Wells Fargo extends online FX service to small businesses

Source: Wells Fargo

Wells Fargo & Company (NYSE:WFC) today announced that it has extended its Foreign Exchange Online service to small businesses.

This service allows businesses to send and receive foreign currency wires in more than 90 currencies using an internet connection. This 24/7 service is offered through Wells Fargo Business Online Banking, Wells Fargo's web site serving small- to medium-sized businesses. Wells Fargo's Foreign Exchange Online service previously was only available to Wells Fargo's larger commercial clients through the Commercial Electronic Office business portal.

"Wells Fargo's Foreign Exchange Online service combines the advantages of Wells Fargo's competitive foreign exchange rates with the convenience of sending payments throughout the world from an internet browser," said Adam Vancini, senior vice president, Wells Fargo Internet Services Group. "Customers can execute real-time foreign exchange transactions at their desk, eliminating phone calls or trips to the bank."

"As foreign trade continues to grow, small businesses are increasingly doing business with overseas partners, including both suppliers and customers," said Gregg Napoli, head of Foreign Exchange Services for Wells Fargo. "These businesses need a banking partner that can make it easier for them to manage foreign currency transactions, ensure rapid receipt of payments and provide accurate, secure and integrated recordkeeping."

Foreign Exchange Online is accessed through the International Business Services section on the Wells Fargo Business Online Banking site. In addition to Foreign Exchange Online, a number of other international business services are available, including:
  • Ability to Order Foreign Currency Online - Customers traveling outside the United States can save time and money by ordering foreign currency cash and foreign denominated travelers cheques online. This service is also available by phone or in person over the counter at over 300 designated International Teller Sites in more than 200 hundred cities nationwide.
  • Insights from a New International Money Tips Database - The online database includes currency information and travel tips for 60 countries. For each country, the database lists major banks, currency, commonly accepted methods of payment, guidance around ATM availability and credit and debit card use, and a link to the Visa ATM locator.
  • Access to a New Foreign Trade Glossary - The glossary contains information to help small business owners understand commonly used international trading terms.

"We saw a need for centrally-located international business banking resources with 24/7 access to help small businesses navigate the complex global marketplace," said Melanie Donaghy, vice president of Wells Fargo's Business Internet Services. "We recognized small businesses' need for online banking simplicity, timeliness and convenience, so we tailored our offering to meet their needs. This is another example of powerful and affordable tools Wells Fargo offers that help small businesses boost productivity and profits."

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