In Africa, Nigeria as a case study it’s not easy creating a foreign bank account for a foreign transaction, but through an online virtual banking system shared in this article, you can open an international bank account online free.
According to Statista.com, as of 2020, the number of people doing international transactions online in Africa experienced an increase to 281 million. This is achieved through the use of a number of platforms that provide support for foreign transactions, although there are cases where restrictions apply.
What is Virtual Banking?
Virtual banking is the process of securing online access to banking organizations and their services without having to physically visit a bank. It comprises utilizing significant IT to make numerous financial services available without the requirement for physical walk-ins.
Virtual accounts are temporary bank accounts that transact on behalf of a real, physical account but have no physical reality.
Virtual banks use a highly secure platform that allows for device encryption, so that all customer information is kept safe.
Importance of virtual banking
- Reliability
- It saves time.
- Guaranteed security
Virtual banking is one of the main services offered by banks and is also a very secure platform. Banks generally use encryption devices to ensure that all customer data is protected and that there are no security breaches.
- Easy Access: Transactions can be done on the go, whether you’re stuck in traffic or in the middle of work.
- There are no hidden fees associated with online transactions.
How to create an online foreign virtual bank account in Africa (Nigeria)
If you are from Africa the fisrt question that comes to your mind is; Can I open a bank account in Europe, the US, and the UK as a foreigner?
Yes, you can without stressing yourself; creating an online foreign bank account (US, UK, EUR) in Africa has been easy with Grey. co you can create a free multi-currency bank account.
Grey is a Nigerian fintech firm that offers Africans free virtual global bank accounts so they can receive and send international payments and convert currencies all in one spot.
It is the simplest way to send and receive international payments without limits, co-founded by Idorenyin Obong and Femi Aghedo in 2020. It enables customers to open foreign accounts in the following currencies: US Dollar (USD), British Pound (GBP), and Euro (EUR).
Why choosing Grey for you free foreign virtual bank account?
Transactions are safe
Only you have access to your account, which is protected by two-factor authentication.
Data Protection
With grey, your information is always protected. Your personal information is collected and utilized fairly, lawfully, and transparently.
Protection Against Fraud
Grey anti-money laundering and security experts are committed to keeping your account safe and secure at all times.
Protected Funds
Grey doesn’t lend your money out, and they always make sure it’s safe with their institutional partners, so you don’t have to be concerned.
Grey.co is a great place to start. Create an online virtual bank account in the United States, the United Kingdom, or the Eurozone.
How to open a free foreign bank account using grey
Step 1: Register with grey.co
Sign up online with your email address using grey.co platform or App (app coming soon)
Step 2: Complete your KYC verification
Verify your identity using your government-issued ID ( Passport/National ID Card/Driver License is acceptable).
To open a foreign bank account, you’ll need a scanned copy of your ID. . Also you’re going to take a selfie with the identity uploaded.
Step 3: Get your virtual account
Once you have completed your KYC verification stage, the next step is to apply for a virtual bank account. It usually takes 3-5 working days before you get your account details.
Documents required are; Government approved I.D and Utilities Bill showing the receipt of your last 3month transaction, also this bill must reveal your address.
Currently grey.co provides free USD, GBP, and European bank account for non-residents online.
An email will be sent to you from Grey once your online foreign bank account is ready. You may now share your account details to get paid or spend anywhere in the world with your debit card.
Your account information can be used to receive and manage pounds, dollars, and euros as if you were a local. It can be linked with your PayPal account to withdraw funds.
Enjoy the benefits of online foreign exchange. Say goodbye to bank queues and disappointments.
Freelancers can now enjoy fast global money transfers with their international bank account on Grey.
Be the first to comment