If you have received some money in your Grey GBP or USD wallet, you may want to withdraw it to your local bank account. Note that if you want to convert currency before withdrawal, that comes with a small 1% fee but it doesn’t exceed $6. So, in this guide, you will find out the simple steps you can take to withdraw from your Gray accounts into your Naira account in your local bank.
How to Withdraw from Grey to Local Naira Bank Account
1. Sign into your Grey account
Obviously, this is going to be the first step. You can sign in via Grey app or the website—anyone that gives you convenience. You’ll need your Grey email address and password. After entering them correctly, Grey will send a 6 digit one time code to your email address. Copy and enter this number to log into your account. This feature is known as two-factor authentication to add a second layer of protection on your account.
2. Add your recipient account
- On Grey website or the app, you’ll see Cards And Recipients, click on it. If you added a recipient before, then no need for that. But we’ll assume that it’s your first time, right?
- Tap on Add Recipient to store your naira account number where you’ll receive your Grey funds.
- Select NGN since you are transferring to your naira account.
- Choose Nigeria as the country.
- Add your bank account number, and select the bank.
- Tap on Add Account, and that’s it.
Grey does not do any verification to check if it’s your name, or whatsoever.
3. Swap currency to Naira
Now, go back to the home of Grey, and scroll down to the tab of the currency you want to withdraw. On that currency tap, you’ll see this icon ⇄ which stands for ‘swap’. Click it to open up a new pop-up page for your currency conversion.
Remember, if your currency is in USD, you open the swap via the USD tab. Do the same if it’s GBP. So, your Balance to Transfer From should be the currency which you have funds while the Balance to Transfer To will be naira.
Now, enter the amount of money you want to swap. You’ll see the fee just in front. We said earlier that Grey charges 1% fee for conversion but it doesn’t not exceed $6. Now, click on Continue to swap the currency to naira.
Grey’s rate is actually not the best but it is better than Payoneer’s rate to local naira account. We’ve talked about this in our experience with Grey app.
4. Withdraw Grey funds to your naira account
The final step is the withdrawal from your Grey naira balance to a local naira bank account. You can check if your funds have been converted to naira by clicking on Balances, then the NGN tab on Grey homepage. You’ll see different tabs here, including USD, GBP, and EUR.
What you need is your NGN tab. Follow these steps to withdraw your funds:
- Click on Withdraw NGN.
- Click on Withdraw to a Saved Recipient. Remember that we added a bank account in the first step. This is the bank account that Grey will pay the money into. The option that says ‘Withdraw to Another Account’ is for those who have not added an account on Grey yet.
- Type in the amount you want to withdraw. Naira withdrawal fee on Grey is usually 35 naira.
- Select the account number to withdraw to.
- Add a description for your transaction (optional).
- Click on Continue. That’s all.
Grey will now process your withdrawal, and you’ll receive the funds to your naira account. So, it’s not even difficult to withdraw from Grey to a local bank account in Nigeria.
