Our view is that the world needs a more efficient and effective method to share their money, whether it is within the same home or across borders. Here we examine how it works when people you want to share with are based across borders.

People migrate to other countries for various reasons such as better opportunities and earning potential. Many of these migrants leave their families in their home country and send or remit money to them. As per the World Economic Forum’s 2020 Global Migration Report, there are approximately 272 million international migrants across the globe, and a billion people remain dependent on money transfer for their expenses. This number includes migrants in gulf countries where they form the majority of the population. The number of people who have migrated being what it is, one can imagine the quantum of money that is being transferred across countries?

To put a figure on it, USD 83.1 Bn was remitted to India itself in 2019. However, if you are an ex-pat, you may know how difficult it is to get basic banking services in many countries. Many a time, even getting a basic service like loan can be a challenge. Add to this the problem of huge processing times by banks and other financial institutions and the high processing charges, which can eat up quite a bit of your transferred amount.

These problems have became even more prominent during lockdown periods as reaching banks and financial institutions and even traveling to home countries in person was next to impossible.

So, whether you are a migrant worker in another country or a student or even a business owner, how do we address this problem of remitting easily, safely, quickly, and economically?

We at Xare understand the structural challenges that keep a billion people out of the conventional banking system. Xare is set to revolutionize banking as we know it. Its a simple to use app that allows users to share their debit or credit cards with their friends and family (who we like to call “tribe”). Its possible to use even when you do not have enough access to cash to help them.

Here’s how Xare is changing the way money is transferred, rather shared:  

Money transfer to friends or family: Imagine you are working in a different country and your loved ones need money. Even though you may want to help, you may not have adequate cash in hand to help out. What do you do? Xare allows you to share any unuse limits on your credit card so that your loved ones are not forced to borrow at high-interest rates. You can simply share your card with them by setting limits and dates until which they can have access.

Money transfer for daily expenses: Whether you have dependent parents or children, it can be a task to transfer from banks and other traditional methods. With everything other than cash, the recipient also needs to have a bank account. You are required to fill lengthy forms and wait for long periods till your family has the money. Xare comes to the rescue here. All you need to do to send funds to your family for their daily needs on a regular basis is share your card with them. There is no need to get multiple cards and monitor all of them and remember to pay each of them by the due date. As mentioned earlier, Xare allows you to set limits on your shared cards and even adjust these limits from time to time. You have complete control and transparency over Xaring. You can share your card with multiple people simultaneously.

Send money and payments for employee expenses: A business owner with needs for paying for employee expenses can also make use of Xare. Xare eliminates the need to have multiple expense accounts; thus, business owners can use a single dashboard for managing them. Xare allows big and small businesses to manage employee expenses with ease and security.

Gone are the days when lending help to someone by way of money required one to jump multiple remittance hurdles. Xare allows seamless money transfer within and across borders for multiple uses so your tribe is never left waiting for money.

How Does the Xare app work?

You can download the Xare app from both the PlayStore and AppStore

On downloading the app, you are required to enter your phone number. You can expect to get registered within 30 seconds, post which you can create, set limits and dates, and share a Xare card within anyone. When they access their Xare card, you will receive a prompt to add a valid debit or credit card to fund the Xare card. You can use the share link with multiple people.

Bear in mind that your card details will never be revealed to either your contacts or merchants where your contacts use their Xare card to make payments. Whenever you want, you can cancel access to these Xare cards, allowing you complete control.

Xare gives you a safety and privacy guarantee. That is, your personal data is always secure and protected. Even Xare does not store any details centrally. So, there’s literally no risk.

While conventional banking and financial institutions offer remittance services, we urge you to become a bank yourself. Say no to lengthy processes and requirements demanded by these organizations, and opt for a seamless digital solution to allow your family and friends to get access to the money you wish to send immediately when they need it.  

Xare can be an ideal way to empower your tribe and a convenient alternate mechanism to transfer money across the globe. Yes, you could make the life of your loved ones simpler by using Xare! Xare aims to create a billion such banks and revolutionize the banking sector with shared accounts and cards. Moreover, Xare is completely transparent, instant, and digital. Xare is also free to use.

Try the app today!