Grey.co: How to Open an Online Domiciliary Account in Nigeria

Grey.co is a Nigerian Financial app that allow users to send and receive money abroad using it free virtual foreign bank account. Moreso, I have discussed how to create a domiciliary account with Grey.co.

Grey was formally known as Aboki Africa, a payment platform created to help Africans get foreign account to perform cross-border payment such as receive and make Foreign payment online.

This rebranding was made on 3rd of February, 2022 with the aim of provide foreign bank account for it user to make payment from the comfort of their home. The Fintech company changed it name to Grey signifying its neutrality, solidity and stability in the financial service industry.

We are expanding our business scope and have outgrown our original mission,” said CEO Idorenyin Obong. When asked for the reason behind the new brand name, he says, “Grey is inspired by the colour. It is solid and stable and inspires calm, balance and composure. That is what we want people to feel every time they use our service.

How does Grey.co works?

Grey is a cross-border payment platform that provides virtual foreign accounts for Africans to send and receive money from abroad.

It works in the sense that you can create foreign bank account from the corner of your room and use it to perform international payment. 

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Although the payment platform target Africa, but you can only send and receive payment to Nigeria Account for now on the website. Moreso, virtual foreign account are only available in USD [United States Dollar], EUR [Euros] and GBP [Pounds]. 

Additionally, there is a currency convert in the website that allows you to exchange money between an international and local currency. Meanwhile, the only currency supported at the moment is NGN [Nigeria Naira].

How to Create an Account on Grey.co

To open a foreign account with Grey, follow the below step-by-steps process.

• Go-to Grey website and click on "get started".
• On the next page, fill in your required information and confirm the details you entered are correct.

• Click on "create your account". This will take you to next page showing you to verify your email.

• Next, go-to your email app >> under promotion >> view mail sent to you by Grey and click on "verify email".

• This will take you to Grey Login Page. Showing you've successfully verified your email. You can now login your account from there.

Once you've created your Grey Account, the next step is to complete your KYC verification by uploading a valid Government issued ID card such as International passport, Driver's license, National identity card or Voter's card.

How to Verify your Grey Account.

Follow the below instructions to complete your Grey KYC verification.

• Login to your Grey Account Dashboard.

• Click on "complete verification" button immediately you login.
• On the next page, you will be required to submit your valid government issued ID card as shown in the image below. Submit it and click on "continue"

• On the next page, you will then need to take a selfie with your submitted ID card. Then complete your verification by clicking on "submit".

After the complete kyc verification, you will be redirected to your account dashboard, seeing a message that your verification submission has been received.

Once you have been verified, you can then proceed to to open a virtual foreign account on Grey.co.

How to Create an Virtual Foreign Account on Grey.co

To create a foreign account on Grey is a very simple task. All need to do will be explained in this section. Follow the below step by step guides to get your own virtual domiciliary account in Nigeria.

• Login to Grey Dashboard and click on the "Menu" icon at the top left corner of your screen.
• At the Menu page, Click on "Account" and choose between the three foreign account available.

• Click on "Request Virtual Account" to create your foreign account.
• On the next page, enter your address details and upload a recent [last three month] utility bills then click on "finish" to finalized your account request.

Note, your request will not be completed if you haven't verify or they haven't approved your KYC verification. This process may take 3 business days before your application will be reviewed.

How to withdraw money from Grey Foreign Account.

To withdraw or transfer your fund from Grey account can be done in two ways.

1. Transfer to your Naira Account
2. Send directly to your your domiciliary account.

#step 1

• Login to your account dashboard and click on the "Menu Icon" at the left corner of your screen.
• On the Menu page, click on "balance" and choose the currency you want to withdraw [Naira].
• Scroll down the page and click "withdraw".
• On the next page, enter your local account details such as bank name, account number and account name.
• You can also choose to convert [swap funds] the foreign currency to Naira and process your withdrawal from there.

Note, Grey will charge a withdrawal fees of N35 on every transactions you perform.

#Step 2

If you own a Domiciliary Account, you can process your withdrawal directly from your foreign account to your preferred domiciliary account [USD, EURO or GBP].

• On the balance page in your dashboard,
• Choose currency you want to withdraw
• Scroll down the page and click "withdraw"
• On the next page, fill in your domiciliary account information.
• Then complete your request.

Final Part

Grey.co is a great cross-border payment remittance platform that cater for the development of it people by providing a simple and easy ways to receive payment from abroad with just low transaction fees.

If you are interested in finding other ways you can handle cross-border payment, please check out Fintech segment for more.