WallStreet Exchange Company (Pvt) Limited was registered and incorporated as private limited company with Securities and Exchange Commission of Pakistan on July 14, 2003. The Company was granted license by the State Bank of Pakistan (SBP) on August 28, 2003 and it commenced its operations in December 2003, as per the guidelines laid down by the Central Bank of the country.
From a steady start in 2003-04, the Company has now covered a big ground, and can easily be rated as the frontline and leading foreign exchange company of the country.
The Company has been established and managed by the professionals associated with the financial services industry for a long time. The major officials of the Company have experience of international and local banking and forex business. The Board of Director consists of professionals and neutrals personnel, therefore keeping the accountability process highly balanced.
The management believes in complete institutionalization of business, and therefore it has strong mid tier management, which takes care of operations, regulatory aspects and marketing.
The Company will continue to stress on the quality of board, senior management and middle management, to make it a formidable institution.
WallStreet Exchange Company is one of the leading Exchange Houses having had its association with Deutsche Bank (until SBP changed the regulation) and relationships with the local banking institutions. The relationships help the Company to strengthen its business relationships at the hardcore retail (individuals), wholesale (corporate/institutions) and niche market individuals. The Company maintains highest level of quality services to its loyal customers.
The Company has the mission to provide the best services to its loyal established customers, with the prime objective of following the rules/regulations provided by the State Bank of Pakistan (SBP).
The Company through its policies/procedures will consistently support to stabilize the foreign exchange market of the country, within the given limitations. The Company through the self-disciplined approach generates capacity, capability and resource to develop highest possible standards of service.
The Company’s mission will remain to keep business ethics, principles, values and country’s reputation supreme than the material benefits.
The vision of the Company is to enhance its capacity and capability to develop a loyal clientele base. The Company will continue to generate the foreign exchange for the country through its untiring efforts to get the most secured home remittances. The social/professional responsibility aspect of creating jobs at the entry level will continue to be the prime focus. Therefore the long term vision of the Company to remained the leading exchange company is with solid customer base, qualified and trained staff provided support to country forex reserve will remain focused.
The major product – home remittances is the part of long term vision, whereby the recipients will get the benefit of effective, quick and economical ways of receiving money, while the country will be the beneficiary of increased foreign exchange. The company, however, committed to continue work on this long term vision.
The Company in order to achieve the mission under the guidance of Board and supervision of the top management will have sound, stable and quality operation. The Company has operations, marketing and treasury strong personnel, who work towards the objectives of achieving quantitative goals, while maintaining all qualitative values. Its IT Department supports to the frontline business divisions with MIS is available right on the finger tips. The most critical and complex aspect of today’s FX business, the Compliance and Audit Division has been consisted of very experienced, matured and groomed people, who understand the complexities from all angles.
The Company, therefore, believes that it should continue to achieve its quantitative goals without compromising any possible operational/regulatory/accounting drawback.
Our value would remain to maintain the highest level of ‘Reputation’. The Company will never compromise on any kind of reputation risk. It continued to value country’s stability, with support towards the employment. The aspect of social responsibility is the top value.
The combination of quantitative achievements with the support of all values will help maintain solid relationships with customers, institutions and regulators. We would call them all as stakeholders.
In the retail currency exchange market, a different buying rate and selling rate is quoted by money dealers. Most trades are to or from the local currency. The buying rate is the rate at which money dealers buy foreign currency, and the selling rate is the rate at which they sell the currency. People may need to exchange currencies in a number of situations.
An exchange rate is usually quoted in terms of the number of units of one currency that can be exchanged for one unit of another currency. (Price currency, payment currency) and the Pak rupees is the ‘base currency’ (unit currency, transaction currency).
We provide the service of Outward Telegraph Transfer as per scheduled of charges telegraph. Transfers enable to send money to any overseas bank account.
Advantages of a Telegraphic Transfer:
– In any major currency for permissible amount.
– A fast and accurate way to transfer funds abroad.
– A secure way of remitting funds of substantial amounts payable to a specific bank Account.
– We offer fast and convenient payments.
– Electronic Transfer:
– Electronic transfer facility is provided to those customers who intend to transfer money immediately through our channel.
Channels through which electronic transfer is done are: ARY Speed Remit, MoneyGram.
Advantages of an Electronic Transfer:
A fast and accurate way to transfer funds anywhere in the world (except OFAC list) in just 10 minutes. A secure way of remitting funds payable to a beneficiary anywhere in the world (except OFAC list) in their local currency as per permission granted by SBP from time to time.
Processing of Electronic Transfer:
– Inquire what amount of money customer intends to send.
– Valid Id is asked from remitter (passport number, driving license and CNIC are consider to be the valid ID).
– Name of country where the amount is to be sent.
In case of electronic transfer through our channels we can send only to individuals for personal use. (Trade related transfers not allowed).
Inward Remittances: Inward remittances (home remittances) refers to the money transferred by overseas Pakistanis to their home country for the purpose of family maintenance.
Major countries from where the inwards are received are; UAE, Saudi Arabia, USA, GCC countries, UK, Canada, Spain, Germany, France, etc.
Remittance arrangements: We have approvals of State Bank of Pakistan for various remittance arrangements, thus we are authorized to make instant payments through network of our branches, franchisees and payment booths.
A demand draft, like an electronic transfer, is one of the methods of transferring money overseas. A demand draft is a very convenient option for transferring money. It is an order to pay a certain sum to a certain person or as his instruction.
The forms are filled by the customer and send to bank. The demand draft made by our bank on receipt of same. The demand draft is handed over to the purchaser who sends it to the beneficiary. The beneficiary obtains payment on presentation to the bank on which the draft is drawn.
ADVANTAGES OF A DEMAND DRAFT
– A cheque payable to particular beneficiary drawn on our correspondent bank.
– In any major currency for any amount.
– Payment guaranteed by the issuing bank.
– A secure form of payment as the demand draft is payable to the specified payee.
– Re-purchasable and refundable if lost after completing all formalities.
– Bill payments
Customers can now enjoy the fast and reliable services of WallStreet for paying their electricity, water, gas, and telephone & internet bills. This service is available at WallStreet branches across Pakistan. The customer will receive a stamped receipt and confirmatory SMS after every transaction.