Tag: transactions

Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Remitout.

We saw a lot of parents and students come to bank branches with a bunch of questions regarding paying their tuition fees, rents, etc. overseas.  Most of the time, they would fill out forms that would have cancellations or unclear information, this often resulted in funds getting returned after a lot of deductions due to charges and exchange rates. People go through the same running around and stress for sending money overseas in time which should have been the last thing to worry if at all in the entire admission process.

Remitout allows its users to complete the registration process withhin few minutes and then use the platform as per their need easily. Remitout provides an online platform that allows users to remit money from India to other countries. The service can be used to send money for various purposes including travel, medical fees, education fees, immigration fees, and more.

Remitout- Company Highlights

Remitout- About and How It Works
Remitout- Founders
Remitout- Startup Story
Remitout- Name, Tagline and Logo
Remitout- Vision and Mission
Remitout- Target Market Size
Remitout- Challenges
Remitout- Products And Services
Remitout- Customers And Clients
Remitout- Recoginition and Achievements

Remitout- About and How It Works

Remitout offers you different services that make easy online money transfers using Remitout’s forex card. Remitout allows the registered users to buy and sell currencies at the live rate by an easy process. It allows its users to get the account loaded with money and then cashed it out under any available currency.

Remitout is an online money transfer service for students. The process is done in 5 easy steps on the website from registration to making payment using a secure payment gateway. The platform enables easy and fast access to the facility by availing the option of a one-time sign-up process. Remitout is also noted to associate with RBI Authorised AD II License holders only. They are completely secure with no hidden charges.

Remitout provides a simplified online platform for Indian students to transfer their education-related funds out of India.  With the number of students opting to study overseas growing each year, so is the requirement for overseas money transfers.  As these students are first-time remitters of overseas funds there are a lot of doubts and concerns, with Remitout we want to make an overseas money transfer as simple as purchasing products/services on one commerce website.

In the current calculation, Remitout has successfully helped 3000 students to make their remittances and trust the platform. The future goal of Remitout can be assumed to gain the trust of more students and parents by becoming their remittance partner. Remitout is also known to provide currency exchange in 15 different currencies.

Remitout- Founders

Nafees Dadi

Nafees Dadi successfully straddled several mantles during his stint at renowned banks at ABN Amro, HDFC, and ICICI, he managed their trade processes and teams while playing a vital role in setting up policies. Surprised by the time most students and parents spent on money transfers abroad at the bank, he wanted to do something to ease the process. This resulted in him co-founding Remitout Service Private Limited and he played a crucial role in its inception and growth.  At Remitout, he oversees business functions, technology, advancement, and strategic alliances.

Kritika Saini

kritika Saini has completed her Executive MBA from Narsee Monjee Institute of management studies in Jan 2019.Kritika is a banker turned entrepreneur. Before starting out as an enterpreneur, she was noted to work with different banks such as HDFC, ICICI, Bank of Maharashtra, etc. Kritika Saini was reported to work in varied industries during her banking job ranging from wealth management, SHG finance, Foreign Trade, etc. In Remitout, Kritika Saini works and oversees various activities and work such as Business Functions & advancement, Marketing, promotions, product development, and PR activities.

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Remitout- Startup Story

The co-founders of Remitout were both shocked by the time taken to fulfill the whole process of transferring money. With the increased demand for money transfer, the traditional method was not the best option. Nafees Dadi always wanted to do something to help those students with the money-wiring process. His role in the development and growth of Remitout is too crucial due to the basic thought process behind it. He noticed that the time taken by each parent to fill up the form and complete the transaction process was quite high.

And another essential thing noticed by him was that even after consuming so much time, there is always greater room for mistakes. Mistakes made in the application form can actually cancel the transaction nullifying the efforts and time usage. Hence, the rise of Remitout was initiated after the whole scenario and calculation.  While doing a basic search on the project, the co-founders of Remitout realized that India is listed in the second position for migrated students after China. Making them affirm their decision of initiating the project because, the higher the number of students away from the country for education, the more the need to find a good alternative to the traditional method.

A few sessions with the team and discussion then led to the creation of the now known Remitout platform with a detailed workflow system.

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Remitout- Name, Tagline and Logo

Remitout is a joint word of Remit=Remittance and Out=Outward.  Remitting money outward of India. Remitout, a name which is a mix of Remittances outside India typically called “Outward Remittances” in Bank.

Remitout Logo consists of an orange color square covered with two square brackets like shaped orange color objects. On the left side of Logo, the word “Remitout” is written.

Remitout- Vision and Mission

They believe that a genuine exchange transaction of a student paying fees overseas should be as simple as making any local transfer within India.  The processes and jargon used make it complicated for first timers, hence the company thought of making the transfer process as it should be. Simple and Easy.

Remitout- Target Market Size

Education domestic or overseas is a growing market and shall keep growing as it’s the need of the future. As the company is in the money transfer business for students our market size directly correlates to the number of students going overseas from India.  The number of students going overseas has been growing at a robust average annual growth rate of 22% in a span of 16 years (as per so n so data). Annually the money which is sent from India towards education expenses is close to $ 4 billion growing at an average of 44% every year.

Remitout- Challenges

With zero users and an online business model targeting students, both of the founders started working day and night on various WhatsApp and other social media groups formed for student discussions. They gave their inputs in queries related to foreign exchange and fee payments.  It took a while but they were able to demonstrate their expertise in the field and convince students to try their service.

The biggest challenge for Remitout was to get people to trust a new entity with a large sum of money and more importantly for transacting online with their funds. The Remitout founders tried for weeks to speak to everybody through various online and offline channels until they got their very first student on the website.

The students were delighted with the overall experience and got a few of their friends to register with them. The team called each of the students taking feedback on their experience and requesting them to refer their services to their contacts.  It took a while but the word of mouth spread around, they were able to get students to come to them because of the experience and not any marketing activities.

Remitout- Products And Services

By digitizing the application process, they have been able to have error-free transactions, the forms are filled automatically and hence are clear to read. The process is completed in easy steps which can be done in the comfort of the customer’s home hence there is no more running around or unanswered questions.  Now anybody who uses a computer can send money overseas by themselves.

They introduced an additional platform towards the end of 2019 which worked on the same base principle. However, this time around they wanted to enter into the B2B space by partnering with Overseas Education Consultants. So, they created a platform for these consultants who can now register with them and process their student remittances from their offices.  This helps these consultants to provide an additional service that is relevant to their processing time and at the same time helps them reach more students in different parts of India.

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Remitout- Customers And Clients

The team has been working on transparency to students on processes and charges, keeping low expenditure avoiding any unwarranted expenses, and working on the profit-making model.

They have always worked on word-of-mouth references to get their next customer, this is a slow process but a definite as per their belief.  Along with this, the team has made some partnerships overseas with companies that receive payments from Indian students for their visa processes.  With their new vertical they are also partnering with various consultants to get them a better reach.

Remitout- Recoginition and Achievements

With simple and realistic goals, Remitout has achieved its registration in Startup India. For them, their biggest achievement is to maintain the average 5-star rating on Google with 700+ reviews.

Conclusion

Remitout was started with the purpose of providing a helping hand to students and parents looking for money transfers across the globe. They provided an easy way for money transfer through their medium by removing the complicated process of transferring money via bank. With the simple purpose, they are currently in a good development pace with constant updates to maintain their fame.

FAQs

Is Remitout a better option for the needy?

Remitout provides hassle-free service with good security. Hence it can be considered a better option to use when required.

When was Remitout introduced to the world?

Remitout was introduced to the world on 24th August 2017 by the joint efforts of Nafees Dadi and Kritika Saini.

What is the business model of Remitout?

Remitout works on the business model of Business to Consumer (B2C).