Wells Fargo & Company (WFC) announced today that it has added SCOTIABANK and Remesas BAC Credomatic to its network of ExpressSend® payout locations in El Salvador. The new remittance network members will bring the total number of payout locations in El Salvador to more than 500, along with more than 1,200 ATMs.
To celebrate the expansion, Wells Fargo will waive all transfer fees for remittances sent from an eligible account by new and existing ExpressSend customers to SCOTIABANK EL SALVADOR and Remesas BAC Credomatic through September 30, 2014.
“Remittances like those provided by Wells Fargo’s ExpressSend service are a vital part of El Salvador’s economy – they account for 16.5% of the country’s GDP – and many families rely on them as a source of income,” said Daniel Ayala, executive vice president and head of Wells Fargo's Global Remittance Services. “Our customers want to make it as convenient as possible for their friends and family to receive the money they send, and this expansion will make it even easier for those beneficiaries to receive their money.”
ExpressSend customers can send up to $1,500 per day to their beneficiary in El Salvador for a low transaction fee of $7. Those funds will be paid in U.S. Dollars, and can be made available for cash-pick up or deposited to a beneficiary’s account. In addition to SCOTIABANK EL SALVADOR and BAC Credomatic, beneficiaries in El Salvador may receive remittances at Banco Agricola, Banco Davivienda Salvadoreño and Sistema Fedecrédito.
“By adding Remesas BAC Credomatic and Scotiabank to its payout network in El Salvador, Wells Fargo has further invested in its remittance network and added opportunities for recipients to access other financial services,” said Dr. Manuel Orozco, Remittances and Development Program, Inter-American Dialogue.
ExpressSend transactions can be initiated by calling Wells Fargo Global Remittance Services at 1-800-556-0605, going online at wellsfargo.com, or visiting a Wells Fargo banking store, making Wells Fargo the only U.S. commercial bank to offer all three channels for remitting funds. The first remittance for a service agreement must be completed in personreement must be completed in person at a store.