Remitout Detailed ReviewRates, Fees, Limits, Safety and More
Last updated: March 21, 2022
What is Remitout? An introduction
Remitout company information
Remitout is fully dedicated & focused towards students from India who are studying abroad. Their goal is to give the best service in the industry. Long gone are those days of standing in queue's - you can now transfer funds from India with just a click of a button!
Remitout is trusted and preferred by more than 4000 students, studying in over different institutes across various countries worldwide.
They provide online foreign exchange to students at the most competitive exchange rates using live interbank rates. You can make wire transfers overseas through their website for all your educational needs. Remitout is a one stop solution if you looking for ease of transaction with a completely online solution.
What services does Remitout offer?
Remitout provides various services catering to Indian students who venture overseas to pursue education. Some of their overseas Indian student focused services are listed below.
- Education loan
- Money transfer from India
- Accommodation abroad
- Consultancy services
Why should I send money with Remitout?
There are many good reasons to use Remitout for your next money transfer from India for your overseas educational needs; these include:-
- Remitout's simple one-time signup process lets you complete your transaction in a few minutes seamlessly.
- All your application forms pre-filled automatically based on your profile.
- You can store a transaction for future transfers and set up a rate alert. As soon as the market reaches the desired exchange rate you can complete your order in a few clicks.
- Experience the best service from the Remitout team.
- Get dedicated support from the Remitout team through phone calls, WhatsApp chats, email & messages.
- Remitout only partners with reputed companies to process all your transactions.
How can I send money with Remitout?
Follow the below simple steps to send money with Remitout. Its quick and easy!
- Step 1 - Register using mobile and email – create your online account with your registration information.
- Step 2 - Add recipient info and specify amount to send - fill in the details of recipient or beneficiary, and choose amount you need to send.
- Step 3 - Upload necessary documentation – upload necessary transactional and KYC (know your customer) documents along with prefilled application form.
- Step 4 - Fund your money transfer - transfer funds to Remitout's designated account using payment gateway or RTGS service.
That's it! Remitout will take it on from there and process your transaction.
Once the transaction is successful, all needed details are shared with the Authorized Dealer on their registered email for processing the actual money transfer via Swift. This usually happens on the same day.
How much money can I send with Remitout?
Remitout does not enforce any limits to the amount of money you can send overseas from India.
However, please be aware that you can only send up to USD 2,50,000.00 in a single financial year. This is a limit fixed by the RBI (Reserve Bank of India) as part of the LRS (Liberalised Remittance Scheme).
Under the Liberalised Remittance Scheme, all resident individuals, including minors, are allowed to freely remit up to USD 2,50,000 per financial year (April – March) for any permissible current or capital account transaction or a combination of both. Further, resident individuals can avail of foreign exchange facility for the purposes mentioned in Para 1 of Schedule III of FEM (CAT) Amendment Rules 2015, dated May 26, 2015, within the limit of USD 2,50,000 only.
Reference - RBI guidelines on the Liberalised Remittance Scheme
Is Remitout a safe way to send money abroad?
Remitout adheres to number of financial security best practices to ensure your money as well as information are in safe hands with them.
Data Safety is one of Remitout's core values. Remitout uses industry-standard HTTPS encryption to protect your transactions and secure your information on their servers.
Additionally, Remitout ensures only RBI Authorized Dealers with AD II license process your transactions.
Can I trust Remitout?
Throughout the whole process, Remitout maintains complete transparency to give you better control over your transactions. Their thorough verification processes ensure that your money is safe with them and reaches the right recipients.
Your money and information should be safe with Remitout given their focus on security.
