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The short answer
Grey's UK page says each account gets its own sort code and account number for Faster Payments, BACS and CHAPS, and that receiving pounds by Faster Payments is free. The naira transfer can only be sent once those pounds show as available in your balance; Grey's pages do not state a clearing time, so treat the balance in the app as the signal.
With Grey, sending to Nigeria from the UK is a two-step job: you load pounds into your Grey GBP balance from your UK bank, then convert and pay out to a Nigerian account. People get caught when they treat it as one step and tell family the money is on its way while the pounds are still in transit. This guide covers the first step, from Grey's UK page as read in October 2026.
The three ways pounds can arrive
Grey says its UK account details work with all three UK payment schemes. They behave differently, and Grey's page prices only one of them.
| Scheme | What Grey's page says | What to expect in practice |
|---|---|---|
| Faster Payments | Supported; receiving GBP via Faster Payments is free | The usual choice for everyday amounts from a UK bank app |
| BACS | Supported; no fee stated | A batch scheme, slower than Faster Payments; used by some payroll and older systems |
| CHAPS | Supported; no fee stated | Same-day high-value scheme; your own bank usually charges you to send one |
Grey does not publish a clearing time for any of the three. Your sending bank's own limits also matter: a bank may cap a single Faster Payment or hold a first payment to a new payee for a fraud check. If that happens, the delay is at your bank, not Grey.
Steps to fund the balance
- Open the Grey app and copy your own UK sort code and account number from the GBP balance. Do not use details sent to you in a message.
- In your UK bank app, add a new payee with those details. Your bank may run a name check; if it reports a mismatch, stop and confirm the details in the Grey app.
- Send the pounds, choosing an ordinary transfer, which most UK banks send by Faster Payments.
- Wait until the pounds show as available in the Grey GBP balance.
- Only then start the conversion and the naira payout, and read the rate and fees on the confirmation screen.
Why not pay out straight away?
Until the deposit appears, there is nothing in the balance to convert. The rate you see before the deposit lands is not the rate you will get once it does, because rates move through the day. Waiting for the balance also protects you from a common mistake: promising a naira figure to a relative based on a rate that no longer applies.
What can hold a deposit up
- Your bank's first-payment checks. A new payee or an unusual amount can trigger a hold or a call from your bank.
- A name mismatch. If the account name your bank sees does not match what you typed, it may warn you or stop the payment.
- Sending by BACS. Batch payments take longer than Faster Payments.
- Checks at Grey's end. Grey's pages do not describe its review process for incoming money; if the deposit has left your bank and does not appear, contact Grey through the app with your bank's payment reference.
If your bank stopped the payment, our guide to a bank blocking a payment linked to Nigeria explains what to say. For the cost of the second step, see Grey's conversion and deposit fees.
Worked example
Example only. Chika wants to send her mother the naira equivalent of £300 for a rent top-up. On Monday morning she sends £300 from her UK bank to her Grey GBP details. Her bank holds it for a fraud check because the payee is new, and she confirms the payment in her banking app. When the £300 shows in her Grey balance, she opens the send screen, reads the naira amount and fees on that screen, and only then texts her mother the figure. Had she quoted a figure on Monday morning from the earlier rate, it would not have matched.
What to check first
- Grey's current UK authorisation position.
- That the sort code and account number come from your own app.
- Your bank's single-payment and daily limits for Faster Payments.
- That the pounds show as available before you convert.
If a deposit has left your bank but not appeared after a reasonable wait, ask your bank for the payment reference and send it to Grey through the app; that reference lets both sides trace the same payment. For the wider picture on timing, see how long a UK to Nigeria transfer takes.
Where Pryme fits
A Pryme account has its own pound details and naira details in one place, so you can see the pounds arrive and then use Send when you are ready. The app shows the rate and the fee before you approve. Outside Nigeria, Pryme's services are provided through regulated partners.
Questions people ask
How long does a deposit into Grey take from a UK bank?
Grey's pages do not state a clearing time. Faster Payments is the usual route; wait until the pounds show as available in the app before sending.
Is it free to fund Grey by bank transfer?
Grey's UK page says receiving GBP via Faster Payments is free. It does not state a fee for BACS or CHAPS, and your own bank may charge you to send a CHAPS payment.
Why did my bank stop my payment to Grey?
UK banks often check first payments to a new payee or unusual amounts. Confirm the payment in your bank app or call the bank; the hold is on their side.
Can I send the naira before my Grey deposit arrives?
No. There is nothing to convert until the pounds are in your balance, and the rate shown earlier may have changed by then.
Sources
- Grey: Multi-currency accounts for UK professionals · accessed Oct 2026
- Grey: Pricing · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.