A lot of fintech apps, such as Grey, have promised nothing but convenience in how we send and receive money globally. However, it turns out that some of them are never close to average. Now, let’s talk about Grey. This review will let you know if this money transfer app is worth it or not. Is it a scam or legit? We will find out.
The website is Grey.co, and the app is available on both Google Play Store and the Apple App Store. And for someone who just wants to send and receive money across borders, Grey might have just ticked it for you based on their ads and what you have read about this app online. Well, it’s not a terrible app in any way but it can also be frustrating, and you’ll find out in this review.
Review: Is Grey App Legit?
The Grey app is legit. You can actually send, receive, and swap multiple currencies with it. And while you can hold what Grey calls an international bank account in the UK, US, and EU for free, it’s not actually a bank at all. Grey is fintech and not a bank. I wouldn’t even advise using Grey as a bank unless you have nothing to do with your money.
So, considering what a lot of users like me have had to say about this app, is Grey ready for business at all?
They let you open your account but when it comes to withdrawing your money, KYC verification becomes a whole other problem. Funny how Grey does not put you through the loop of Identity verification when you have yet to fund the account. Once funded, KYCs begin, and sometimes, it can be so frustrating that you give up on your money.
Now, about the first impression, before I went on to install this app, a lot of the reviews screamed, “This is the worst app you can use to receive cash internationally!” Well, to a frustrating extent, it’s true but also a bit of an exaggeration.
Isn’t Grey filled with bugs and glitches? When you deposit money onto this app, it doesn’t take long to reflect on your dashboard but withdrawal would take forever. Now, you’ll naturally turn to its customer services but they are very poor.
About the virtual cards, you can actually obtain one at $5. Unfortunately, there is no guarantee that it will work for most payments or online purchases. Sometimes, you have to write the customer support to work something out.
The promises Grey makes about its app are generally good deals, except it fails to meet expectations. Now, if you need this app to receive an emergency fund, you are dealing with a mixed bag. You might be very fortunate to withdraw the funds or your money might arrive in two days or longer. You’re not even sure if it will be approved because Grey may suddenly request the sender’s ID card. After receiving your payments, you may have to answer tons of questions and wait about 2 days to access your funds. It’s slow and not instant if we are to be honest.
One last thing, Grey should review its exchange rate. You can compare Grey’s rate to a black market, and sometimes this black market is even better. Their rate is too high or not the same thing you are promised on their “See Our Rate” page. Just do your own calculations before you proceed.
One thing that Grey does well is that they actually respond to reviews, both positive and negative. However, it is annoying how they respond with generic messages, irrespective of your complaint. Now, you would ask, “What’s now the helpfulness of Grey replying in the first place?” We all think the same.
Ways to Use Grey App
First, take note that Grey is a fintech company, not a bank. It’s okay to save your money here but can you have access to it instantly and without fees? This is why your traditional bank will be your best saving solution.
There are different ways in which Grey is helpful, including the following:
It can transfer money
If you need to send money to people across borders, you can use Grey. So, this is a good one for freelancers, business partners, and family members, even though you won’t receive the best treatment here. Two major problems you’ll face, especially as a first-time user are the fees and payments not being instant.
Currency exchange
Grey will help you convert currencies to your preferred local or foreign currency. The problem is usually the rate. If you are familiar with market rates, you’ll agree that Grey’s rates are very expensive.
Send gift cards
Need to buy and send gift cards to your friends and family from different international stores? You can use Grey for this too.
So, these 3 above are the major things you can do with Grey if you have no other alternative. You can also pay your bills with the Grey app but look elsewhere for this due to fees. Keep an eye on your withdrawal fees too because you could be charged expensively for that.
Pros and Cons
Pros
- Available on Apple and Google app stores.
- Send funds to family and friends.
- Receive your international payments.
- Exchange international currencies.
- Supports a virtual dollar card for international payments.
- Buy gift cards.
Cons
- Very high exchange rates.
- Poor customer service.
- Receiving money is usually not instant.
- The app has ID verification bugs.
- Withdrawal of funds takes forever.
- Grey requests the bank statements and ID of the sender of your funds to proceed.
- When you request a USD account, you may get the notification “Your USD account is being processed” for days and sometimes weeks.
- Grey has hidden fees unlike what they claim.
- The exchange rate when converting foreign currency to your local currency is very low. However, when converting your local currency to foreign currency to send to someone or make a payment, the rate is high.
- $5 to create a virtual card.
- KYC verification can be frustrating to complete.
- Only Zenith Bank and Access Bank are supported for USD domiciliary account withdrawal.
Had Grey been a loan app, it’d probably be a loan shark.
Is Grey App Safe to Use?
There are no reports about Grey abusing customers’ data. However, you need to know what information Grey will collect from you when you install the app and create an account. Personal information Grey app will collect during registration includes your address, bank details, name, telephone number, photo of your face, ID (drivers license, national ID, international passport, and voters card), bank verification number (BVN), NIN, and your date of birth.
After installing Grey app, it will collect information including your IP address, contact address, email address, phone number, and device information.
Now, Grey may disclose or share your ‘personal information’ with third parties, including its affiliates, employees, officers, service providers, agents, suppliers, and subcontractors.
If your gut tells you to share this personal information with Grey, then go ahead. Otherwise, look for another alternative. If you have already signed up on Grey, you have the right to contact them to delete all your information.
So, what do you think? Is Grey app another fintech nonsense or worth it? We all expect better services from Grey, but they are not perfect, and sometimes it feels like a disappointment. Agreed? Let’s read your own review!
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