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Grey review: Features, fees, and alternatives in Africa [2026]

Last update: June 23, 2026

Contents

Take a look at this Grey review which deep dives into the payment provider’s fees and features–and how it stacks up against WorldFirst

Key takeaways

Grey business accounts in Nigeria can be used to send, hold and receive international payments in USD
Currencies like USD, EUR and GBP are supported in Morocco, Kenya and Ghana but only via personal accounts
Grey does not charge a monthly account fee for its accounts, but certain incoming transfers and virtual card creation can incur fixed fees
WorldFirst is a Grey alternative that offers multi-currency accounts for business accounts, supporting over 15+ currencies

What is Grey?

Grey is an international payments provider in Africa that helps users send, receive, hold, and exchange funds across multiple currencies.¹ Its personal account, available through the Grey app in Nigeria, Kenya, Ghana, and Morocco, is designed for individuals who want to receive international payments, exchange currencies, send money, and spend globally through a virtual card.⁸

For businesses, Grey also offers business accounts which provide USD local currency accounts, bulk payouts, team spending controls, APIs, and tools for managing cross-border payments.¹

Capabilities of each multi-currency account vary by country:

In Nigeria, the Grey business accounts are available¹
In Kenya, Grey offers personal accounts that can send and receive international payments in multiple currencies, but it does not specify the exact currencies supported or the total number available²
In Ghana, international payments can be received through USD, EUR, and GBP personal accounts only3
In Morocco, users can send/receive international payments through EUR and GBP accounts via a personal account, but the funds are instantly converted to Moroccan Dirhams⁴

Grey also offers prepaid virtual Visa and Mastercard payment cards that can be linked to account balances.⁵ It also offers Apple Pay and Google Pay support, and in-app controls such as card freezing/unfreezing.⁵

Quick look: Pros and cons of Grey

Pros	Cons
No monthly fee on individual or business accounts¹ Business accounts support bulk payouts to 170+ countries¹ USDC deposits and payouts supported via BEP20 and Solana networks on business accounts¹	Incoming payment methods like Fedwire, BACS, and CHAPS transfers, incur fixed receiving fees⁷ Grey Business is only offered in Nigeria Payments for Moroccan users are instantly converted in the domestic currency, with no way to choose when to convert⁴ Prepaid virtual USD card come with an initial card issuance cost⁶

Quick look: Pros and cons of Grey

Here is a breakdown of Grey’s fees across its key transaction types:

Fee type	Grey
Monthly fee	None¹
Multi-currency account	Not specified
Annual account fee	Not specified
Receiving funds via ACH ($) / SEPA (€) / FPS (£)	Receiving funds via: ACH ($) / SEPA (€) / FPS (£): 0.8%⁷ Fedwire: Flat US$20⁷ BACS: Flat £15⁷ CHAPS: Flat £25⁷
Holding funds in multiple currencies	Not specified
Withdrawing funds	0.5%, min €2/£2, max €10/£10⁷
Sending funds	Not specified
Currency conversion	1%⁸
Virtual USD prepaid card	US$4 card creation fee for Mastercard⁶ US$5 card creation fee for VISA card⁶

*Fees checked June 2026

How does Grey work?

Grey business account provides local bank account details that freelancers and businesses can share with international clients. This allows clients to make payments through local bank transfers. Businesses can also use Grey to pay team members and suppliers in their local currencies across more than 170+ countries.¹

→ If you are exploring alternatives, you may also want to read about Grey alternatives

Features of Grey

Foreign currency accounts

Grey business accounts are only available in Nigeria and provide local banking details, which allows businesses to send, hold and receive USD.¹ Individuals and freelancers in Morocco, Kenya and Ghana can also open foreign currency accounts to send and receive multiple currencies but only via an individual/personal account.

Virtual business cards

Grey offers prepaid virtual cards on both individual and business accounts to pay 150 million merchants globally.⁵ These cards carry no maintenance fees but come with a card creation cost.⁶

Bulk payouts and business payments

Grey Business supports bulk payouts via CSV upload with real-time FX rates.¹

Crypto support

Grey Business supports USDC deposits and payouts via BEP20 and Solana networks.¹ This works for businesses that regularly send or receive crypto payments.

How to open a Grey account

Register: Sign up on the Grey website with your name, email, and password
Verify identity: Business accounts require KYB documents including company registration proof (CAC certificate in Nigeria, business certificate in Kenya, or equivalent registration in Ghana and Morocco)⁹
Wait for verification: Business KYB takes 1-3 business days¹
Access your account details: Once approved, USD account details with routing number and account number are ready to share with clients

WorldFirst

WorldFirst is a global payments provider offering multi-currency accounts. It allows businesses to send, hold, receive, and convert 15+ currencies (including USD, EUR, and GBP) from a single account, with zero send/receive fees and no monthly/annual account fee.

The virtual Mastercard linked to the account, supports spending in 150+ currencies with up to 20 virtual cards available at no additional cost. When paying in any of these supported, there are no FX fees that apply (when sufficient balance is held in that currency).

Businesses can also manage marketplace payouts from over 130 integrations including Amazon, Etsy, and Shopify. WorldFirst also enables businesses to pay suppliers in China directly from their account in CNH, without opening a Chinese bank account.

WorldFirst vs Grey: Head-to-head comparison

Fee type	Grey	WorldFirst
Monthly fee	None¹	None
Opening a multi-currency account	Not specified	Zero
Receiving funds	0.8%, min $2, max $10 for ACH, SEPA and FPS⁷ Fedwire USD deposits carry a flat $20 fee⁷ BACS GBP deposits carry a flat £15 fee⁷ CHAPS GBP deposits carry a flat £25 fee⁷	Zero
Holding currencies	Not specified	Zero
Sending payments	Not specified	Refer to in-portal pricing. Vouchers may apply
Bulk payouts	Supported¹	Supported
Currency conversion	1%⁸	Refer to in-portal pricing. Vouchers may apply
Virtual card fee	One-time creation fee of $4-$5⁶	Zero up to 20 cards
1688 payments	Not specified	Supported

*Fees checked June 2026

FAQ

What is Grey and how does it work?

Grey is a fintech company that provides international business accounts for individuals and businesses in Africa to send/receive international payments.

Is Grey available in Nigeria, Morocco, Kenya and Ghana?

Yes, but business accounts are available only in Nigeria. In Morocco, Kenya and Ghana, personal accounts are supported.

Does Grey offer virtual USD cards for businesses?

Yes, Grey Business supports virtual USD prepaid cards with per-card spending limits, and instant freeze/unfreeze controls.

What currencies can a Grey business account hold?

Grey business accounts support USD, EUR, GBP and more, but whether these currencies can be held or not depends on the region you are located in.

Sources:

https://grey.co/business
https://grey.co/en-ke
https://grey.co/en-gh
https://grey.co/en-ma
https://grey.co/cards
https://support.grey.co/en/articles/9819043-full-virtual-card-transaction-limit
https://support.grey.co/en/articles/10265140-faq-new-pricing-update
https://grey.co/

This article is intended for informational purposes only and does not constitute legal advice or professional advice. This article should not be regarded as constituting an offer or a solicitation to buy or sell any regulated or financial products or services. WorldFirst makes no representations or warranties regarding the accuracy, completeness, or applicability of the content, and readers are encouraged to consult with legal professionals or other professionals for advice tailored to their specific situation. WorldFirst does not guarantee the accuracy and completeness of this article and expressly disclaims any and all liability to any person in respect of the consequences of anything done or omitted to be done wholly or partly in reliance on this article.

Linna is a Senior Content Strategy Manager specializing in fintech, cross-border payments, and global ecommerce. With extensive experience in international B2B growth content, and global market expansion, she leads content initiatives that help businesses navigate cross-border trade, international payments, and digital commerce at scale.