Wall Street Exchange opens new branch in Hor Al Anz
UAE-based remittance and exchange centre Wall Street Exchange has opened a new branch in Hor Al Anz in Dubai to better cater to more Asian expats.
The new branch is part of Wall Street Exchange’s efforts to provide convenience to remitters and 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.
In a report by Global Media Insight released in January 2019, 59.5 percent of the expat population in the UAE are from South Asian countries. This includes Indians, who account for 27.5 percent, the largest expat population. The branch in Hor Al Anz, according to the remittance centre, will cater to more expats from South and South Asian countries, as this area in Deira is widely populated by these communities. Some of the products Wall Street Exchange offers include the use of cutting-edge technology for local and international money transfer, foreign currency exchange, and payment transactions with easy communication.
The UAE, as per the 2019 Report of the World Bank, is home to 9.68 million expats of more than 200 nationalities. The increasing number—which has boosted the remittance industry—is reportedly because of better business and employment opportunities for the expatriates.
The recent figures released by the Central Bank of the United Arab Emirates also showed that on the Q1 of 2019, the expat remittances reached AED 38.41 billion. The top remittance senders were Indians (with 37.4 percent), followed by Pakistanis (10.2 percent), Filipinos (7.9 percent), Egyptians (6 percent), Bangladeshi (4.6 percent), Americans (3.4 percent), UK citizens (3.3. percent), Jordanians (2.4 percent), Chinese (2.1 percent), and the Swiss (1.9 percent).
Wall Street Exchange is also expanding its reach to serve the increasing number of expats in the UAE, through facilitating financial transactions such as currency exchange, money transfer, and payments.