Ambr is an app that helps you save money with your friends and family. You can create and manage Social Saving Circles which are also called Rotational Savings Clubs.
Frequently Asked Questions
What are Rotational Savings Clubs or Social Saving Circles?
A Rotational Saving Club or a Social Saving Circles, as we call them at Ambr, is made up of a group of individuals saving and borrowing together, acting as an informal or alternative bank, like peer-to-peer banking. Everyone in the circle contributes funds into a pool on a regular basis, and then takes turns withdrawing funds from the pool.
Rotational Savings Clubs are also known as tandas or cundinas (Latin America), partnerhand (West Indies/UK), susu (West Africa and the Caribbean), hui (Asia), Game’ya (Middle East), kye (South Korea), tanomosiko (Japan), pandeiros (Brazil), juntas or quiniela (Peru), and arisan (Indonesia).
How do I know I won’t get ripped off by the people in the circle?
All users of Ambr enter a legally binding contract when they become members of the app. They also enter into a legally binding agreement for each circle they join (much like entering a mobile phone contract). If users fail to meet this agreement, Ambr can report misconduct to the credit authorities which will impact their credit score. All users also have to complete a KYC (Know Your Customer) and AML (Anti-Money Laundering) check as a condition of becoming a user, just like your bank does!
While we do everything in our power to keep members honest, we encourage you to invite or join circles of friends you ABSOLUTELY trust.
Rotational Saving Clubs are so successful in other countries because people do them with people (friends and family) they trust, and also because it’s less likely people want to rip off their own family and friends.
Missed payments are rare: In almost all tandas, it is very rare for people to miss a payment. This is because the social cost of not following through on your promise can be very strong. In a study of USA found that the nonpayment rate was 0.005%.
What do I need to sign up for Ambr?
You need a smartphone (Apple iPhone or Android), a valid ID and an Australian bank account you are authorised to use.
Are there transaction fees?
Nothing at all. Ambr is free! But there may be fees from your bank if you have insufficient funds. So make sure you have enough funds in your account when your circle contribution is due.
Is it really free to start?
Yes! Ambr is free – after all we want you to SAVE SAVE SAVE baby!
Is my data secure?
Ambr uses bank level security to encrypt and safeguard your information. We also partner with highly-regulated institutions that have jumped all the hurdles and gone through all the security hoops needed.
How do I start a Social Saving Circle?
To start a circle you must download the app first and create an account. Then you can either create a circle or join one you’ve received an invitation link to. To start a new circle, click the + button, choose the amount to contribute, frequency, number of cycles (this is how many times the circle will loop and how many pay-outs each member will receive), choose the pay-out order and start date. Then invite your friends and let the magic begin.
All members you invite will receive a message from Ambr inviting them to join your group. Prior to joining the group they will need to download the app and create an account to accept the circle invitation.
How do I join a group?
To join an existing saving circle, the circle admin will send you an invitation link (this can be by text, email or socials). All you need to do is download the app, create an account (if you haven’t already) then click the invitation link to view the circle you have been invited to (note the contribution amount and the frequency so you can make sure you are ready to commit). If you’re happy with the circle parameters, click join to become a part of it, add your funding bank account and voila! You have joined!
Can I join a group if I am not invited?
You can only join a circle if you’ve received an invitation to join an existing group. We’re all about joining circles with people you trust. But never fear – you can also create your own group and invite people you feel comfy with.
How do I make group payments?
Payments are auto-debited from the bank account you set up as the funding account for that circle. The first payment is drawn on the circle start date and every week/fortnight/month from there depending on the circle frequency.
Please note: depending on your bank, it could take 2-3 business days for your funds to hit your savings circle. If your payment date lands on a weekend or public holiday, it could be pushed to the next business day too so don’t stress if you don’t see the funds arrive immediately. Ambr is working towards instant payments but this could be 6-12 months away so watch this space!
Payments are processed via Shaype, our payment process partner, and are held by Evolve Bank & Trust.
How do I receive group payouts?
Group pay-outs are made available on the scheduled pay-out day to the person chosen in the payment order. You can see a full schedule of upcoming pay-outs under the circle ‘upcoming’ tab and just find your schedule pay-out. Pay-outs are instant and will arrive into your Ambr digital wallet which you can see under the ‘Accounts’ screen. Funds can be held in this account to help you save or you can transfer them out to a bank account of your choosing.
Please note: Transfers to your bank account could take 2-3 business days to arrive to your bank account.
Can I change my payment method after the cycle started?
Not at this stage.
Can I make payments on behalf of someone or can someone make payments for me?
No. Your Ambr account must be linked to your own bank account and it can only make contributions for yourself.
What if someone abandons the group and stops making payments?
Ambr will send an electronic warning notice to any individual who fails to keep their commitment to the group they are a part of. If the group member owes money to other members, Ambr will process an auto-payment from that person’s linked bank account. If the withdrawal attempt fails, the individual will be blocked from joining new groups on the Ambr platform, and any balance they owe may be sent to a collection agency. The missed payment may also be communicated to credit bureaus.
Can I leave a group before the payment cycle is complete?
Nope, once you have committed to joining a group you need to stay a part of it until the circle is complete. It would be unfair to other group members if you were able to terminate your agreement in the middle of the cycle.
How is the order of payouts chosen?
The group pay-out order can be manually ordered by the group admin, randomised (Ambr will choose the order) or first-in first-served basis (in order of who joined the circle first).
Are there any limits on group size?
Yes. All groups must have at least 2 people to start and a maximum group size of 10 people.
What happens after all the cycles are completed?
The group will move from “Active” to “Archived” status. If your group loved saving together, the group admin has the option of restoring the group with the same members and the same parameters. Otherwise just create a new circle and customise the parameters to meet the groups needs.
What if I want my group to continue past a cycle?
After a group moves to “Archived” status, the circle admin can restore the group with the same members and parameters. To do so, please: (1) navigate to the “Archived” screen in the groups’ tab; (2) click on the group you are interested in; (3) scroll to the bottom of the screen; and (4) click the “Restore” button. From there, follow the steps laid out on the screen to restore the group.
Can the payout order be changed after the cycle has already started?
No, not at present.
Who is Ambr’s banking partner?
Ambr partners with Shaype to hold all money transacted on the platform. Evolve Bank & Trust is fully FDIC insured and PCI Compliant.
Is there a recommended circle/kitty size?
Yes. We have seen the most success with groups saving between $500 and $2000 per month over a period exceeding 6 months. We do however for your security have a maximum of $500 per contribution.