How To Create A Grey Foreign Bank Account In Tanzania

How To Create A Grey Foreign Bank Account In Tanzania

Are you looking for a way to send and receive money from abroad? Creating a grey foreign bank account in Tanzania is a great way to do this. With a grey foreign bank account, you can transfer funds in and out of Tanzania easily and securely.

How To Create A Grey Foreign Bank Account In Tanzania

As a freelancer or business, would you like to send and receive money from abroad without having to use a domiciliary account or go to your bank in person?

Grey, which used to be called Aboki Africa, has made a way for Africans to get foreign bank accounts so they can receive and send foreign payments online.

Now that Grey is available in Tanzania, more people in East Africa can easily do business across borders and around the world.

Grey allows you to receive funds internationally and easily convert them to Tanzanian shillings. You can send it to your bank account, or withdraw directly to your mobile money wallet.

How To Create A Grey Foreign Bank Account In Tanzania

What Is Grey

Grey formerly known as Aboki Africa is a finance app designed to provide foreign exchange services.

Grey’s platform allows users to open a global bank account to receive and make foreign payments or convert currencies, as well as enabling customers to exchange money and perform cross-border transactions in a hassle-free manner.

Grey is a financial technology app that allows users to create virtual foreign accounts that receive and send money internationally. And it is just an easier means for anyone to create a domiciliary account online with Grey.

As of now, Grey’s foreign bank account is available in Nigeria, Tanzania, and Kenya. Through Grey, you can receive funds internationally and withdraw them to your bank account or mobile money. In due time it will be rolling over to more African countries.

Currently, foreign accounts are only available in United States Dollars (USD), British Pounds (GBP), and Euros (EUR).

How To Create a Grey Foreign Bank Account.

You can open an account on Grey and receive money internationally if you’re in Tanzania. All you need is your documents and you’re good to go.

1. To open a virtual foreign account on Grey, go to their website and click on “Get Started,” or follow this link to their Sign Up page.

2. On the registration page, fill in the required information and confirm the details you’ve entered, then click on Create your account.

3. You’ll be sent an email to verify your email. After you’ve successfully verified your email you’ll need need to verify your newly created account by completing your KYC.

How To Create A Grey Foreign Bank Account In Tanzania
Grey Foreign Bank Account

How To Verify Your Grey Foreign Bank Account

To complete your KYC verification you’ll need one of the Government-issued IDs; Driver’s license, National ID, International passport, or Voter’s ID, and of course your utility bill.

Visit here for more tips on how to complete this step.

How To Create A Grey Virtual Account

After completing your KYC verification you have to request a virtual account and fill in all the required details, to begin with.

1. Sign in to your Grey account, scroll down and click on Create my Grey foreign bank account, or tap on ‘Accounts’ located on the right side of your screen. Then select the currency you would like to create a virtual account for.

  • US Dollars,(USD),
  • British pounds (GBP), and
  • EURO (EUR).
How To Create A Grey Foreign Bank Account In Tanzania
Grey Foreign Bank Account

2. On the next page you’ll need to submit any of the Government-issued ID cards, once you’ve uploaded the image, type in the ID card number, registration, and expiry date and click on continue.

3. On the next page, you will be required to fill in your address, city, state, and country, then upload any utility bills to confirm your address. Then tap on Finish.

 4. Once you’ve successfully submitted your documents to complete the KYC verification, you will be redirected to your account dashboard.

After you’ve requested a Grey foreign bank account you’ll need to wait for some days for the account to be ready.

How To Convert Funds From Foreign Currency To Tanzanian Shillings (TZS)

1. On your Grey dashboard click on Balances from the menu, and all the available currencies I’ll be displayed there. If TZS isn’t available, you’ll have to add it to the Balances by tapping on the Add Balance +.

2. Once you receive funds on any of your foreign currency accounts, you’ll have to select it and click on Swap Funds to convert the currency to TZS.

How To Create A Grey Foreign Bank Account In Tanzania

How To Withdraw From Grey’s Foreign Account

If you receive funds in your foreign bank account, it would be reflected in the foreign balance. Then you’ll be able to withdraw to your local bank account or mobile money by converting funds from your USD, EUR, GBP balance, or sending them from your foreign currency account directly to your TZS account.

Withdrawals are instant, and you don’t need to visit a bank to withdraw. Once you convert your foreign currency into TSh, you can withdraw straight to your mobile money wallet.

On your TZS balance click on the Withdraw TZS button to withdraw your funds to your mobile money

TZS transactions are done instantly. Delays may occur depending on the network.

Start carrying out foreign transactions from Tanzania by creating a Grey account. Grey is also available to download on the iOS and Google Play Store.