Wall Street begins on-site salary distribution
Dubai, March 5, 2008
Wall Street Exchange, the financial services arm of Emirates Post Group, has started disbursing salaries of private sector workers at designated sites through mobile teams.
The service, which comes with no extra charge to the workers, is available to companies that have signed agreements with Emirates Post to have their workers’ salaries paid out through mobile teams of Wall Street Exchange.
The Wall Street teams visit designated venues, usually workers’ accommodation sites, on fixed days to disburse the salaries, using laptops and GPRS to enable workers to transfer money to their home countries through Wall Street’s large network of correspondent banks across the globe, including South Asia, for a competitive fee.
The worker can either transfer money to a beneficiary bank account or send cash within minutes using other available money transfer channels, including Instant Cash and Western Union.
“Wall Street is among the first companies to offer this value addition of salary disbursal at the doorstep of workers,” said CEO, UAE, Wall Street Exchange, Abdul Basit Al Suwaidi.
“We have signed agreements with several companies, involving thousands of workers. The first experience of distributing salaries through our mobile teams was completed in February with a success rate of 99.9 per cent. The response from the companies and the workers has been overwhelming.”
“More than 2,000 of our workers received their salary through the mobile teams of Wall Street, and we are very pleased with the arrangements. Wall Street is very efficient, and uses high technology to enable workers to do money transfer,” said administration manager of General Construction Juma Mubarak.
Companies signing agreements with Emirates Post for enabling the salary payout of workers enjoy several benefits and advantages, including convenient locations, extended timings, timely payment and, most importantly, the facility of transferring money without going through the trouble of visiting an exchange company.
The Wall Street mobile team service is available to companies with over 500 workers. In the case of companies with less than 500 workers, they will have to collect their salary from designated post offices. – TradeArabia News Service