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