Wednesday 26 February 2020

Wall Street Exchange opens new branch in Dubai

DUBAI, September 4, 2019

Wall Street Exchange, a leading remittance and exchange centre in the UAE, has opened 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 per cent of the expat population in the UAE are from South Asian countries. This data includes Indians, who account for 27.5 per cent, 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 Dh 38.41 billion, according to the recent figures released by the Central Bank of the UAE. Of these remittances, the top senders were Indians with 37.4 per cent, followed by Pakistanis with 10.2 per cent. Filipinos placed third with 7.9 per cent, followed by Egyptians with 6 per cent and Bangladeshi with 4.6 per cent.

Americans remitted 3.4 per cent, followed by UK citizens with 3.3 per cent, Jordanians with 2.4 per cent, Chinese with 2.1 per cent, and the Swiss with 1.9 per cent.

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. – TradeArabia News Service


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