Meet Grey’s new homepage

We’ve got great news! You can now create virtual US bank accounts on Grey!

At Grey, we want you to have seamless international transactions, and send and receive money from anywhere in the world with ease. But we also understand that safety & security are essential to our users. Therefore, we have taken a thoughtful and careful approach to issuing these accounts. When you apply for a US bank account with Grey, our team will carefully review your application to ensure that it aligns with our terms of use.

This may be a different process than what you are used to, but please know that it is all part of our commitment to prioritizing your financial security. Doing so guarantees that we are offering you the best possible experience through our valued partners.

Please remember that requesting a US bank account does not guarantee immediate approval; we are dedicated to maintaining the highest security standards. In some cases, we may need to delay approval if we identify a higher level of risk based on our existing criteria.

At Grey, we are continuously refining our standards to serve you better. We appreciate your trust and patience as we strive to deliver the best financial experience possible.

We will keep offering competitive rates to make it possible for you to complete your transactions and convert your USD to NGN seamlessly.

Now, we’ll briefly walk you through how to create a virtual US bank account on Grey:

How to create a virtual USD Account

If you have already created a Grey account and have created a EUR or GBP account, you only need to request a US bank account. There is no need to submit any additional information; we will notify you via email once your account is processed.

However, if you are new to Grey, the process is straightforward:

1. Sign up for a Grey account - this should only take a couple of minutes. We have written a guide to help you successfully create an account.
2. Complete your KYC - Know Your Customer (KYC) helps us verify your identity and protect your account.
3. Request for a USD account - On your dashboard, click on “Get your IBAN”. You will be re-directed to the virtual accounts screen, where you’ll select “United States Dollar Account”. Here, you will upload your identification to help process your account creation. Once this request is submitted, we will create your virtual account within three days. Then, you will be able to send and receive money with your new US bank account.

Read more: What is Virtual Banking?

Advantages of opening a virtual US bank account on Grey

Opening a US bank account on Grey comes with several benefits:

• Simple and Straightforward: We have ensured that the virtual account creation process is seamless. This way, you don’t need to fill endless forms to own a US bank account.
• On-the-go Access: A significant advantage of a virtual US bank account is that you can set it up from any of your devices (including your smartphone). There is no need to visit a physical location.
• 24-hour banking: Due to the digital nature of virtual accounts, this means you are not restricted by office hours to use certain services on your account.
• Cheaper Transfers: On Grey, we cut out unnecessary fees that traditional banks and money transfer agents charge, thus making your transactions more affordable.

You can start enjoying the benefits of having a US bank account right away and put the troubles of international money transfers behind you.

Open A Virtual USD Account Now

In this post, we’ll walk you through the changes and what you can expect while transacting with your new virtual USD accounts. 

Updated Account Numbers and Account Type

Your new USD account is a checking account that only supports Wire and SWIFT transfers. This account will not have ACH routing, and merchants like Wise, Fargo, and Paypal, who allow only ACH routing, might reject your account. 

For now, only platforms that support SWIFT and Wire transfers can accept these new USD accounts. It’s also why your account number might contain some letters of the alphabet. However, we are working closely with our payment partners to ensure everyone can use our USD accounts across all platforms.

This new account number will not be changing anytime soon. And if we have to update it again, we’ll send out clear notifications ahead of time.

Receiving USD Payments Without ACH Routing

You can still receive payments with Grey if you use a merchant like Wise that doesn’t support the new USD accounts. 

If you use Wise or any other multi-currency merchants, you can convert your funds on Wise (and other merchants) to either Euros or Pounds and send them to your Grey EUR or GBP accounts (you can request this account if you haven’t yet). 

After this, you can swap to USD to hold in your balance or withdraw to your local bank account or supported mobile money wallet.

Please note that you can only receive GBP and EUR payments from the UK and countries within the EEA region. You can see the list of countries in this region here. 

Also, DO NOT directly send USD payments into your GBP or EUR accounts, as this is not supported. 

You can also receive deposits directly into your bank account without third-party merchants. 

Things That Haven’t Changed

While there are a lot of changes to your account, some things remain the same. For one, there are no changes in transaction fees and limits.

The standard timeline for receiving payments is pretty much the same. Wire transfers within the US will take 24-48 business hours, while SWIFT transfers will take 4-5 working days.

You can start receiving payments to your updated USD accounts right away. We’re back and will continue to improve our services to be better.

You receive a $2,000 payment from a client in New York. Before you withdraw it to your naira account, you want to know exactly what Grey charges you at each step: the deposit, the conversion, and the withdrawal. This is the page that answers that question.

Grey charges three types of fees: deposit fees when money comes in, conversion fees when you switch between currencies, and withdrawal fees when you send money out to a local bank account or mobile wallet. There are also charges for virtual cards if you use them for online spending. Every fee is shown before you confirm a transaction, so there are no surprises after the fact.

This guide breaks down each fee category with the exact amounts, caps, and examples so you can calculate your cost before you move any money.

How much does Grey charge for deposits?

When someone sends money to your Grey account, a deposit fee applies. The fee depends on the currency and payment method. For most deposits, the Grey deposit fee is 0.8% of the amount received, with a minimum charge and a maximum per-transaction cap.

USD deposits

‍

ACH is the standard method for receiving USD from US bank accounts. It is the most common deposit method for freelancers and remote workers receiving client payments.

ACH deposits are the better option for most transactions. Fedwire makes sense only when you need same-day settlement, and the $20 flat fee is worth the speed, typically for amounts above $2,500 where the percentage-based ACH fee would cap at $10 anyway.

FedNow is the Federal Reserve's instant payment system, launched in 2023. Like ACH, Grey charges a 0.8% deposit fee (minimum $2, maximum $10), but payments can settle within seconds when the sender's bank supports FedNow. You don't need to request FedNow specifically. If it's available through the sender's bank, the payment is processed automatically. Check your Grey account details or contact Grey Support to confirm which routing number to share for FedNow payments.

EUR deposits

‍‍

SEPA and SEPA INSTANT are the EUR deposit methods. The fee structure is identical to ACH: 0.8% with a floor and a cap. For deposits above €1,250, the fee caps at €10 regardless of the amount.

GBP deposits

‍

FPS is the default for most GBP deposits and the cheapest option for amounts under £1,875 (where the 0.8% fee stays below the £15 BACS flat rate). BACS and CHAPS are legacy bank transfer methods. CHAPS is typically only worth using for urgent, high-value transfers where same-day settlement is critical.

What happens with small deposits

If you receive a deposit that is less than the minimum fee, the full minimum fee still applies. For example, if someone sends you $2 via ACH, the $2 minimum fee is deducted, and $0.01 is credited to your balance. This matters if you receive many small payments. Where possible, combining smaller payments into fewer, larger ones avoids triggering the minimum fee multiple times.

Grey conversion fee: how the 1% charge works

Every time you convert one currency to another on Grey, the conversion fee depends on the currency pair. Some conversions are free, while others are charged at 0.5% or 1%. The fee has a cap for certain currency pairs.

‍

The fee group can make a noticeable difference to what you pay. For example, if you convert $1,000 using a Group D currency pair, the standard 1% fee would be $10, but you'll only pay $6 because of the cap. On a $5,000 conversion, the fee would normally be $50, but it remains capped at $6. If you regularly convert larger amounts, it's worth checking which fee group your currency pair falls into.

On top of the conversion fee, the exchange rate on Grey includes a margin over the mid-market rate. This margin is part of how Grey prices its service. The rate and any applicable fees are always shown before you confirm your conversion, so you can see exactly what you'll receive before you proceed.

Learn more about Grey's conversion fees.

Grey withdrawal fees by country

Withdrawal fees are charged when you send money from your Grey account to a local bank account or mobile wallet. The fee depends on the destination country and payment method. Most withdrawals in Africa are processed instantly; withdrawals to Europe and North America take 1 to 3 business days.

Africa

‍

For Nigeria specifically, the ₦35 flat withdrawal fee makes Grey one of the cheapest options for converting USD to naira and withdrawing to a local bank. Combined with the capped deposit and conversion fees, the total cost of receiving a $2,000 payment and withdrawing to your Nigerian bank account is approximately $16 (see the worked example below).

Asia

‍

Europe

‍

North America

‍

Latin America

‍

Grey virtual card charges

Grey offers virtual cards on the Visa network for online and in-store payments (via Apple Pay and Google Pay in supported regions). Virtual card charges are separate from deposit, conversion, and withdrawal fees.

The cross-border fee applies when the merchant charges in a currency different from your card currency. If you hold a USD card and pay on a European website that charges in euros, the 2% + $0.50 fee covers the currency handling across networks. This is a standard charge from the card networks that applies across providers, not a Grey-specific fee.

How to calculate your total Grey charges

The total cost of moving money through Grey depends on which steps your transaction involves. Not every transaction hits all three fee types. Here are the most common scenarios.

Scenario 1: Receive USD, withdraw to a Nigerian bank account. A client sends you $2,000 via ACH. Deposit fee: 0.8% = $16, but capped at $10. You convert USD to NGN: 1% = $20, but capped at $6 if the pair is in Group A. You withdraw ₦ 35 to your bank account. Total cost: $10 + $6 + ~$0.02 (₦35) = approximately $16.02 on a $2,000 transaction, or about 0.8%.

Scenario 2: Receive GBP via FPS, spend with a virtual card in USD. You receive £1,000. Deposit fee: 0.8% = £8. You convert GBP to USD: 1% conversion fee (check Group A/B for cap). You fund your card: $1. No cross-border fee because you are paying on a USD website with a USD card.

Scenario 3: Receive EUR, withdraw to a Moroccan bank. You receive €500. Deposit fee: 0.8% = €4. You convert EUR to MAD (conversion fee applies). You withdraw MAD: $2.00. Total depends on the conversion fee cap for your currency pair.

The pricing calculator on Grey’s pricing page lets you input your specific amounts and see the exact fees before you make a transaction. Use it to compare the cost of different deposit or withdrawal methods for your situation.

What Grey does not charge for

Some costs that are common on other platforms do not apply to Grey. There is no monthly account maintenance fee, no fee for holding balances in USD, EUR, or GBP, and no charge for receiving stablecoin deposits where supported. There is also no fee for creating your Grey account or completing KYC verification. Grey does not charge transfer fees on deposits or withdrawals beyond the fees listed above; the exchange rate margin is the remaining cost and is shown before you confirm any conversion.

Frequently asked questions

Does Grey charge hidden fees?

No. Every fee is displayed before you confirm a transaction. The deposit, conversion, and withdrawal fees are shown separately so you can see the breakdown. The exchange rate, including the margin over the mid-market rate, is also visible before you proceed. If you want to preview costs before initiating a transaction, use the pricing calculator on Grey’s pricing page.

What is the cheapest way to receive money on Grey?

For USD, both ACH and FedNow cost 0.8% of the deposit amount, with a minimum fee of $2 and a maximum of $10. If the sender's bank supports FedNow, the payment can arrive within seconds. Fedwire costs a flat $20 regardless of amount, making it better suited to urgent, high-value transfers where same-day settlement is required. For GBP, Faster Payments (FPS) is the cheapest at 0.8%, capped at £10. BACS (£15) and CHAPS (£25) are more expensive and typically unnecessary for standard deposits.

How much does Grey charge to withdraw to a Nigerian bank account?

The NGN withdrawal fee is a flat ₦35 per transaction, and the transfer is instant. If you are withdrawing from a USD balance, you will also pay the 1% conversion fee (capped at $6 for Group A pairs) when converting USD to NGN. The deposit fee would have already been charged when the USD was credited to your account.

Why does the India withdrawal show a 1% conversion fee instead of a flat fee?

INR withdrawals from Grey require a currency conversion step during the payout process. The 1% conversion fee applies to this step. This is different from most other withdrawal corridors, where the fee is a fixed amount. The effective cost depends on the amount you are withdrawing.

Do Grey charges change over time?

The 1% conversion fee is fixed. Grey may update deposit and withdrawal fees from time to time, but conversion fees remain at 1% with the existing cap structure. Any changes to fees are communicated before they take effect, and the current fee is always shown before you confirm a transaction.

Is there a fee for using Grey’s virtual card on international websites?

If the website charges in the same currency as your card (for example, a USD card on a USD website), there is no additional fee beyond whatever you paid to fund the card. If the website charges in a different currency (for example, a USD card on a EUR website), a cross-border fee of 2% plus $0.50 per transaction applies. This is a standard card network charge, not a Grey-specific fee. You can avoid it by using a card denominated in the same currency as the merchant.

‍

Exchange rates on Grey are variable and include a margin over the mid-market rate. The rate is always shown before you confirm a conversion. Fees listed in this article are accurate as of March 2026. For the most current pricing, visit grey.co/fee-calculator. If you do not have a Grey account yet, you can sign up at grey.co and complete verification in a few minutes.

We’ve just launched our referral program!

Our customer base is growing, and it is also thanks to you, our excellent customers.

We see all the friends, acquaintances and family you send our way. Now, you can earn on every referral you send our way!You and your friend get $5 when you refer them to use Grey, and they hit the $500 mark in deposits! There are no limits on the number of friends you can refer, which means you can refer all your personal and social media friends and followers via your unique referral link and code.

Log in to the app, copy your referral code (or share the link directly), and share your copied code!

That’s it! Once your friend deposits in their foreign account up to $500, you both get $5.

Terms and Conditions

1. For the referral bonus to apply, the new user must complete a deposit worth $500 on the foreign account.
2. All users must adhere to our privacy, and transactions must comply with our acceptable use policy

Almost one year ago, we began working towards making cross-border transactions as hassle-free as possible for freelancers, remote workers, creators and digital businesses. We remain committed to seeking new, novel solutions as we grow our user base. After hearing what our users had to say and putting in hours of hard work, we are thrilled to introduce the Grey mobile app.

With the mobile app, you can open a global bank account for free in minutes to send payments, receive payments and convert to your local currency in one app. You can quickly receive money from 80+ countries and send money from Africa to the UK and EU countries easily. You can easily access fast international transfers with actual international bank account details and spend less on foreign transaction fees.

You can switch between currencies fast and enjoy instant currency exchange twenty-four hours a day, seven days a week. With the new Grey mobile app, you can stay updated with instant push notifications for your transactions.

Like on the website, you can receive your salary right on time without stress, pay for tuition, and so much more in over three currencies. You never have to worry about how to send money home as we provide a seamless experience sending money across borders.

We’re committed to keeping your account secure and protected from fraud. The Grey mobile app is equipped with best-in-class security and transaction monitoring technology.

Get the new mobile app for your Android here and your iPhone here. Customer satisfaction is the backbone of what we do at Grey, and we are constantly looking for newer methods to improve the lives of our users. Be kind enough to leave a review after downloading and using the app, so we know how to serve you better.

These are exciting times, and I am pleased to announce that, in line with our updated product offerings and new company focus, we are re-branding from Aboki Africa to Grey. 

It’s still day one at Grey (literally!). We have continued to experience steady growth, our team has expanded, and our mission is much greater than what we set out to do when Femi and I started Aboki Africa.

Aboki Africa represented our dedication to making currency exchange easy for Nigerians. In August 2021, after we introduced foreign accounts, we immediately got to work on a new identity, Grey, that allows us to fully express the variety of products and services we have in store for our customers.

Why Grey?

Grey is solid and stable. It inspires feelings of calm, balance and composure. That is what we want people to feel every time they use our service- that certainty.

This re-brand reflects the stability, neutrality and, solidity of our stance in the African financial services industry. Grey is here to stay.

I should add that this change has not altered our mission to bring easy global banking to every African. I think that it emphasises our commitment to see it through. We will keep building on what we started with Aboki Africa and ensure that everyone who chooses Grey enjoys borderless financial freedom and more.

What’s changing?

It’s not just our logo that is changing. We’ve updated our website and, our social media is now Grey Finance on Instagram and Twitter. Our messaging and brand will reflect how we help Africans access international payments smoothly. If you’re ever curious about what is happening at Grey, you can find out here.

What’s next?

In December, we launched USD accounts on our platform, which means you can now easily create a GBP, EUR and USD foreign account right from your phone, and complete your international transactions without any delay or hassle. But that’s just the beginning. We have been working behind the scenes to ensure that the requests from our customers are properly integrated to make it easier to access the services we offer. So stay tuned as we unveil more goodies in the following weeks :)

Femi and I are incredibly proud of the work we do at Grey and thankful for the "Grey8" employees, the partnerships, and all the customers that have accompanied us on our journey. We owe this re-brand to all of you.

We are fortunate to have all our amazing customers, who continue to trust us to ease their international banking experience, in our corner.

Idorenyin Obong Obong

CEO/Co-Founder