, freelancers lose a significant portion of their hard-earned income to high transfer fees, poor exchange rates, and hidden conversion charges. These costs can add up quickly, making it harder to manage your finances or scale your freelance business.

With Grey, you can receive payments in foreign currencies and convert them to AED at competitive rates, without the usual losses. This guide shows you exactly how to save on currency exchange using Grey and why it’s the smarter choice for UAE-based freelancers today.

Read also: How to open a virtual bank account as a freelancer in the UAE

How UAE freelancers lose money in currency exchange

Here are four common ways money slips through the cracks during currency exchange:

1. Poor exchange rates: Traditional banks and some digital platforms apply wide margins between buy and sell rates. Freelancers often receive far less than the market rate when converting GBP, USD, or EUR to AED.
2. High transfer fees: Many platforms charge fixed or percentage-based fees on international transfers, which quickly add up, especially for smaller payments received more frequently.
3. Double conversion charges: Some services convert your payment twice before it reaches your local account, e.g. from USD to GBP, then to AED, resulting in unnecessary exchange losses.
4. Delayed transactions: Time is money. Payment delays of 3–5 business days can disrupt cash flow, especially when you rely on fast withdrawals to cover business or living expenses.

Read also: How freelancers in the UAE can receive payments from US, UK & EU clients

Currency exchange options for UAE freelancers

1. PayPal: Widely accepted by clients, but offers poor exchange rates and charges high withdrawal fees. Currency conversion to AED is often expensive and slow.
2. Wise: Known for transparent fees and mid-market exchange rates. However, Wise does not always support local AED withdrawals directly and may involve extra steps.
3. Payoneer: Offers USD, EUR, and GBP accounts for receiving payments. While it’s popular, Payoneer charges for currency conversions and ATM withdrawals, reducing take-home income.
4. Grey: Grey stands out by providing UAE freelancers with UK, US, and EU accounts to receive payments from clients globally. The platform offers better exchange rates, low fees, and fast transfers to local AED bank accounts, making it the most cost-effective option.

Read also: How to receive payments from Upwork in UAE in 2025

Why Grey is the best platform for currency exchange in the UAE

Here’s why more freelancers in the UAE are switching to Grey for their international payments:

1. Real exchange rate savings: Grey uses close-to-mid-market exchange rates, which means more naira in your bank account with every transfer.
2. No hidden fees: Grey’s transparent pricing ensures you’re not surprised by unplanned deductions. You’ll always know what you’re receiving in AED before you withdraw.
3. Multiple foreign accounts: Get virtual USD, GBP, and EUR accounts instantly, ideal for billing clients in their local currency and avoiding double conversion charges.
4. Fast withdrawals: Grey processes currency exchange and transfers to your UAE bank within minutes to a few hours, helping you stay in control of your cash flow.

Steps to currency exchange with Grey (For UAE Freelancers)

1. Sign up on Grey: Visit Grey’s website or download the app, then create a free account using your UAE ID or international passport.
2. Generate your foreign accounts: Once verified, you’ll be assigned UK, US, and EU account numbers, complete with account names and IBAN/SWIFT details.
3. Share account details: Invoice your clients using the provided virtual account that matches their currency. Funds will be received directly into your Grey wallet.
4. Convert to AED at your convenience: Use the Grey app to convert your earnings into AED. You’ll see live exchange rates, and the converted money is typically delivered to your local UAE bank within hours.

Save more on currency exchange with Grey

Grey helps UAE freelancers save more with better exchange rates. Whether you're a writer, developer, or UX designer, Grey’s smart currency exchange ensures you don’t lose money when receiving payments from abroad. Sign up today at Grey.co or download the app to get started.

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