About XARE
June 29, 2022

How Xare is Changing the Way Money Transferred Internationally

Learn about sending and receiving money internationally with Xare.

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 remittances for their expenses. This number largely includes migrants in gulf countries. If such high is the number of people who have migrated, can you imagine how much money is being transferred across countries?

Well, the transfer of money back home is known as a remittance. 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 loan is a huge 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 been even more prominent during lock down 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 a simple app that allows users to share their debit or credit cards with their friends and family (who we like to call “tribe”). Xare aims to revolutionize banking by allowing you to let your tribe borrow using your credit card, even when you do not have enough cash to help them.

Here’s how Xare is changing the way money is transferred across the globe:

Remittances 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 balance you have 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.

Remittances for daily expenses: Whether you have dependent parents or children, it can be a task to make remittances from banks and other traditional methods. 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 cash 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.

Remittances 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 across borders for multiple uses so your tribe is never left waiting for money.

How Does the Xare app Works?

The Xare app is currently available in beta mode and offers early access. You can download the “Xare” app from PlayStore. The app is currently available in beta mode and offers early access.

On downloading the app, you are required to enter your phone number and a unique ID. You can expect to get registered within 30 seconds, post which you can add a valid debit or credit card to the app. Once the card is added, you can select a contact and start sharing the card with your selected contact. You can use the share link with multiple people.

Do remember to set the limits on your card and also the date up to which the card can be accessed by your contacts. In turn, your selected contact will get a Xare card.

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 are no hacking risks involved.

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 billions of 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! You can download it from PlayStore.

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