TUE APRIL 07 2026-theGBJournal| Grey, the Nigerian Y Combinator-backed fintech, has unveiled a major expansion of its cross-border payments service, enabling direct Canadian dollar transfers to any bank account in Canada starting today.
With fees as low as $2.50 and payouts delivered within minutes via Interac, the move positions Grey as a strong challenger to traditional remittance providers long criticized for high costs and slow settlement times.
Interac is the payment rail built into the daily financial life of virtually every Canadian bank account holder, the same network used for everyday domestic payments.
When Grey settles through Interac, the transfer doesn’t enter a wire queue. It moves the way domestic payments do: fast, confirmed, and predictable. Recipients don’t need a new app or account. The money arrives at the bank, where they already have an account.
Canada’s vast and diverse diaspora community—spanning Nigeria, India, the Philippines and other emerging markets—relies heavily on efficient cross-border payment systems to support families and businesses back home.
However, this critical financial corridor has historically been dominated by legacy operators that charge between $15 and $30 on a typical $500 transfer, with transactions often taking several days to complete.
Grey’s new offering directly addresses these longstanding inefficiencies by combining a flat, low-cost pricing model with near-instant settlement.
By leveraging Interac’s real-time payment infrastructure, users can now send funds to Canadian recipients with unprecedented speed, reducing both the financial and time burden associated with international transfers.
“Canada kept coming up. From Lagos to Mumbai to Manila, our users had someone in Canada they needed to pay, but no good way to do so. Expensive wires, slow settlement, no certainty. We fixed that,” said Idorenyin Obong, CEO and co-founder of Grey.
The service supports all Canadian banks for both personal and business accounts and joins Grey’s local-currency transfer network across 170+ destinations.
Users can send from USD, EUR, GBP, or NGN balances, with individual transaction limits of $10,000 CAD and business limits of up to $100,000 CAD via bank transfer.
Grey holds a Money Service Business license from FINTRAC in Canada and FinCEN in the USA.
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