Aboki Africa – Online Money Exchange With 0.5% Charges
, It used to be called but now it’s called Grey
. It’s a cross-border payments platform that allows Africans to send and receive money from and to other countries around the world.
With Grey Africans can open foreign bank accounts.
offers Africans foreign (USD, EUR, GBP) accounts. Users can receive their salaries or other payments from foreign companies or individuals using these foreign accounts. They can also keep their money in a foreign currency (such as the US dollar) or convert it to their home currency.
The traditional method of converting currency is to make physical contact with a third party or to wait in long lines at a local Bureau De Change (BDC
). Inflationary rates, limited active business hours, in iquitousness, proximity, and the risk of being swindled if you unknowingly transact with the wrong people are all issues with third parties.
FAQs about Grey
What is Grey?
Grey is a platform that provides digital foreign accounts for Africans, which allow individuals/businesses to receive money from abroad instantly with virtual IBANs and virtual account details. Grey allow retail FX buyers and sellers to swap currencies and receive payments immediately at the best rates you can find.
They provide a digital wallet system that safely allows customers to top up their wallet in multiple currencies.
Grey is highly secured and safe, and their platform is user-friendly and easy to use.
They tend to take away the stress; by relieving you of the hassles associated with cross-border payments and foreign exchange. Customers can make foreign exchanges, send and receive cross-border on the go and from the comfort of their homes with zero hidden charges.
What are the Steps in Creating Grey Account?
Creating a New Account on Grey, Below are a step by step guide to creating your Grey account:
You will be required to complete the form on the sign up page: Where you will fill in your first name, last name, phone number. email address and password. (Ensure to use a strong password)
- Click on “Create your account
- A verification mail; is sent to the email you provided once you have successfully created an account.
- Kindly log in to your email address to access the mail Grey sent to you.
NOTE: If you didn’t receive a verification mail from Grey, click the resend verification link, the email would be resent to you.
- Log in to your mail and click on “verify email”
You would be redirected to the sign-in page with a successful notification.
- Sign in to access your account.
You have successfully verified your email; next up is verifying your identity.
How to complete your KYC Verification?
After successfully creating your account and verifying your email, you’ll need to verify your identity. Before you can make a transaction on Grey, it is expected that you must have completed your KYC to checkmate fraud.
This can be done using a government-issued ID (driver’s license, national ID card, or International passport).
Below is a step by step guide to completing your KYC verification:
- Sign in to your account after you have verified your email.
- On the home page, click on “Complete verification” button.
- You’ll be redirected to the KYC verification page.
- Fill in your date of birth, document type, and country of issue.
- Upload a copy of a government-issued ID(driver’s license, national ID card, or International passport). Ensure all details on your ID is clear and legible.
- Click “Continue”
You’ll be redirected to the selfie upload page, you are expected to take a selfie holding your ID Card.
GREY RULES FOR SELFIE UPLOAD
- Take the selfie in a well light room.
- Hold the document next to your face.
- Ensure that both your face and ID are clear on the selfie, Nothing on the ID should be covered or censored.
- Ensure you allow camera access on your device to be able to take a picture, Click on “Capture Selfie” and then “Submit’
You’ll be redirected to a successful page.
Your KYC will be reviewed, and if you followed all the above guideline carefully you would receive a successful mail once verified. Meanwhile, KYC is verified within 24hrs.
Once your KYC is verified, you would be able to create virtual foreign accounts in our supported currencies or convert funds.
Grey Virtual Foreign Accounts
WHAT IS A VIRTUAL BANK ACCOUNT?
Any company or individual that conducts international transactions or provides a global service requires a bank account with cross-border transfer capabilities. Due to varying foreign exchange policies and resources, handling transactions from other countries using local bank accounts can be complicated, expensive, and time-consuming.
Grey virtual bank accounts give you access to banking services such as international money transfers, cross-border payments, and other financial services. It’s a foreign currency account that works similarly to a local bank account but is used to send money to other countries.
WHY YOU NEED A GREY VIRTUAL BANK ACCOUNT
Account creation is quick and simple.
It only takes a few minutes to set up your account.
Instant Account Access
The verification process takes only a few minutes. You can log into your account at any time. Make international payments, fund transfers, and currency conversions.
Fees for international payments and transfers are low.
Foreign exchange fees are lower with virtual bank accounts than with traditional bank accounts. Virtual banks charge a fraction of the cost of traditional banks for international transfers, and in some cases, no fee at all, making them a popular option for individuals and businesses who frequently need to receive funds from abroad.
WHAT ARE VIRTUAL IBANs?
Virtual IBANs (International Bank Account Numbers) are fictitious account numbers provided by Grey that enable you to conduct cross-border transactions with ease.
Virtual IBANs are used to send and receive payments all over the world, allowing businesses and individuals to reach out to a global audience. They serve the same purpose as a standard IBAN in terms of sending and receiving payments and transferring funds.
What currencies can I send abroad?
Grey only support GBP and EUR payouts to the UK and countries within the EEA region.
What countries are in the EEA region?
Countries within the EEA region includes the followings:
Austria, Belgium, Bulgaria, Cyprus, Croatia, Czech Republic, Denmark
Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and united kingdom
How long does a transfer take?
EUR and GBP transfers usually take 1-3 business days to complete. Within this time frame, the recipient is expected to receive their funds.
Because payments are sent during banking hours, transfers initiated after 3 p.m. (WAT) are treated as next-day transactions.
If the country/bank you’re sending to is closed for a national holiday, there may be delays. We/banks may also conduct security checks and additional verifications, which may cause the estimated timelines to lengthen.
What is the minimum and maximum I can send?
below, are the transaction limit per transaction; however you can make multiple transactions.
Currency Minimum Maximum
GBP 110 3000
EUR 110 3000
What are the charges for sending money abroad?
EUR/GBP – Sending these currencies from your balance incurs a 0.5 percent fee with a minimum of 10 EUR or 10 GBP.
There are also fees associated with the payment method used to deposit the funds you wish to send, as well as currency conversions.