CHICAGO: Moneydart, a UAE Exchange ranch in Chicago, joined the parent company in celebrating its 35 years of existence and growth on Friday,October 23 in the presence of its Chicago team, invited guests and elite of mini India town on Devon Avenue in Chicago.
UAE Exchange, the world’s largest money transfer, foreign exchange and payment solutions provider, celebrates its anniversary worldwide. According to UAE Exchange sources over the last three-and-a-half decades it has paralleled the growth of the economies of the Gulf region and as a single largest global remittance entity now moves funds worth over US$26 billion annually.
Prabhaker Patel, a Moneydart spokesman in Chicago, said that his company takes this opportunity to thank “our customers, partners, government authorities and various media houses for supporting us throughout our special journey.”
In 1980, when UAE Exchange first began its operations in Abu Dhabi, the remittances it handled were to the tune of US$1.5 million annually. In line with the growth of the Gulf economies and concomitant surge in migrant population over the years, it has been able to carve a niche in the history of the remittance industry catering to an average daily customer base of 400,000.
UAE Exchange handles some 25.4 million transactions annually with much of the remittances to the Asian corridor and has nearly 6 per cent share in the business to developing countries. The World Bank estimates put that in 2014 global remittances were at US$583 billion out of which US$435 billion was to developing countries.
“As the world’s third largest migrant destination, the evolution of the remittance industry in the Gulf region has a global significance. Literally, from snail paced remittance transactions to sending money in a flash with the aid of superior technology, UAE Exchange has moved at brisk pace with significant milestones of service innovation on the way,” said Promoth Manghat, CEO, UAE Exchange.
UAE Exchange is now the world’s widely networked remittance entity with close to 800 branches spread across five continents. “Growth came not just from brick and mortar expansion alone but from an equally significant technology adoption and enhanced partner reach, which helped us create pioneering service excellence standards,” said Mr Manghat.
Prabhakar Patel, Assistant Vice President and Ms Shehla Jamil, Branch Manager of Moneydart, welcomed the invited guests and customers. The cake cutting ceremony was performed by Prabhakar Patel and Ms Shehla Jamil in the presence of the invited guests.
To mark the occasion the Devon Branch was decorated with red and white balloons, flowers, lights and healthy snacks and soft drinks were offered to all guests and customers together with token of appreciation and gifts for being part of the celebrations throughout the day.
The Exchange is a people’s brand and is the most trusted brand to send money back home. Linking people globally through technology-driven, professional and timely services delivered with a personal touch, it ensures that customers fetch good value for their hard-earn money.
Moneydart is fast growing into a people’s brand, winning customers through its unwavering focus on reliability, product quality and service. UAE Exchange is a member of SWIFT, which enables Moneydart to transfer money to any bank account in the world in any currency.
Moneydart Global Services Inc, a wholly-owned subsidiary of UAE Exchange, is steadily gaining popularity among the expatriates in USA. Incorporated in New York in 1997, Moneydart has its Head Office in New Jersey, Prabhakar Patel, Asst. Vice President, said.
Shehla Jamil, Head of Chicago facility, said in a talk to this paper that her agency would deal with and exchange any foreign currency at the most “competitive and best possible rate and the client would get the highest possible rate for the purchase or selling of foreign currency held by him. One can bring any currency and we will offer the best possible rate for its exchange,” she said. Moneydart was no doubt licensed to deal in foreign exchange but it was mostly concentrating on the money transfer business so far.
It will continue to keep up the pace in this area and is expected to cover almost all the States in this country. Moneydart has already tapped big hotels, tour operators and corporations for soliciting their business and the efforts, according to Ms Shehla, are quite rewarding and encouraging
It was Prabhakar Patel, now Assistant Vice President, who was instrumental in getting Moneydart in Chicago and putting it on track. He has now climbed the managerial ladder and is setting his sight on having Moneydart licensed in all States of USA.
He holds a bachelor’s degree in accounting and business administration from M. S. University, Gujarat, India.
He joined Moneydart as a Business Development Manager in 2007 and became Assistant Vice President (Midwest) in 2009 handling Chicago operations while ensuring state and federal regulatory compliance for the Midwest states.
Prabhakar has effectively expanded the network and implemented various marketing initiatives to increase brand exposure in the region. Prior to joining Moneydart in the US, Prabhakar managed operations and finances of several hotels, real estates and coffee plantations in Nairobi, Kenya.
Hari Rao
