Liberalised Remittance Scheme (LRS): Complete guide

“Should I be using Grey Business, or is my personal Grey account enough?”

It’s a common question, especially once your income starts growing.

At the beginning, everything feels simple. You get paid and you withdraw your money easily. But as your work evolves, whether that’s taking on more clients, earning from multiple platforms, or starting a company, the way you manage money needs to evolve too.

Grey offers two account types for this exact reason: Grey Personal and Grey Business. They are not better or worse than each other. They are built for different stages of your earning process.

This guide breaks down the differences, including fees, features, and when to switch, so you can choose the right setup without second-guessing.

‍Also read: Receiving foreign income as a solo founder

What is a Grey personal account?

A Grey personal account is designed for individuals who receive and manage international payments.

If you are a freelancer, remote worker, or creator earning from global clients or platforms, this is the account you are expected to use.

With a personal account, you can open USD, GBP, and EUR balances with real banking details. This allows clients to pay you as if they were making a local transfer in their own country. Instead of receiving an expensive international wire, you receive money through local rails like ACH, SEPA, and FPS.

Once the money arrives, you can hold it in foreign currency, convert it when the rate works for you, or withdraw it to your local bank account. You can also spend directly using your Grey virtual card without needing to manually move funds around.

The focus here is simplicity. You are managing your own income, and the account is designed to make that as flexible as possible.

What fees does Grey Personal charge?

Understanding fees is where most people get confused, so here’s how it actually works.

When you receive money through ACH, SEPA, or FPS, Grey charges a 0.8% fee, with a minimum of $2, €2, or £2 and a maximum of $10, €10, or £10. This means larger payments become proportionally cheaper because of the cap.

Currency conversion depends on the currency pair. Some routes are free, while others range from 0.5% to 1%. For certain major pairs, the fee is capped at $6. The important detail is that Grey shows the rate before you confirm, so there are no hidden charges after the fact.

Withdrawals vary depending on the country, but for major currencies like EUR and GBP, the fee is typically 0.5%, with a minimum and maximum cap. Other corridors may use fixed fees instead.

For less common deposit methods like Fedwire, BACS, or CHAPS, fixed fees apply. These are generally used less often, since local rails like ACH or FPS are cheaper.

Read more: Grey charges explained: what every transaction costs

What is Grey Business?

Grey Business is designed for companies rather than individuals.

If you are running a registered business, working under a company name, or managing revenue that belongs to a business entity, this is the account structure you need.

Unlike a personal account, a Grey Business account is built for your company. This means you can receive payments on behalf of the business, manage funds at a company level, and keep financial records properly organised for accounting and compliance.

The functionality goes beyond receiving payments. Grey Business allows you to manage team access, assign roles, and give multiple people control over finances without sharing a single login.

You can also pay contractors globally, send payments in local currencies, and handle bulk payouts by uploading recipient details. This becomes important as soon as you are working with a team or scaling operations.

The goal of Grey Business is not just to receive money, but to structure how your business handles it.

What fees does Grey Business charge?

Grey Business follows the same core pricing model as personal accounts.

Receiving payments still comes with the 0.8% fee capped at $10. Conversion fees follow the same tiered structure, and withdrawals depend on the payout country.

The difference is not in lower fees, but in what the account enables.

With Grey Business, you are paying for structure, team management, and the ability to operate at scale without mixing personal and company finances.

Grey Personal vs Grey Business: what is the difference?

The main difference comes down to ownership.

A personal account is for money that belongs to you as an individual. A business account is for money that belongs to a company.

Everything else builds from that.

Grey Personal is simpler, quicker to set up, and designed for individuals managing their own income. Grey Business requires verification of a registered company but provides tools to manage payments, teams, and operations effectively.

If you are working alone and getting paid for your own work, a personal account is enough. If you are invoicing as a company, hiring people, or managing shared finances, you need a business account.

‍Also read: Can non-residents open a US bank account online in 2026?

When should you use Grey for personal use?

You should use a personal account if you are earning in your own name.

This includes freelancers, remote employees, and creators earning from platforms like YouTube, TikTok, or Upwork. At this stage, your income is still personal, even if it comes from multiple sources.

A personal account keeps things simple.

When should you use Grey Business?

You should use Grey Business when your income is no longer just yours.

If you have registered a company, invoice under a business name, or manage revenue that belongs to a business entity, a personal account is no longer the right structure.

This is especially important if you are paying contractors, working with a team, or preparing financial records for accounting and tax purposes.

Can you have both Grey for personal use and Grey Business?

Yes, and in many cases, this is the best setup.

If you run a company but also earn income personally, keeping both accounts separate helps avoid confusion. Your business transactions stay within the business account, while your personal income remains separate.

This makes accounting cleaner and reduces the risk of mixing funds.

Grey for personal use vs Grey Business: key differences

So, which Grey account should you choose?

Most people overthink this decision, but it comes down to one simple question:

Who does the money belong to?

If you’re earning as an individual, whether that’s freelancing, remote work, or content creation, a Grey Personal account is the right fit. It keeps things simple and flexible while giving you full access to international payments.

If you’re operating as a registered business, invoicing clients under a company name, or managing team payments, Grey Business is the structure you need. It helps you separate finances properly and handle growth without creating confusion later.

If you’re in between, which is common, you can start with a personal account and move to business when your setup requires it. Many users also keep both, using one for personal income and the other for company operations.

The goal isn’t to pick the most advanced option. It’s to choose the one that fits how you earn today and won’t slow you down as you grow.

Getting started with Grey

Opening a Grey Personal account takes just a few minutes. You can sign up in under 5 minutes, and once your identity is verified, you can usually start receiving payments the same day.

Opening Grey Business takes a bit longer because it involves business verification. You’ll need to submit your company registration and ownership details, and approval typically takes 1 to 3 business days, depending on the documents provided. This ensures your account is set up correctly from the start.

Frequently asked questions

What is the difference between Grey for persona use and Grey Business?

Grey Personal is for individuals receiving and managing their own income, such as freelancers, creators, and remote workers. Grey Business is for registered companies that need to manage business revenue, pay contractors, and give team members access to finances.

The main difference is ownership. Personal accounts are for your money. Business accounts are for company funds.

Can I use a Grey Personal account for business payments?

You can use a personal account while you are freelancing under your own name. However, once you register a company or start invoicing under a business name, it is better to switch to Grey Business.

Using a personal account for business transactions can create confusion with accounting, taxes, and financial tracking.

Does Grey Business have different fees from Grey Personal?

Grey Business follows the same core pricing structure as personal accounts. Receiving fees are typically 0.8% with a cap, and conversion fees depend on the currency pair.

The main difference is not pricing, but functionality. Grey Business adds tools for team access, bulk payments, and structured financial management.

Can I have both a Grey Personal and Grey Business account?

Yes. Many users have both accounts.

This is useful if you have personal income, such as freelance work or creator earnings, and also run a registered business. Keeping them separate makes accounting cleaner and easier to manage.

When should I switch from Grey Personal to Grey Business?

You should consider switching when your income becomes business revenue instead of personal income.

This usually happens when you register a company, start invoicing clients as a business, hire contractors, or need proper financial records for tax and reporting purposes.

What documents are required to open a Grey Business account?

To open a Grey Business account, you will need to provide company registration documents, ownership details, and verification information about the business.

The process is more detailed than a personal account because it involves verifying a legal entity.

Is Grey Personal enough for freelancers and creators?

Yes. For most freelancers, remote workers, and creators, Grey Personal is more than enough.

It allows you to receive international payments, hold foreign currency, convert when needed, and withdraw locally without needing business-level setup.

Can I receive USD, GBP, and EUR with both accounts?

Yes. Both Grey Personal and Grey Business support multi-currency functionality.

Personal accounts focus on individual income, while business accounts structure those same capabilities for company use.

Which Grey account is better?

Neither is better. They are designed for different use cases.

Grey Personal is better for individuals managing their own income. Grey Business is better for companies managing business finances and scaling operations.

Ready to get started?

Open your Grey Personal account to start receiving international payments as an individual, or set up Grey Business if you’re managing company finances and need a more structured setup.

Let’s say you’ve just hired a brilliant developer in Poland to build a feature that your UK team doesn’t have time for. The work is excellent, delivered on schedule, and you’re ready to pay the £2,000 invoice. So you log into your bank account, initiate an international transfer, and assume everything will work smoothly.

Five days later, your developer sends a message asking when the payment will arrive. After checking the transfer status, you see that it’s still processing. When it finally clears three days after that, your developer receives the equivalent of £1,860. The missing £140 disappeared into a combination of intermediary bank fees, SWIFT charges, and an exchange rate that was far from what Google showed you.

Your developer is frustrated, you’re embarrassed, and you’ve just lost nearly 7% of the payment to a system that isn’t ideal for how international work functions in 2026. This is how most UK businesses pay international freelancers, and it’s expensive, slow, and unnecessarily complicated.

There’s a better way, but understanding it requires knowing why the current system fails and what modern payment infrastructure actually does differently.

Why are UK companies hiring freelancers abroad?

The shift toward global hiring isn’t a trend you can wait out.

UK businesses hire internationally because talent no longer respects borders. If you need a motion designer with specific experience in a niche industry or a developer fluent in a particular framework, limiting your search to the UK can reduce the odds of finding the right person.

Remote work tools like Slack, Notion, Figma, and Zoom make collaboration easier, so geography became less of a barrier once work became more digital.

Cost efficiency also matters, especially for early-stage startups and growing agencies managing budgets carefully. Freelancers in countries with lower costs of living often charge rates that UK businesses find sustainable without compromising on quality.

Flexibility is the other major driver. When you need specific skills for a short-term project, hiring a full-time employee isn’t a great financial decision. Freelancers give you agility. You scale up when projects demand it and scale down when they end, without the commitment and overhead of permanent staff.

The result is that UK startups, agencies, and growing companies now operate with distributed teams, hiring the best people regardless of location.

But payment infrastructure hasn’t evolved at the same pace as hiring practices, creating real operational problems.

The complexity of paying international freelancers

To pay a UK-based freelancer, you can just send a Faster Payment. Paying an international freelancer, however, introduces layers of complexity that many businesses don’t anticipate.

International bank transfers take days to settle‍

When you initiate a SWIFT payment from your UK business account, the money goes through your bank and one or more intermediary banks (often called correspondent banks) before finally arriving at the recipient’s bank. Each step takes time. A SWIFT transfer can take up to five business days.

Currency conversion happens automatically

‍When you send GBP to someone who needs USD, EUR, PLN, or any other currency, your bank converts it. The exchange rate applied is rarely close to the mid-market rate. Banks add a markup, typically between 2% and 5%, and this margin isn’t itemised as a separate fee.

Compounding intermediary bank fees

‍Your UK bank charges a fee for sending a wire transfer, often between £15 and £25. The correspondent bank charges another fee for processing it, typically £10–£20. The recipient’s bank may also charge a receiving fee. By the time the money arrives, a £1,000 payment has shrunk to £920.

Administrative complexity grows when you’re paying multiple accounts

‍Managing payments to many people across different countries requires navigating diverse banking systems, currency requirements, and documentation standards. Making payments becomes a multi-hour administrative task that doesn’t scale as your team grows.

Tracking and reconciliation become messy

‍Checking which payments have cleared, at what exchange rates, and reconciling this against your accounting records takes time that you can spend on actual business operations.

Also read: How to budget in foreign currencies using the Grey card

What should UK businesses consider before choosing payment platforms?

Before committing to any payment platform for international freelancer payments, consider these factors based on your actual usage patterns.

Payment volume and frequency: If you’re paying one freelancer once per quarter, optimising payment infrastructure probably isn’t your highest priority. The higher your volume, the more infrastructure matters.

Payment amounts: Percentage-based fees hurt more on large payments. A 3% fee on a £500 payment is £15. On a £5,000 payment, it’s £150. If you’re regularly paying large amounts, even small percentage differences in fees or exchange rate margins create significant cost variations.

Speed requirements: If your freelancers need payment within 24-48 hours, traditional SWIFT transfers won’t work. If week-long clearing times are acceptable, you have more options.

The right infrastructure matches your actual usage patterns and scales as your international team grows. Starting with infrastructure that works for five freelancers but breaks at 15 creates problems you’ll need to fix as you scale. Choose systems that handle your current volume comfortably and can expand as your needs grow.

Also read: Ways Nigerians receive money from international marketplaces

Grey Business: Modern infrastructure for UK companies paying globally

Grey Business provides USD accounts specifically structured for companies operating internationally. It handles the complexity of paying freelancers across borders without the delays and administrative overhead that traditional banking creates.

When you open a Grey Business account, you receive a USD account with proper local banking details as well as a USDC wallet for crypto payments.

Payments clear faster because they’re not routed through multiple international banking systems. Transfers to freelancers typically settle within 1 to 2 business days, not 5 to 7, depending on the payment infrastructure used.

Exchange rates are transparent. Grey’s rates typically sit 1-2% over the mid-market rate, compared to the 3-5% spread most traditional banks apply.

You can also make bulk payments to many people at the same time. Payment records are clear and detailed, suitable for business accounting and year-end reconciliation.

Grey Business supports international money transfers to over 170 countries, so if you’re paying contractors, vendors, or partners beyond your regular freelance team, you can handle everything from the same account rather than maintaining multiple payment systems.

Also read: Meet Grey Business: The growth engine for global finances

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Global payment infrastructure today

UK businesses have embraced global hiring because it works. The talent exists, the collaboration tools function well, and remote work has made location largely irrelevant for digital work.

International freelancers deserve to be paid as reliably and efficiently as UK-based ones. The fact that someone lives in Warsaw, Lagos, or Mumbai rather than London doesn’t mean they should wait days for their payments.

Businesses hiring globally deserve payment systems that don’t leak money to unnecessary fees, create hours of monthly administrative work, or damage relationships with talented people through slow, unreliable transfers.

A modern multi-currency business account solves these specific problems.

Open your Grey Business account today and pay your international freelancers quickly, fairly, and without losing money to outdated banking systems.

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Working with clients around the world can be one of the smartest growth moves a US business can make, especially if done right. New markets, fresh revenue streams, and access to specialised talent are on the other side of expanding internationally.

However, some new complexities may arise. Things like different time zones, culture shocks, contracts, payments, and compliance suddenly matter.

In this article, you’ll learn everything you need to run a smooth and profitable relationship with global clients, from first contact to final invoice. I’ll cover how to understand clients in different markets, build scalable workflows, handle payments without losing money, and stay on the right side of the law.

Also read: Meet Grey Business: the growth engine for global finances

1. Know the client’s context before you start

Before pitching or signing, learn about the client’s market and the expectations.

Here are some practical checks:

• Time zones: Propose meeting windows that work for everyone.
• Business days & public holidays: Keep an eye out for important days and plan accordingly.
• Communication style: Confirm whether they prefer formal or informal, email or instant messaging, and, more importantly, the expected response times.
• Decision-making: Are approvals fast or routed through many stakeholders? Ask who signs off and what the approval timeline is.
• Local payment norms: Do clients prefer bank transfers, cards, or local wallets? Knowing this up front prevents invoicing friction.

Also read: What non-US residents need to open a US bank account at major banks

2. Write a detailed contract

A tight contract helps to define deliverables and keeps cash flow predictable.

Essential contract elements include:

• Deliverables & acceptance criteria: Define exactly what “done” looks like and how the client will sign off.
• Milestones & timeline: Include dates for drafts, feedback windows, and final delivery.
• Payment terms: This includes the currency, invoicing cadence, accepted payment methods, and who pays the fees (you or the client). If there will be late-payment penalties, state them clearly (e.g., 1.5% per 30 days).
• IP & licensing: Clearly state when ownership transfers and which rights you retain (templates, libraries).
• Confidentiality & data protection: You should have details of the minimum security standards, data residency concerns, and permitted data use.
• Termination & dispute resolution: The most important clauses are the notice period, refund rules for partially completed work, and whether disputes are resolved through mediation or arbitration.
• Force majeure & change orders: This will cover how unexpected events or added scope are handled.

Also read: How to open a USD bank account remotely without US citizenship

3. Build simple, repeatable workflows

Define a small stack and stick to it. Here are some core workflow components

• Project tracker: Asana, ClickUp, or Trello for tasks, deadlines and approvals.
• Single source of truth: A shared drive with a clear folder structure (e.g., /ClientName/Project/Deliverables/Final).
• Communication rules: Slack for day-to-day, Zoom for calls, email for official records and define expected response times (e.g., 24 hours).
• Meeting notes: After every call, send a summary with action items and owners.
• Version control: Label files with date and version to avoid confusion.
• Handover documents: For each milestone, provide a brief list of deliverables, acceptance criteria, and next steps.

Remember, the fewer tools you use, the easier it is for global teams to adopt your processes.

Also read: How Moroccan businesses receive payments from overseas customers

4. Pricing, taxes and compliance

Pricing internationally is not simply a matter of currency conversion.

Pricing approaches

• Value-based pricing: Price by impact rather than by the hour. This often yields higher margins.
• Tiered packages: Basic, standard and premium are the most common. This method is useful for clients with different budgets.
• Localised pricing: You can adjust for local market purchasing power where appropriate.

Tax and legal considerations

• Withholding taxes: Some countries require payers to withhold tax on payments to foreign recipients. Check ahead and consider gross-up clauses.
• VAT / GST / digital services tax: Digital services sold to EU consumers, for example, may be subject to VAT. B2B sales often reverse-charge but confirm.
• Permanent establishment risk: Avoid activities that create a taxable presence in client countries (e.g., hiring a local team without a local entity).
• US reporting: Track foreign income, and for payments to foreign contractors, you may need to file Form 1099 or Form 1042-S.

Always consult a tax advisor.

5. Building long-term global relationships

Long-term clients are gold. Here’s how to convert one-off projects into retainers.

• Deliver predictable results: Happy clients are more likely to sign extensions.
• Quarterly business reviews: Show ROI and propose next steps.
• Referral programmes: Incentivise referrals with discounts or bonuses.
• Case studies & testimonials: With the client’s permission, use success stories to win similar work.

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Scale globally but keep it simple

Expanding beyond the US unlocks growth, but it also tests your operations. The difference between businesses that struggle with international clients and those that thrive often comes down to infrastructure, specifically, having financial systems designed for cross-border work.

Grey Business is built specifically for companies working with global clients. You get a USD account that makes it easy for international clients to pay you.

When you need to pay contractors or vendors abroad, Grey Business handles it efficiently, avoiding the delays and excessive fees of wire transfers. You can also make bulk payments to multiple accounts at once in their preferred currency. And because everything is structured as a business account, your financial records stay clean and organised for accounting and tax purposes.

Open your Grey Business account today and give your company the financial infrastructure it needs to operate globally without friction.

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Gumroad pays its creators in US dollars. If you are based in Nigeria, Kenya, Ghana, Algeria, India, or anywhere outside the United States, getting that money into your account is where most creators lose both time and money.

The default option is PayPal. It works in many countries, but the fees add up fast, and it has restrictions in certain countries. A better option is to use a US bank account that Gumroad can pay directly via ACH, just as US-based creators receive their payouts. This guide explains how Gumroad payouts work, why a USD account changes things, and how to connect Grey to your Gumroad account in a few minutes.

Also read: How creators receive payouts from international platforms

How Gumroad pays international creators

Gumroad processes all transactions in US dollars and pays creators on a weekly, biweekly, monthly, or quarterly schedule, with payouts sent every Friday. Each sale must be held for at least 7 days before it qualifies for payout, and your balance must reach $100 before Gumroad processes a transfer. New accounts also go through an initial review period of 1 to 3 weeks before the first payout is released.

For international creators, there are two payout methods depending on your country:

• Bank transfer via ACH: This is available in most countries where Gumroad has a direct banking relationship, including Nigeria, Kenya, Ghana, Egypt, India, Indonesia, Morocco, and Algeria. You provide the USD account information, including ACH routing and account numbers. Gumroad transfers directly with no intermediary.
• PayPal: This is the fallback option for countries where direct bank transfer is not supported. PayPal charges a receiving fee on international transfers and applies a currency conversion spread when you withdraw to your local account.

Gumroad does not support Payoneer or Wise as native payout methods. Using either would require receiving to PayPal first and then transferring again, adding another layer of fees.

Also read: Why creators move away from Payoneer and PayPal

The problem with using PayPal for Gumroad payouts

PayPal works, but it is expensive. The costs appear in multiple places:

• Receiving fee: PayPal charges up to 4.4% plus a fixed fee on international transfers. On a $500 payout, that is $22 before the money reaches you.
• Currency conversion: When you withdraw PayPal dollars to your local account, PayPal applies its own exchange rate, typically 3-4% below the mid-market rate. On $500, that is another $15 to $20 gone.
• Withdrawal delay: Transferring to a local bank can take 3 to 5 business days depending on your country and bank.

The combined cost of receiving and withdrawing via PayPal can reduce a $500 Gumroad payout by $35 to $45. Across consistent sales volume, that adds up to hundreds of dollars per year.

On the other hand, while PayPal operates in over 200 countries, its availability varies significantly across countries and regions. Countries like Pakistan are totally restricted, while Nigeria and many other African countries struggle with withdrawing directly into local bank accounts.

The fix is ACH. To receive via ACH, you need a US bank account with a valid routing number and account number. That is what Grey provides to international creators.

Why Grey is the right setup for Gumroad creators outside the US

Grey gives international creators a real USD account with ACH routing and account numbers. Not a wallet, not an intermediary. A US bank account in your name that Gumroad can pay directly, the same way it pays a creator based in New York or Los Angeles.

The deposit fee for receiving USD via ACH into your Grey account is 0.8%, with a minimum of $2 and a maximum of $10. On a $500 payout, that is $4. On a $2,000 payout, the cap is $10, regardless of the amount. Compared to PayPal, the savings on a $500 payout are roughly $18. On $2,000, it is closer to $50.

Beyond the USD account, Grey also gives you:

• A GBP account and an EUR account if you have European clients or customers paying in other currencies.
• A virtual Visa card to spend your Gumroad earnings directly on platforms like Notion, Adobe, Canva, or any tool that requires a US card.
• The ability to send money to your local bank in Nigeria, Kenya, Ghana, Algeria, and other supported countries from the same account.

Grey is available in Nigeria, Kenya, Ghana, Algeria, Morocco, Egypt, India, Indonesia, and other countries. It is built for creators, freelancers, and remote workers outside the US who earn in foreign currencies and need a simpler way to access them.

Grey charges conversion fees, which vary by currency corridor and are sometimes pegged at $6. Exchange rates are competitive and close to the mid-market rate, which is subject to change. Withdrawals are usually processed at a flat rate, depending on the withdrawal option and currency. Verify Grey’s fees and charges before proceeding.

Grey vs PayPal vs Wise for Gumroad payouts

Also read: How to receive payments from Patreon outside the United States

How to connect Grey to your Gumroad account: step by step

1. Download the Grey app or go to grey.co. Sign up with your email address, phone number, and country of residence.
2. Complete KYC verification. Upload a valid government-issued ID such as a national ID card, passport, or driver's license. Verification is usually completed within minutes to 24 hours.
3. Open your USD account. In the Grey app, tap Add Money and open your US Dollar account. You will receive an ACH routing number and account number. These are the details you will paste into Gumroad.
4. Log in to Gumroad, then go to Settings> Payouts.
5. Select a bank account as your payout method. Choose Bank Account. Enter your Grey ACH routing number and account number exactly as shown in the Grey app.
6. Set your payout schedule. Weekly (every Friday) is recommended for a steady cash flow. Each sale must be held for at least 7 days before it qualifies for payout.
7. Wait for your first payout. New accounts go through a 1 to 3-week review period before the first transfer is released. After that, ACH transfers arrive within 1 to 2 business days of Gumroad's Friday payout date.

You need at least $100 in eligible sales before Gumroad processes your first payout. Each sale must also be held for 7 days before it counts toward the threshold. New accounts typically wait 1 to 3 weeks for the initial account review.

What to do with your Gumroad earnings once they arrive

Once your Gumroad payout lands in your Grey USD account, you have a few options depending on what you need.

• Spend it directly: Use your Grey virtual dollar card to pay for tools, subscriptions, and any platform that requires a US card. Notion, Adobe Creative Cloud, Canva Pro, Midjourney, and most international platforms accept it.
• Send it home: Transfer from your Grey USD balance to your local bank account in Nigeria, Kenya, Ghana, or other supported countries. Grey pays out to local banks and mobile money.
• Hold it in USD: Keep your earnings in USD inside Grey until you need them. This protects you from local currency volatility and gives you flexibility on when to convert and withdraw.

Gumroad fees: What comes out before your payout

Before your money reaches Grey, Gumroad takes its cut. Knowing the full fee structure helps you price your products correctly.

On a $100 sale paid by credit card, Gumroad deducts the 10% platform fee ($10) and the processing fee ($3.20), leaving $86.80 in your Gumroad balance. When that reaches Grey via ACH, the deposit fee is $2 (the minimum). You keep $84.80. Via PayPal, the equivalent after fees would be closer to $80.

Also read: How YouTubers receive earnings from abroad

Countries where Grey works for Gumroad creators

Grey is available in the following markets, where Gumroad also supports direct bank transfer payouts:

Frequently asked questions

Can I receive Gumroad payments in Nigeria?

Yes. Grey gives Nigerian creators a US account with ACH routing and account numbers. Add these details to your Gumroad payout settings, and you will receive payments the same way US-based creators do. The deposit fee is 0.8% with a minimum of $2 and a maximum of $10.

Does Gumroad support ACH bank transfers?

Yes. Gumroad pays creators in supported countries via direct bank deposit using ACH. You need a bank account with valid ACH routing and account numbers. Grey provides these to international creators without requiring US residency.

What is the minimum payout threshold on Gumroad?

Gumroad's minimum payout threshold is $100. Each sale must also be held for at least 7 days before it qualifies for payout. New accounts go through an initial review period of 1 to 3 weeks before the first payout is released.

How long does Gumroad take to pay?

Gumroad pays every Friday for sales accumulated up to the previous Friday, provided each sale has been held for at least 7 days. ACH transfers typically arrive within 1 to 2 business days. New accounts wait 1 to 3 weeks for the initial review before any payout is released.

Can I use Grey instead of PayPal for Gumroad?

Yes. Grey is a more cost-effective option than PayPal for most international creators. PayPal charges up to 4.4% plus a fixed fee on international transfers and adds a currency conversion spread on withdrawal. Grey receives via ACH at 0.8% and is capped at $10, which is significantly cheaper.

What countries can use Grey to receive Gumroad payments?

Grey is available in Nigeria, Kenya, Ghana, Algeria, Morocco, Egypt, India, Indonesia, and other countries. Creators in these markets can open a Grey USD account and connect it to Gumroad payouts without a US address or Social Security Number.

Does Gumroad work with Payoneer or Wise?

No. Gumroad does not support Payoneer or Wise as native payout methods. Gumroad pays via PayPal or direct bank deposit only. Using Payoneer or Wise would require receiving the funds to PayPal first and transferring them again, adding an extra layer of fees.

What happens if Gumroad tries to pay me but bank transfers are not supported in my country?

Gumroad falls back to PayPal for countries where direct bank transfer is not available. If you do not have PayPal either, Gumroad cannot process your payout. A Grey USD account solves this by giving creators in Africa and Asia a US bank account that Gumroad can pay via ACH regardless of PayPal availability.

Sign up on Grey today for USD account details to receive Gumroad payouts, and save up to $18 on every $500 compared to PayPal

The dream of any business with international ambitions is landing its first major client. It’s fulfilling and justifies all the hard work you’ve put in. That email that reads “We’ll need your US bank account details for ACH transfer” just leaves you smiling.

If you don’t have US bank account details because you’re not operating from the US, the easy solution is for the client to send an international wire transfer. Unfortunately, this can be expensive and delay payments.

Ideally, you start researching. Many articles say you need a US business entity, a physical US address, and an in-person visit to a US bank branch. The cheapest path involves spending $2,000 to form a Delaware LLC, hiring a registered agent, obtaining an EIN, and then somehow convincing a US bank to open an account for a foreign-operated business. The entire process could take months.

There’s a gap between “I need US banking details to get paid” and “I need to incorporate in Delaware and maintain a US legal entity.” Many businesses fall directly into that gap. In this article, I explain how USD business accounts actually work, why the traditional path doesn’t make sense for most non-US businesses, and how modern financial infrastructure lets you access US banking capabilities without US incorporation, US addresses, or US travel.

What is a USD business account?

Confusion around terminology causes many businesses to pursue the wrong solutions.

Domiciliary accounts are USD-denominated accounts offered by banks in your local country. These accounts let you hold US dollars, receive international wire transfers, and store foreign currency.

They, however, don’t provide you with US routing numbers, US account numbers, or integration with the US payment system. You cannot receive ACH payments into a domiciliary account. US clients cannot pay you the way they pay domestic vendors. The account holds USD, but it functions outside the US banking infrastructure.

Foreign currency accounts are essentially the same as domiciliary accounts, just named differently in different countries. They have the same capabilities and the same limitations.

US bank accounts have actual US routing numbers and account numbers, integrated into the US banking system. They can receive ACH transfers and domestic US wire transfers, and they can integrate with US payment platforms. When someone asks for your “US bank account details,” this is what they mean: a routing number (9 digits identifying the bank), an account number (unique to your account), the bank’s name and address, and your account holder’s name.

Also read: Alternatives to domiciliary accounts in Nigeria

Why businesses outside the US need USD accounts

The need for USD banking infrastructure is driven by specific, practical requirements that emerge when serving US clients or operating in USD-denominated markets.

Client payment systems are built for domestic transfersThe accounting and procurement systems of many US companies are configured for ACH payments within the US banking network. International wire transfers trigger different workflows, require additional approvals, and often involve manual processing that slows everything down. Providing US bank account details removes friction from what would otherwise be a straightforward transaction.

International payments can be expensiveIf a US client sends you $10,000 via international wire transfer, the money will pass through multiple banks before reaching you. Your client’s bank will charge a wire fee, typically $30-50. Intermediary banks (correspondent banks that facilitate cross-border transfers) may charge about $20-40. Your local bank could also charge a receiving fee, often $15-25.

Then comes currency conversion. If your account is in local currency, your bank converts USD to your local currency at a rate that includes a 3-5% markup over the mid-market rate. A $10,000 payment can be reduced to $9,400 by the time it reaches your account. Over a year, across multiple clients, this adds up to thousands of dollars.

With a USD business account, the client pays via ACH (with minimal fees), the funds clear through the US banking system in 1–3 business days, and you receive the amount in USD. You decide when and how to convert it to local currency, giving you control over conversion timing and rates.

Many platforms require US accountsIf you’re selling through Amazon US, using Stripe for payment processing, or receiving payouts from US-based platforms, you’ll need US bank account details to receive your payments. International alternatives exist but are often slower, more expensive, or restricted. Having US banking details unlocks full platform functionality and faster access to your money.

Business credibility matters in contract negotiations.When negotiating with US clients, particularly larger companies or enterprises, having a US bank account signals operational maturity. It shows you’re set up to work professionally with US businesses. Some RFPs (requests for proposals) explicitly request US banking information. Being able to provide it removes a potential barrier to winning contracts.

How USD business accounts work without US entities

Modern financial infrastructure has created solutions specifically for this gap. Understanding the mechanics helps you evaluate whether these solutions are legitimate, safe, and suitable for your business.

The infrastructure supporting modern USD accounts relies on banking-as-a-service partnerships. Fintech platforms hold financial services licenses in regulated jurisdictions, such as FinCEN in the US. These platforms partner with FDIC-insured US banks. The partnerships allow them to issue US bank account details (routing numbers and account numbers) to their customers without those customers needing to open accounts directly with the US bank.

What to look for in a USD business account provider

Before committing to any provider, evaluate them across several critical dimensions, as choosing the wrong one creates problems that offset the benefits of having USD access.

Regulatory legitimacy is the foundation

• Verify the provider holds actual financial services licenses. Check whether they’re regulated by FinCEN.
• Find out who the partner bank is. The bank should be publicly named and verifiable through banking directories.
• Check how long the provider has been in operation. Although newer isn’t necessarily bad, track record matters when you’re trusting someone with business funds.
• Review their compliance history. Have there been regulatory actions, fines, or public complaints about frozen accounts, fund access issues, or regulatory violations?

Confirm the account features

• Make sure you receive real US routing and account numbers. Not all “USD accounts” provide these, as some only offer USD balance storage without access to the US payment system.
• Confirm ACH receiving capability, which is essential for receiving payments from most US businesses.
• Check domestic and international wire support for clients who can’t or won’t use ACH.
• Evaluate multi-currency support if you need EUR, GBP, or other currencies beyond USD, as having everything in one platform is more efficient than juggling multiple providers.
• Understand account limits: receiving limits (maximum per transaction or per month), balance limits (maximum you can hold), and transaction limits (number of transactions allowed).

Cost structure requires careful analysis

• Look at account-opening fees, which are typically one-time charges ranging from $0–100, depending on the provider.
• Check monthly maintenance fees. Some providers charge $0, others charge $10–50 monthly.
• Understand FX conversion margins, which are the real cost for most users. This is the spread between the mid-market exchange rate and the rate the provider offers you.
• Check withdrawal fees for moving money from your USD account to your local bank account.

Speed and reliability

• Understand how long ACH payments take to settle and become available. It’s typically 1–3 business days, but confirm.
• Know whether you can access funds immediately upon arrival or if there’s a holding period.
• Research the platform’s uptime history. Platform downtime means you can’t access money, which can be critical during time-sensitive situations.

Integration and operational efficiency

• Check whether the platform integrates with accounting software such as Xero or QuickBooks.
• Evaluate the quality of transaction records and statements. Are they detailed enough for accounting and tax purposes?
• If you need programmatic access, verify the API availability and documentation quality.

Customer support

• Check how quickly their support team typically respond to queries and review the support channels: chat, email or phone.
• Verify business hours and whether they align with your timezone.
• Read reviews specifically about support quality, not just platform features.

Security features

• Ensure two-factor authentication is required and robust.
• Check what transaction monitoring and fraud detection systems are in place.
• Review their security incident history.
• Have there been breaches, and how were they handled?

Also read: Receiving foreign income as a solo founder

Grey Business: USD accounts for non-US businesses

Grey Business provides USD business accounts for companies operating outside the US who need US banking infrastructure to receive payments and manage USD income efficiently.

What Grey Business provides:

When you open a Grey Business account, you receive a USD business account that includes a US routing number and account number, enabling you to receive ACH payments exactly as US businesses do.

You can also deposit or withdraw USDC via the BEP20 network, send funds to any compatible wallet in seconds, and create multiple virtual USD cards. And if you want to make bulk payments, you can do that easily by uploading a CSV file with their details.

How account setup works:

• Visit www.business.grey.co to create an account
• Provide your business registration documents. The requirements vary by country, such as CAC documents in Nigeria, business registration certificates in Kenya, incorporation documents in South Africa, or equivalent from wherever your business is registered.
• Then you provide information about directors and beneficial owners, business address, and business activities.
• Once approved, you get access to your USD accounts with full banking details.

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Regulatory framework and fund protection

Grey is regulated by FINTRAC (Financial Transactions and Reports Analysis Centre of Canada) and FinCEN (Financial Crimes Enforcement Network in the US). These regulatory bodies oversee anti-money laundering compliance, know-your-customer requirements, and financial services operations.

Your funds are held in segregated accounts at our partner banks, keeping them separate from operational funds and providing protection.

Also read: Meet Grey Business: the growth engine for global finances

Access, not relocation

Years ago, serving US clients from Nigeria, Kenya, South Africa, or India meant either navigating expensive, slow international payment infrastructure or forming costly US entities you didn’t actually need.

Today, that market gap is filled by modern financial infrastructure specifically designed for businesses operating globally without relocating their legal or physical presence.

Open your Grey Business account today and get a USD business account with local banking details as your business takes the next step in its globalisation.

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African startups are growing. A company incorporated in Lagos or Nairobi might be selling software to clients in San Francisco, contracting with developers in Berlin, and in conversations with investors in London, all at the same time. This is the trajectory for any ambitious African startup.

The problem is that the banking infrastructure most African startups use doesn’t work for true global payments. Local commercial banks are better suited for receiving local currency, paying local vendors, and, in general, processing local transactions. When your business starts crossing borders, those systems begin to fail and that costs you real money.

Multi-currency accounts solve this structural problem. In the subsequent paragraphs, I break down what multi-currency accounts actually do, exactly where traditional banking falls short, what to look for, and how to address the specific needs of African startups operating internationally.

What is a multi-currency account?

A multi-currency account lets you hold, receive, send, and convert multiple currencies from a single account. Instead of maintaining separate banking relationships across different countries, you have a single platform with multiple currency balances.

For example, when a US client pays in USD, the funds are credited to your USD balance. When a European client pays in EUR, you get the payment in your EUR balance. This way, you can hold these simultaneously, convert between them when you choose, or spend directly from each currency balance.

It’s also worth noting that it differs from a domiciliary account, which many African banks offer and allows you to hold foreign currency.

While they sound similar, domiciliary accounts have a fundamental limitation. They don’t provide full local banking details for the foreign currency, so you don’t get US routing numbers or EUR IBANs.

You can only receive expensive international wire transfers, and they often require minimum balances and charge higher fees. A domiciliary account lets you store USD. A multi-currency account lets you receive USD from US clients, as if you were a US company.

Why do African startups need multi-currency accounts?

The need for multi-currency banking comes down to three concrete operational realities.

Client payment preferences determine your banking needs
‍International clients usually have finance teams, accounting systems, and procurement workflows for their local banking infrastructure. A US company’s finance system is typically set up for direct ACH payments to US bank accounts. International wires are more expensive and take longer to clear. When you can’t provide local payment details, you create friction for your client and cost yourself money.

Multi-currency revenue requires multi-currency management
‍If you’re earning in foreign currency, for example, USD from US clients, and if you constantly convert everything to local currency, you’ll create unnecessary costs. Every conversion carries a spread, which is the difference between buy and sell exchange rates, typically 2-4% at traditional banks.

If you’re also paying for tools like AWS, Stripe, or any other US-based SaaS tool, you’re converting USD to naira or shillings, then effectively buying USD again when those bills come due.

You can avoid that double conversion.

Holding balances in the currencies you earn and spending from those balances directly eliminates this problem. This way, you only convert what you actually need for local expenses.

Fundraising and investor expectations are changing
‍Venture capital firms and international angel investors now expect African startups to have professional financial infrastructure. When a US fund wires $500,000 in seed funding, they often require USD account details, not a conversion through your local bank with opaque rates and processing delays.

Having proper multi-currency accounts signals operational maturity to investors who see hundreds of pitch decks from different founders.

Also read: How US startups pay remote workers outside the US

What should you look for in a multi-currency account?

Before evaluating any specific provider, establish what your business actually needs.

Currency coverage that matches your clients
‍Not every multi-currency account supports the same currencies. If you work with US clients, USD is non-negotiable. European clients require EUR. UK clients need GBP. Start by mapping your actual client base by currency.

Local banking details, not just holding currency
‍Verify specifically what you receive.

• For USD: a US routing number and account number for ACH.
• For EUR: an actual IBAN for SEPA transfers (some EUR accounts only support wire transfers, which defeats the purpose).
• For GBP: a sort code and account number for Faster Payments.

The ability to hold a currency isn’t the same as being able to receive it through local payment networks.

Transparent fee structure
‍Calculate what you’d actually pay on your typical transaction volume: receiving fees, sending fees, and currency conversion margins. Compare the mid-market rate to the provider's actual rate at the moment of conversion. The difference is the spread.

Geographic availability
‍Make sure your specific country is supported before investing time in applications. Availability varies meaningfully across African markets.

Regulatory legitimacy
‍Check for licences from recognised regulators, such as FINTRAC (Canada), FinCEN (US), FCA (UK), or their equivalent.

Business functionality beyond basic receiving
‍Can you add team members with different permission levels? Does it integrate with accounting software like Xero or QuickBooks? Can you send payments to international vendors and contractors, as well as receive them? Do you get proper transaction records suitable for audit and tax purposes?

Also read: Comparing global multicurrency platforms for non-US residents

Grey Business: USD accounts for African startups

Grey Business provides USD business accounts for startups and businesses operating internationally from Africa. For African startups serving US clients or earning in USD, it directly addresses the core problem.

What do you get with a Grey Business account?

‍When you open a Grey Business account, you receive a USD account with a US routing number and account number. These function exactly like a traditional US bank account from a payer’s perspective. The money clears in 1-2 business days and is added to your USD balance. Since it’s paid via ACH, you don’t need to worry about international wire fees.

Grey Business supports team access so you can give specific team members access to the account. You can also create virtual USD cards for specific spending purposes. For example, one card for software subscriptions, another for advertising, another for contractor payments, each with individual spending limits and the ability to freeze instantly.

Your transaction records are exportable for accounting software reconciliation and tax purposes.

You can also deposit or withdraw USDC via the BEP20 network, send funds to any compatible wallet in seconds, and create multiple virtual USD cards.

Grey charges no monthly maintenance fees.

Account setup

‍Sign up at grey.co/business and provide your business registration documents (CAC in Nigeria, business certificate in Kenya, company registration in South Africa).

Then, verify the directors and beneficial owners, and complete the KYC verification.

Once verified, you’ll get your USD account details, ready to share with clients.

Honest limitations

‍Currently, Grey Business only provides USD accounts and USDC wallets. If you need EUR IBANs for European clients or GBP sort codes for UK clients, you’ll need to combine Grey with other providers offering those currencies. Once we add more currencies, we’ll let you know.

Grey also provides payment infrastructure, not full-service banking, so no loans, credit facilities, or trade finance.

Also read: Meet Grey Business: the growth engine for global finances

The future for African startups

African startups are growing rapidly. That means serving clients in several countries, managing revenue in multiple currencies, and meeting investors and partners who operate with different banking infrastructures will happen more frequently.

Multi-currency accounts, particularly USD accounts through platforms like Grey Business, are designed for how international businesses actually operate. Your market is global, and your banking should match it.

Visit grey.co/business to open your USD account and get the banking infrastructure your international operations need.

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