How to Transfer Money from Payoneer to Grey

You have a Payoneer account with some USD, GBP, or EUR in your balance, and now need to move the funds to Grey. Here is the guide for you. We earn into our Payooner in different ways—some Amazon affiliates, some from blogging ad networks like Ezoic, and sometimes through freelance services such as Fiverr and Upwork. The problem is that if you do the wrong thing while moving funds from Payoneer to Grey, it’ll reverse back into your Payoneer account. This isn’t a good experience, and this guide will show you the correct way to transfer money from Payoneer to Grey.

How to Transfer Money from Payoneer to Grey in Simple Steps

The assumption is that you already have your Grey and Payoneer accounts ready. Now, make sure you follow this guide attentively because it is currently the only way to withdraw to your Grey account on Payoneer.

1. Open Grey and Payoneer on Different Browser Tabs

You are going to open two tabs on your browser. One for Payoneer and one for Grey. Under Grey, go to Account and Reports, where you will see all the bank accounts created for you, including USD and GBP. If you add the USD account to Payoneer, it will not work. This means that you can’t use a Grey USD account to withdraw money from Payoneer.

So, what we’ll do is copy the GBP bank details instead. It’s the one that works. If you try it, Payoneer will simply remove the account.

So, what can you do? Very simple. If your Payoneer fund is in GBP, you don’t have to do anything. But if your Payoneer fund is in USD, you have to convert it to GBP. The whole process can be done in Payoneer in minutes. We’ll talk about this as part of the steps as you keep going.

2. Add Your GBP Grey Account to Payoneer

Now, go to the browser tab where you opened your Payoneer account. Go to Bank and Cards and click Add Bank Account. This is where we will start entering the details of our Grey GBP account.

• For Bank Country, select the United Kingdom.
• Set the Bank currency to be GBP. Remember that USD won’t work.
• Click Next.
• To add your Grey GBP bank account details on Payoneer, you’ll copy and paste the bank name, account holder name (your name), account number, and the sort code. All these details should be from the GBP account of your Grey.
• Confirm the bank details and click Next.
• Enter your Date of Birth and your Payoneer password.
• Finally, click Add Bank Account.

It will only take around 10 minutes for your Grey bank account to be added. If you click back immediately, you’ll see it written ‘Pending Review’. All you have to do is refresh the page and it’ll be successful.

3. Convert Your Payoneer Funds to GBP

We said earlier that Grey won’t transfer to Payoneer if you use USD instead of a GBP account. Now, you’ll know how to convert your USD to GBP on Payoneer and then withdraw to Grey. It’s simple if you follow these steps:

• Click Manage Currencies. From here, we will convert the USD to GBP, which is the US dollar to British pounds.
• Select USD because that’s where you have your money.
• Select GBP because you want to convert your USD funds to GBP.
• Copy the amount you want and paste it or just type it in.
• If you want, you can click Get Rate to see the amount Payoneer will give you in GBP equivalent.
• Click Submit to convert the money to GBP. It takes less than a minute for your money to appear in your GBP balance on Payoneer.

4. Withdraw Payoneer to Grey

The next thing is to withdraw from Payoneer to Grey. All you have to do is click Withdraw, and select your GBP balance now, which contains the Grey account that you added. You’ll also see the amount of money Payoneer will send to Grey. Both Payoneer and Grey will charge a small fee. Just go ahead and click Review, and then Withdraw. Payoneer should display the message “Your funds are on the way”. It can take from 30 minutes to one hour for the money to drop in your Grey account. The minimum you can withdraw from Payoneer is $50.

Is it Better to Withdraw from Payoneer to Grey?

If you have funds in your Payoneer, the best is to withdraw it to a foreign currency account like domiciliary, and then convert it outside the local Nigerian bank. The problem is that the bank rate is very low compared to black market rate, which is the unofficial rate. For example, black market can give you 120,000 naira for $100, whereas a bank can give you like 70,000 naira. You’ve lost 50,000 naira—that’s not good business.

But if you have a domiciliary account opened in your name, you can withdraw Payoneer to that account, then use the bureau or any exchange to convert it to naira. You’ll actually get more money than if you added a naira account to Payoneer.

The reason Grey makes a lot of sense is because you’ll receive the foreign currency if you don’t have a local dorm account. Then, Grey will give you a higher rate than what you’ll get from a bank when you withdraw to digital banking apps like PiggyVest.

So, these are just the simple steps you follow to send money from Payoneer to Grey. It’s very simple as you can see. Now, before you go, we reviewed our experience using Grey, so make sure you read it as well.