Grey review
Updated September 28, 2026 · VaultCue Editorial Team · Facts checked September 26, 2026
We earn a commission when you sign up through links on this site. Partner status can affect where a brand appears in our rankings. Partners with a live offer in your country come first, then every other brand by score.
Our verdict
Grey suits expats, travellers, freelancers and small businesses whose income and spending span several currencies. The monthly fee is $0 and the currency conversion fee is 0%, with balances held in from 40 currencies and local details covering iban, uk sort code and us ach. The rate margin is 0%.
Key facts
- Best for
- A fee free multi currency account for anyone paid from abroad.
- Monthly fee
- $0↗
- Deposit protection
- FDIC up to USD 250,000↗
- Currency conversion fee
- 0%↗
- Currencies
- from 40↗
- Local account details
- IBAN, UK-sort-code, Us-ACH↗
- Transfer fee
- Free P2P transfers; other transfer fees shown upfront↗
- Legal entity
- Grey Inc↗
- Headquarters
- United States↗
- Founded
- 2020↗
- Support channels
- Email, Help-centre, Community↗
- Audience
- Expats, Travelers, Business, Freelancers
- Pricing model
- No monthly fee, Low FX fees
- Features
- Digital-only
- Official website
- grey.co
Pros and cons
Pros
- The monthly fee is $0 and the currency conversion fee is 0%, ranking 1 and 1 on those measures among the brands compared.
- Balances can be held in from 40 currencies, with local account details covering iban, uk sort code and us ach.
- Person to person transfers are free and other fees are shown upfront: Free P2P transfers; other transfer fees shown upfront
- Deposit protection is FDIC up to USD 250,000.
Cons
- Support runs on email, help centre and community only, so no phone line or live chat is listed.
- The account is digital only, which suits people who want to run everything from the app.
- Delivery to the US goes over ACH: Within minutes; 1-2 business days to US via ACH, so US payouts land more slowly than local routes.
Who it suits
- Expats and freelancers who earn in a single currency and spend across several, as listed under expats, travelers and business.
- Businesses that need local details such as iban, uk sort code and us ach to receive payments in the currency they invoice.
- Travellers sending money across borders, where delivery is Within minutes; 1-2 business days to US via ACH and payouts reach bank and wallet.
Who should look elsewhere
- PayPal Colombia, whose conversion fee of 3% to 4% is higher than Grey's 0% for anyone who converts often.
- Plazo ES and Skrill, whose monthly fees of €0 and €0 match Grey's, so account cost alone is not a reason to move.
How Grey compares
9.0 vs 8.7
9.0 vs 8.6
9.0 vs 8.0
9.0 vs 8.9
9.0 vs 9.1
9.0 vs 9.2
9.0 vs 8.7
9.0 vs 8.7
9.0 vs 8.7
9.0 vs 9.0Skrill also charges €0 a month, while Grey pairs that with from 40 currencies on the account.
9.0 vs 8.7
9.0 vs 9.5
9.0 vs 9.4
9.0 vs 9.3
9.0 vs 9.2
9.0 vs 9.2
9.0 vs 9.2
9.0 vs 9.2
9.0 vs 9.2
9.0 vs 9.2
9.0 vs 9.1
9.0 vs 9.0
9.0 vs 9.0
9.0 vs 8.9
9.0 vs 8.9- 9.0 vs 8.9
9.0 vs 8.7
9.0 vs 8.5
9.0 vs 8.5
9.0 vs 8.5
9.0 vs 8.4
9.0 vs 8.3
9.0 vs 8.2
9.0 vs 8.1- 9.0 vs 8.1
9.0 vs 8.0
9.0 vs 8.0
9.0 vs 8.0
9.0 vs 9.1
Where Grey is available
- Available
- Algeria, Brazil, Canada, China, Egypt, Ghana, India, Indonesia, Kenya, Mexico, Morocco, Philippines, South Africa, Tanzania, United States
- Licence in Canada
- FINTRAC, checked September 26, 2026
- Licence in United States
- FinCEN, checked September 26, 2026
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
What does it cost to hold a Grey account?+
The monthly fee is $0. Conversion costs nothing extra: the currency conversion fee is 0% and the exchange rate margin is 0%. Person to person transfers are free, and the pricing model is listed as no monthly fee and low fx.
Is money held with Grey protected?+
Deposit protection is FDIC up to USD 250,000. The account runs under Grey Inc, a US company headquartered in the United States, with FinCEN listed as the US regulator and FINTRAC for Canada. The protection figure covers deposits held with the account.
How many currencies can I hold, and what account details do I get?+
You can hold from 40 currencies, and local account details cover iban, uk sort code and us ach, so you can receive money like a local customer across several markets rather than a single market. Payouts go out to bank and wallet.
What do transfers cost and how fast are they?+
Transfer fees work like this: Free P2P transfers; other transfer fees shown upfront. Other transfer fees run £2 to £10, while person to person transfers are free. Delivery is Within minutes; 1-2 business days to US via ACH, so local routes land within minutes and US payouts take longer over ACH.
Who is Grey built for?+
The stated audience is expats, travelers and business. That covers expats, travellers, businesses and freelancers, which points at people who earn in a single currency and spend or invoice in others. Local details in iban, uk sort code and us ach help with receiving payments.
Can I open and bank in person?+
Grey is digital only, so opening and everyday banking happen in the app rather than in a branch. Support runs on email, help centre and community, which is email, a help centre and a community rather than a phone line.
How does Grey compare with PayPal Colombia on conversion?+
Grey charges a currency conversion fee of 0%. PayPal Colombia's runs 3% to 4%, so the conversion itself costs nothing extra through Grey. The Grey account also lists from 40 currencies you can hold at once.
Who runs Grey and when was it set up?+
The legal entity is Grey Inc, a US company headquartered in the United States and founded in 2020. Both the deposit protection figure and the FinCEN registration point to the US system, with FINTRAC covering Canada.
Sources
- grey.co checked September 26, 2026
Backs: Audience, Deposit protection, Headquarters, Legal entity, Local account details, Support channels, Licences
“For Individuals / For Businesses ... For Freelancers, For Digital nomads, For Travellers”
- grey.co/about checked September 26, 2026
Backs: Founded
“FOUNDED 2020”
- grey.co/currency-converter checked September 26, 2026
Backs: Currencies, Currency conversion fee, Exchange rate markup
“Over 40 supported currencies, from USD to EUR and GBP.”
- grey.co/foreign-accounts checked September 26, 2026
Backs: Features, Pricing model, Monthly fee
“100% digital signup”
- grey.co/money-transfer checked September 26, 2026
Backs: Transfer fee
“Free p2p transfers ... No hidden fees: We use the best market rates for your transfers, and you'll see what we charge upfront.”
- grey.co/send-money/nigeria checked September 26, 2026
Backs: Delivery time, Payout methods
“Most transfers to the UK and Europe arrive within minutes from a funded Grey balance. Transfers to the US take 1-2 business days via ACH. Kenya M-Pesa transfers arrive in under a minute.”
- support.grey.co/en/articles/10265140-faq-new-pricing-update checked September 26, 2026
Backs: Fee to send 1,000
“The minimum charge has been reduced from EUR 5/GBP 5 to EUR 2/GBP 2, and the maximum fee is now capped at EUR 10/GBP 10.”
Compiled from 7 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Licence type.