Wells Fargo extends remittance network to Philippines
11 July 2014 | 1804 views | 0
Source: Wells Fargo
Wells Fargo & Company (NYSE: WFC) and the Philippine National Bank (PNB) will allow Wells Fargo ExpressSend® customers to send money to family and friends in more than 600 PNB locations in the Philippines.
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 beneficiaries at PNB through September 30, 2014.
"We know that remittances are very important to our customers with family and friends in the Philippines, and we know that convenience is an important part of the service we offer," said Daniel Ayala, executive vice president and head of Wells Fargo's Global Remittance Services. "By adding PNB, the 4th largest bank in the Philippines, we are able to expand our payout network, making it easier than ever for customers to support their family and friends in the Philippines."
"The Philippine National Bank is one of the leading providers of remittance and other banking services to Global Filipinos and Wells Fargo is likewise recognized as a strong player in the banking and remittance business. With this new remittance arrangement, PNB can provide convenient remittance transactions between Global Filipinos and their loved ones here in the Philippines," said Atty. Reynaldo Maclang, PNB President and CEO. "Likewise, the Wells Fargo-PNB arrangement is an important milestone as PNB marks its journey towards its 100th anniversary in 2016," he adds.
The addition of PNB as a Remittance Network Member increases Wells Fargo's ExpressSend payout locations in the country to more than 5,700 branches and nearly 6,700 ATMs. ExpressSend customers can send up to $3,000 per day to beneficiaries in the Philippines. Those funds will be paid in Philippine pesos, and can be available for cash pickup at a PNB branch location or deposited to a beneficiary's account. Wells Fargo customers can also send money by signing on to Wells Fargo Online®, by calling 1-800-TO-WELLS or by visiting a Wells Fargo store location, 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 person at a store.
For nearly two decades, Wells Fargo has offered innovative products and services to help Filipino Americans - including an estimated 3.4 million overseas Filipino workers - connect with friends and family by sending money back to the Philippines. This year, Wells Fargo will celebrate the 20th anniversary of providing low-cost remittance solutions to the Philippines.
"This is an important announcement in the remittances space. Remittances into the Philippines have grown by 40% in the past five years, and the country is now the third largest market in the world for inbound cross-border remittances," according to Ron Shevlin, a senior analyst with Boston-based research and advisory firm Aite Group.