Most platforms that earn you money online will request a US, UK, or GBP bank account. Since you do not reside in the US or UK, how will you be able to get your earnings? There are many platforms out there that will get you these three virtual accounts but many of them come with a very low exchange rate.
Payoneer, for example, has been known for a long time and is very trustworthy, but the exchange rate on this platform is very low. This makes you wonder if there are any platforms available for Nigerians, where you could get an exchange rate the same or close to the black market rate.
In a previous article, I showed you how to create a virtual account with Grey.co. The grey website is still fully functional only that their USD account has experienced some errors in the past, although that has been resolved, but because of the errors, many payments were on hold and some even lost their funds in the process.
So, I got to know about this new website that provides you with everything that the Grey account gives you and even includes a feature that is not available on the Grey website. If you want to create a virtual USD, Euro, or GBP account, go to this new website called GeegPay.africa.
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The rest of this article explains all you need to know about this new platform, GeegPay.
GeegPay Features
1. Works with PayPal, Payoneer, and Amazon
I have tested the website and everything with the website is functional. The USD account here can be used to withdraw funds from PayPal, Payoneer, and Amazon. Like Grey and Payoneer, creating a virtual account is free, and you only need to prove your identity.
You can also link this virtual account to Payoneer so that you can withdraw your Payoneer funds at the black market rate. I guess everybody knows Payoneer’s rate is very low. The rate at the time of writing is NGN445, which is the official CBN rate. If you still withdraw from Payoneer straight to your Naira account, you are losing a lot of money.
Learn how to withdraw from Paypal to your GeegPay virtual account in this video.
2. Virtual Dollar Card for PayPal Verification and International Payment
A feature this website has that you cannot find on the Grey website is that you can request a virtual USD card. And the card can be funded from either your USD, UK, or GBP account. You can also fund this card from your Nigeria bank account as well. This is a very good option for Nigerians, especially now that most banks have limited the spending limit on their cards to $20.
Even platforms that provide us with USD virtual cards are having difficulties right now, an example is a barter by Flutter Wave. Hopefully, the issues get resolved, but for now, you have GeegPay virtual card, to make all your online payments.
Learn how to create and fund your card from your local bank account in the video below.
3. Unbeatable Exchange Rate
The exchange rate on the GeegPay platform is by far the best when it comes to receiving funds. The exchange rate is the same as the black market rate and it is updated daily as the prices in the parallel market change. These are the exchange rates on the platform at the time of writing.
How to Register for a GeegPay Account
To register and verify your GeegPay account, follow this process,
Learn how to create the account step-by-step in this video
Grey.co Alternative
The Grey.co platform was first introduced before GeegPay came into existence, and both are great options for anyone who needs an international bank account for business or just to get payment from clients residing abroad. The Grey platform still serves you well given that they do have the same features and some of the features lacking in the Grey platform before, like the virtual dollar card, are now available on the two platforms.
The Grey USD virtual account is known to always have issues, for example, there was a time when the USD account did not work with PayPal, Payoneer, Amazon, and most platforms. Have never encountered any error before with the GeegPay USD account, but Grey has had some issues in the past. The USD account is what many of you will probably be using, so I recommend creating a GeegPay account.
The rate on the two websites is the same, only that I found Grey updates their currency to the latest black market rate faster than GeegPay. GeegPay takes about a day before the rates are updated. GeegPay transactions are completed faster than Grey.co. Normally it takes 2-3 days for a transaction to be completed on Grey, but with GeegPay, it takes less than 24 hours.
Nevertheless, it is a good thing to have multiple options so that in case one is having any issues, you can quickly use the other option you have. So, you should have both the Grey and GeegPay account.
Conclusion
GeegPay is currently the best alternative to Payoneer for Nigerians. The account can be linked to your PayPal for withdrawal, and you can also use it as your payment method for other platforms that request international payment.
Grey.co on the other hand is also working perfectly, just that you can only use the Euro and GBP bank account as the USD account no longer works for payment and ACH transfers. If you have any questions or doubts, let me know in the comment section below.
I don’t have utility bill, please how do I go about it?
You will need to provide any Utility bill, You can use your Nepa bill
Can i use geegpay to receive money from Amazon kdp?
Yes, GeegPay bank Account details can be used to receive payments from Amazon KDP
Can I use NIN to register on Greg.co?
You can not use the NIN slip. But you can use the NIN card downloaded from the NIMC app.
I’ve finish registering, but the problem now is to verify my account.. What I have is NIN slip but they keep rejecting it and I don’t have any other valid ID card, pls how do I go about this?
What I used to verify my Grey account is the national ID card downloaded from the NIMC app. I printed it out on normal plastic card.
I was opening my Geegpay account for my kdp transactions and it was suspended. Efforts to provide what they requested for proved abortive and they eventually blocked the account. Pls what other alternative do you suggest to me to open the foreign account. Thank you for your response.
You can use grey.co