Grey vs Eversend: Create Foreign Virtual Accounts

Grey vs Eversend: Create Foreign Virtual Accounts

One thing most of us are grateful for post-pandemic is companies’ shift towards the remote work culture. Most companies are now hiring globally for positions because nothing is stopping you from being an efficient employee if you have a pc and an internet connection.

However, because most cross-border payment platforms aren’t designed specifically for us (Africans), we struggle to get paid while working for foreign companies or from friends and family abroad. These platforms are either too slow to receive and withdraw money from, or it takes ages to get verified.

Some platforms do not even process payments to some African countries, and that’s where companies like Eversend and grey finance come in; they make international payments smooth and free of unnecessary paperwork. Both platforms’ withdrawal and reception speeds are also fast, allowing you to receive and spend your money as soon as it arrives.

Read Next: Fastest and Cheapest Ways to Send Money to Nigeria in 2022

Grey Finance: Receive and Swap USD, EUR, and GBP

Getting virtual foreign accounts has been the go-to option for most African remote workers, especially if you’re a full-time employee or on a long-term contract.

While there are so many platforms for sending money to African countries from all over the world, only a few of them offer a wallet or foreign account that employers can seamlessly add to their payroll. 

Most African cross-border payment platforms are best suited for receiving cash from family and friends in the diaspora or for receiving one-time payments for freelance gigs.

Signing up with grey.co allows you to receive foreign currency as well as a virtual foreign account that can be added to your company’s payroll. It’s one of the most convenient ways to get paid in USD, EUR, and GBP without a domiciliary bank account.

The exchange rate is also terrific, and withdrawals are processed quickly; it’s a bit difficult not to be smitten with grey.co for this.

Eversend App: Create Wallets for Foreign Currencies

One of the best features of the Eversend app is the ability to hold multiple currencies, exchange them at a low cost, and even pay your bills on the same platforms.

Receiving money on Eversend is also simple; sign up, get verified, and get a custom link (eversend tag) where people can send money instantly.

Digital Creator? Create a Custom Link to Receive Money from Your Fans

You can also request a foreign bank account for GBP and EUR payments. There are various options available for you to add money to your eversend wallet: cards, mobile money, linked local bank accounts, and others.

Eversend’s mission is to make multi-currency exchange easier and faster for Africans also extends to cryptocurrency. You can buy and sell cryptocurrencies such as bitcoin (BTC), Ethereum (ETH), Solana (Sol), and others.

Crypto trading apps such as Paxful and Binance also accept Eversend as a payment option for P2P transactions. The crypto trading option is not available to everyone; it is only available to people whose countries permit crypto trading.

Eversend and Grey.co Operate in Which Countries?

A major upside to using either grey.co or eversend is that international payments go both ways; you can send and receive money globally.

Eversend is currently offering cross-border payments to five African countries: Kenya, Nigeria, Rwanda, Ghana, and Uganda. You can send and swap currencies within these currencies on your wallet.

As an eversend user, you can also send, and receive EUR and GBP via your virtual foreign account. Although you would need to request a foreign account in the app to be issued a EUR or GBP account.

Your eversend tag is the quickest way to receive USD payment; all the sender needs to do is deposit money into the eversend account using a visa card and send the money via your custom link.

Grey currently operates in Kenya and Nigeria; as a legal resident of these countries, you can open EUR, USD, and GBP foreign accounts.

You can check your account statements, withdraw and send money securely with your virtual foreign account on grey.co, just like any other local account. You can also swap between these foreign currencies in your grey account for a small fee.

Read Next: How to Withdraw to Your Naira Account on Grey

Another upside of using Grey finance is that you don’t need a foreign account to send money abroad; as long as your recipient has a working EUR/GBP account, they’ll receive the amount you sent.

Keep in mind that Grey only accepts wire transfers for USD payments; ACH payment isn’t available currently. Also, USD payments are only available for incoming payments; you cannot send USD payments.

Eversend vs Grey: Sign up and KYC

Signing up on eversend is as smooth as you can imagine; It only takes three steps to start using eversend for transactions.

First, download the eversend app, it’s available for both Android and iOS devices. Next, complete the KYC process by taking a clear selfie, adding a government-issued ID, and verifying your email address and phone number.

Your identity should be verified within 24-48 hours; if it is not, please contact support. It could be that the documentation you submitted wasn’t clear enough, or that you submitted documents that did not match your profile.

Creating an account with grey is also pretty seamless. First, visit grey.co or download the app then choose “create an account”. 

Next, fill out all the required fields. Keep in mind that you’re creating an actual account, so your information must match your government ID.

After that, verify your email, and then complete your verification by recording a short video of yourself and uploading a clear photo of your government ID.

Related: How to get Verified on Grey.co

Eversend vs Grey: Virtual Cards

Eversend allows you to create virtual debit cards that you can use to pay for services all over the world. You can use your Eversend Visa card to pay for any service on any platform that accepts Visa cards.

Grey, on the other hand, hasn’t launched virtual cards. However, you can securely add funds to your grey wallet using your debit card (physical or virtual).

Eversend vs Grey Finance: Business Account

As a business owner, you can use Eversend’s business account to securely collect payments in foreign currencies or cryptocurrency from customers across Africa.

Grey Finance vs Eversend: Exchange Rate, Receiving and Withdrawal Speed

Grey uses fx rates to convert foreign currencies to your local currency, so you’ll get a good deal. Eversend also uses fx rates, but they are a bit lower than grey’s.

Eversend wallet transfers are instant: transfers from one Eversend user to another. Also, transfers using eversend foreign accounts take 24-48 hours to process, excluding weekends and public holidays.

Withdrawals from your eversend wallet to mobile money or your local bank account take less than five minutes unless your bank is experiencing payment processing delays.

Receiving USD via wire transfers can take up to 24-48 hours to reflect. While Swift transfers outside the US can take up to 4-5 business days to reflect. This does not mean your money will be held for that long; it is simply the maximum amount of time it takes to process your payment.

EUR and GBP payments, on the other hand, take about 24-48 hours to appear in your grey wallet. Also, withdrawals to your local bank accounts are instant.

You can also receive payments into your Grey account from third-party accounts such as Payoneer. Payoneer payments with your Grey foreign account are only available in GBP and EUR currently.

Related: Guidelines for Receiving Payoneer Payments on Grey.co

How Long Does It Take for Eversend vs Grey to Resolve Customer Issues?

Both Eversend and Grey have quick ticket turnaround times. They respond immediately to user complaints, although grey’s rating is a bit lower than eversend’s on play store.

Referral

When someone signs up with Eversend or Grey using your referral code and funds their wallet you both receive bonuses.

Conclusion

Both Eversend and Grey.co allows you to receive payments from all over the world, but their approach is slightly different.

Eversend provides seamless transfers across African countries and other parts of the world, while Grey focuses on allowing Africans to get paid and transact seamlessly with foreign accounts.

Read Next: Fastest and Cheapest Ways to Send Money to Nigeria in 2022

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