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Indians, Bangladeshi, Filipinos top three nationalities remitting money
Excellent customer service, best currency rates have driven the growth
Dubai, UAE - Wall Street Exchange, UAE's leading comprehensive money exchange service provider and a member of Emirates Post Group, has reported a 10 per cent growth in its remittance business for 2015, driven by its excellent customer service and best currency rates.
The Chief Marketing and Support Services Officer of Wall Street Exchange, Sultan Al Mahmoud, said: "We recorded a substantial 10% growth in the total value of remittance in 2015 compared to 2014. This indeed reflects the trust and confidence the customers continue to place on Wall Street Exchange."
The top five expatriate nationalities in the UAE remitting money using Wall Street Exchange were Indians, Bangladeshis, Filipinos, Pakistanis and Sri Lankans.
"One of the primary reasons for growth in remittance is the increase in the number of expatriates sending money to their respective home countries. The weakening of various currencies against the US dollar encouraged more expatriates to remit money. Few currencies reached their lowest level, benefiting the expats by getting higher exchange rate," Al Mahmoud said.
"The ease of reaching our exchange centres and innovative kiosks, our highly efficient service, and our best currency exchange rates were among the main drivers for more people to come to Wall Street Exchange. They also found it convenient to use our multiple range of services such as credit card and utility bill payments when remitting money to their countries," he added.
India took the first place on the list of Top 10 remittance receiving countries, with an estimated remittance of $72.2 billion in 2015, followed by China ($63.90 billion), and the Philippines ($29.7 billion), according to the World Bank Group's Migration and Remittances Fact book 2016. Pakistan was placed eight on the list with remittances of $20.1 billion, while Bangladesh took the 10th slot with $15.8 billion of money received.
The World Bank report placed the UAE in the top 10 migrant destinations which included the United States of America, Saudi Arabia, Germany, Russia, United Kingdom, France, Canada, Spain and Australia.
Al Mahmoud expects Wall Street Exchange's remittance business to record higher growth in 2016, referring to the statement issued by the UAE Ministry of Human Resources and Emiratisation that states over 252,000 new work permits have been issued in the first two months of 2016.
"We positively see the trend being sustained as people continue to remit money. Despite the lower oil prices, the economy in the UAE is growing and with Expo 2020 within reach, more job opportunities will be available," he concluded.
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About Wall Street Exchange
Wall Street Exchange, established in Dubai in 1982, is one of the first companies to provide comprehensive money exchange services in the UAE. The company has been providing a wide range of foreign exchange, money transfer and related services in the region for over 30 years.
Wall Street's continued growth has allowed it to set up a worldwide network that includes offices in the UAE, UK and Hong Kong. With its global reach, local expertise and dedicated staff, Wall Street is the preferred choice for currency exchange and remittances. In addition, Wall Street provides other services such as credit card bill payments and cash advances, National Bonds, Air Arabia, Etisalat, Du, Ding, SEWA and much more.
For inquiries, please contact:
• Ana Margarita Espineli
New Perspective Media
anamargarita@newperspectivemedia.com
+971 4 2940755, +971 56 7634292
© Press Release 2016
