Have you been looking for the best Payoneer alternative in Nigeria? Are you a freelancer or internet entrepreneur looking for a reliable digital banking platform that enables you to receive dollar payments from anyone around the world? In this article, I will provide an honest review of Grey Finance services.
I have been using the platform for a while now, and I must say I’m impressed by their services. I use their virtual account to receive payments from Amazon, Udemy, print on demand sites like Redbubble, Spreadshirt, and other platforms where I do business on. I even use it as my PayPal withdrawal bank account, and it works seamlessly.
My search for a PayPal Alternative in Nigeria
I told earlier in another article how I struggled to find a working PayPal account to enable me receive payments from companies that I do business with. Eventually, I was able to get a verified and working PayPal Business account right here in Nigeria.
Actually, before I got the PayPal account by mid-2024, I was using Payoneer since 2017 for receiving payments from mainly Amazon (I run an affiliate marketing business via one of my blogs, and I also sell books on their KDP platform). I was using Payoneer for this purpose without any ugly incidents, until one fateful morning in October 2023, when they suddenly and without warning, blocked my Payoneer account.
This is one of the problems with these online-only companies; they may suddenly decide that you’re not going to use their platform, and that settles it. No amount of begging or appeals will save you. That was my case. You can’t go to their office because they are overseas. So, you’re left with communicating through email.
I emailed and emailed their customer service, asking them to reinstate my account. They refused. On top of that, they also refused to disclose why they banned me from using their platform. Reason: I had violated their terms and conditions of service.
It was crazy. I was doing legit businesses online. I read that document over and over again, but didn’t see where I violated their terms. I even wrote to the BBB (Better Business Bureau) to intervene on my behalf. They did, but received the same response from Payoneer: they were done with my clientele, and will never allow me to use their platform again.
I had to look for alternatives fast, and during that period, I stumbled on Grey Finance. This company is owned by a young Nigerian, and the company was offering the same services that Payoneer was offering. It was like a breath of fresh air. I thought my world was crashing down when Payoneer blocked my account. Come to think of it, Payoneer is the biggest player in the industry, with a well-established presence.
Notwithstanding their crazy conditions (you can’t withdraw less than $50, annual account fees, card maintenance fees, and a charge of $10 per $500 received, plus other annoying fees), I still yearned to have my Payoneer account back during that period. It wasn’t until I found Grey that I realized what I had been missing out on – super low fees and the ability to withdraw any amount to my local bank account. It was liberating!
So, you can understand how I felt when Payoneer blocked my account, and I was looking for an alternative. Thankfully, I found Grey Finance, and since then, I have been enjoying their services without hitches.
Grey Finance Services
Grey Finance is a financial technology company (Fintech) offering digital banking services to freelancers, content creators, online marketers, and every other class of online entrepreneurs living in Nigeria and other African countries. The company prides herself as a global banking platform designed to help online entrepreneurs receive, send, exchange, and manage multiple currencies.
The company offers several products designed for the digital nomad who receives payments in dollars, pounds, or euro currencies. Anyone can open a dollar account free of charge and begin receiving payments instantly. It’s that simple. A look at their homepage says it all.
Let’s look at their various products below.
Virtual Bank Accounts
Grey Finance allows anyone running a business online and in need of receiving payments in foreign currencies, especially US dollars, British pounds, and Euro, to open a virtual bank account in their name, for free.
Now this virtual bank account is just like a regular bank account, except that you’re not living in the country where your account is domiciled in. With this account, you can receive payments in the respective currencies.
This type of bank account is quite handy and useful especially if you’re working with foreign companies as a freelancer, remote worker, or a content creator. It is also called an ACH Bank account in the US (Accelerated Clearing House). Any company in the US or elsewhere can actually send payments to this bank account, and it will receive the payment in a matter of hours or at most 3 working days.
I use this account to receive money from Redbubble (an Australian company), and it takes just 2 days to reflect in my account. Sweet.
Virtual Cards
The next big thing Grey Finance offers is a US dollar virtual card that allows you to shop online, pay for services online (like web hosting or domain registration for web developers), or buy gift cards. Grey offers a virtual card for a flat fee of $5, after which they will refund $1 to your new card. What this means is that you’re effectively paying just $4 for the card.
The sweet thing about Grey virtual card is that apart from the initial fee, you don’t pay for maintenance, or any other fee when funding the card subsequently. You simply go ahead and use the card as you like without restrictions.
Their cards can be frozen (which I highly recommend to avoid declined transaction fee due to insufficient funds on the card), and you can also withdraw money from the card to your USD wallet. If you no longer want to use the card, simply delete it, and your card balance is promptly refunded to your USD wallet.
Another beautiful feature of their virtual card is the fact that I can fund any amount to the card, with no funding fees. I find this feature quite user-friendly, compared to platforms like Geegpay which stipulates a minimum funding amount of $5.
International Money Transfer
Another great feature of the Grey Finance platform is the ability to send money to international bank accounts, in either USD or British pounds. This feature is quite useful and handy for those who transact business internationally and make payments from time to time.
Instead of spending huge fees on wire transfers, you can easily send money to a client in the US instantly. No stories. In addition to this feature, anyone can also send you money, not just the companies you work for. Just send them your USD virtual bank account and you’ll have the money sitting in your account in no time at all!
Withdrawals to Local Bank Accounts
So, what happens when your money arrives? Grey Finance offers you the freedom to withdraw your money to any local bank of your choice, at competitive exchange rates. This is also a very useful feature that has endeared this company to my stomach.. sorry heart.
I can withdraw money instantly to my local bank, and it will arrive in seconds. How sweet! I remember when I was using Payoneer for this same purpose. The money usually takes just about 24 hours. Later, they improved it to just a few hours. Sometimes, it may take up to 5 days if I send the money on a Friday. Payoneer doesn’t open its offices on weekends. So, the money will arrive by Tuesday the following week! Duh…
With Grey Finance, I can withdraw anytime of the day or night, and my money arrives in seconds. Grey Finance is indeed the best Payoneer alternative in Nigeria.
Invoicing
If you’re a freelancer or remote worker, you can also send out an invoice to your clients overseas using the Grey Finance invoicing utility. This makes it possible for you to be paid on time and without hassles. Payoneer also offers this type of service.
How to Sign up for a Grey Finance Virtual Account
Signing up for a Grey Finance account is relatively easy. It just involves filling a form, and this takes just a few minutes. First of all, Grey Finance has a mobile app with which you can sign up for their services. Simply click on the button below to sign up for an account now.
On downloading the app and filling the form, enter this code in the REFERRAL CODE part : 2VHUL2. Once you complete the form and submit, your account will be ready immediately. The next step is to submit a KYC document, which is essentially a government-issued ID, like Driver’s License, Voter Card, or the NIN.
Once you submit any of these documents, your approval may take a few days. I recommend reaching out to them by email to approve your KYC. If you do not reach out to them, your KYC may be delayed indefinitely. I had this experience with them, and I don’t think it’s nice.
Why I recommend Grey Finance
The number one reason why I recommend Grey Finance is their low fees. These fees are broken down below:
- $1.5 for incoming payments
- N35 for local withdrawals
- $4 for virtual card creation
I just pray that they should maintain these low fees and not increase it, otherwise it might drive people away from their platform. Whether they will increase these fees, only time will tell. For now, their fees are user-friendly and quite low.
I also recommend Grey Finance because I was able to link their virtual account to PayPal, unlike that of Geegpay. Presently I use it to withdraw money from my PayPal account and it is still working.
Pros
- Low fees
- No card funding fee
- Fast withdrawals
- Foreign currency account in USD, British pounds, and Euro
- Link card/account to PayPal
- International money transfers
- Receive money from anyone, not just companies
Cons
- Slow KYC
Final Words
I’m sure that you found this article useful. In your entrepreneurial journey, you need a reliable Payoneer alternative, especially if you’re living in Nigeria and doing business online, like me. Share this article on your social media profiles to help someone.
Grey Finance is a reliable Payoneer alternative, and I encourage every serious online entrepreneur based in Nigeria to sign up on their platform and enjoy seamless transactions. Thanks for reading.
