WSE’s move is in line with UAE Central Bank report that shows 6 out of 10 expats are from South Asian countries
Dubai (Pakistan Point News - 04th September, 2019) Wall Street Exchange, one of the oldest and most trusted remittance and exchange centres in the UAE, further expands its reach with a new branch in Hor Al Anz in Dubai as part of its efforts to serve more customers in the easiest and most convenient way possible. The opening of the new branch marks Wall Street Exchange’s plan to give utmost convenience to the customers who send remittances to their home country regularly, as well as to support the growing community of the South and Southeast Asians in the neighbourhood.
WSE has also hired staff from the expats’ home countries to facilitate ease of communication. According to the UAE report as quoted by Global Media Insight released in January 2019, 59.5 percent of the expat population in the UAE are from South Asian countries. This data includes Indians, who account for 27.5 percent, the largest expat population. With the newest branch in Hor Al Anz (in Deira), saturated with South and South Asian communities, the consumers can now choose from a wide range of fast, safe, and secure financial products and services with the use of cutting-edge technology for local and international money transfer, foreign currency exchange, and payment transactions with easy communication.
The World Bank 2019 Report also shows that the UAE is home to 9.68 million expats of more than 200 nationalities. The increasing number—which has boosted the remittance industry—is because of better business and employment opportunities for the expatriates. During the Q1 of 2019, the expat remittances reached AED 38.41 billion, according to the recent figures released by the Central Bank of the United Arab Emirates. Of these remittances, the top senders were Indians with 37.
4 percent, followed by Pakistanis with 10.2 percent. Filipinos placed third with 7.9 percent, followed by Egyptians with 6 percent and Bangladeshi with 4.6 percent. Americans remitted 3.4 percent, followed by UK citizens with 3.3. percent, Jordanians with 2.4 percent, Chinese with 2.1 percent, and the Swiss with 1.9 percent. To cater to the increasing number of UAE-based expats, Wall Street Exchange is expanding its reach through the facilitation of the financial transactions which includes currency exchange, money transfer, and payments.
