Grey review: Features, fees, and alternatives in Africa [2026]
- Last update:
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 |
|---|---|
|
|
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:
|
| 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
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 |
|
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.
Linna
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