Pakistanis amongst top five expats remitting money
According to a foreign news agency, the money exchange provider company named Wall Street Exchange has stated that top five expatriate nationalities availing their services have been Indians, Bangladeshis, Filipinos, Pakistanis and Sri Lankans.
The company, with the help of its currency rates and customer facilities, reported a 10 percent growth in its business for 2015.
Wall Street Exchange’s Chief Marketing and Support Services Officer Sultan Al Mahmoud said, “We recorded a substantial 10 per cent growth in the total value of remittance in 2015 compared to 2014. ”
He went on to say that the expatriate also found it easy to avail their services such as credit card and utility bill payments while sending money to their countries.
Mahmoud said that the increase in number of expatriate sending money to their home countries is one of the reasons why the growth in remittance is taking place. He added, “The weakening of various currencies against the US dollar encouraged more expatriates to remit money”.
According to the World Bank Group’s Migration and Remittances Fact book 2016, India topped the Top 10 list of remittance receiving countries with an estimate of $72.2 billion followed by China with $63.90 billion. Phillipines was placed at third position with $29.7 billiion.
Pakistan was at eight place on the list with remittances recorded at $20.1 billion while Bangladesh was at 10th spot with $15.8 billion worth of remittances.
UAE was named in the list of top migrant countries by the World Bank with the likes of Saudi Arabia, United States of America, Canada, Russia, Australia and Spain.
Mahmoud expressed his optimism that the remittance business will grow in 2016. He referred to UAE Ministry of Human Resources and Emiratisation’s statement which stated that 252,000 work permits were issued in the first two months of this year.