Expats, especially those from emerging countries, often struggle to open a bank account when they arrive in a new country due to the lack of credit history.

Moreover, most of them pay high fees and face multiple difficulties when transferring money to their families abroad due to currency restrictions, especially in emerging countries. On the other hand, people living in emerging countries with currency restrictions have a very limited access to foreign currencies and very often they rely on the parallel market to buy foreign currencies. Therefore, they are not able to shop online, to organise their holidays and they must carry a lot of cash when they travel abroad. Countries with non-tradable and non-convertible currencies include most African and Latin America countries.

For example, if you live in Algeria and you want to travel to France, you cannot go to the bank and buy Euros. Once a year, Algerians have an allowance of 200 EUR when they travel abroad. Just enough for one day worth of spending!

myFamilyWallet was founded with the aim of providing a modern solution to these new two issues.

myFamilyWallet main product is a multi-user and multi-currency digital wallet. The expat who is the account holder can define a network of users and allocate budgets and spending rules.In addition, the account holder can request multi-currency pre-paid cards for family members even if they are in another country. The cards will come embossed with their names and are connected to the digital wallet. myFamilyWallet users can transfer money instantaneously between mFW accounts, no matter the country or currency.

The card holders can use their cards for online shopping or bookings, in person spending, and traveling safely around the world.