Financial Services

The House of Patels entered into the finance business in the 80s with the setting up of its first Foreign Exchange Centre in Deira, Dubai, called the Wall Street Exchange Centre. Wall Street Exchange Centres (WSEC) have since gained considerable market presence in the fields of money changing, drafts, wholesale bank notes, traveller’s cheques and remittances.

In 1982, the Group set up Wall Street Finance Ltd. (WSFL), a company with a core focus on forex and inward money remittances. The company’s products include the Visa and Amex brands of travellers cheques as well as UTI Bank’s prepaid foreign currency cards. Overseas medical insurance policies from ICICI Lombard are also a part of the company’s retail product portfolio.

WSFL has established itself in the wholesale market as well, buying and selling bulk currencies from all major RMCs and FFMCs, including Tata Amex and Thomas Cook.

The company is also India’s leading agent for Western Union and operates the most extensive network of money transfer sub-agents, totalling to over 2000.