Source: Wells Fargo
Wells Fargo & Company (NYSE:WFC) and India's ICICI Bank said today they will partner to launch a new remittance service that allows customers in the United States to send up to US$3,000 a day from their U.S. accounts to accounts in India for $8.00 per transaction.
The U.S.- India remittance product is Wells Fargo's third such international remittance product launch in the last nine years, and the second into the Asia-Pacific region.
"The Asian-Indian community is a fast-growing, thriving market segment in the United States. As such, we strive to offer a complete range of financial products and services our customers may need," said Daniel Ayala, head of Wells Fargo's Cross Border Payments group. "Reaching out to the Indian market - the world's second most populous nation - is an important part of our global consumer remittance strategy, and further extends our ability to meet the financial needs of our diverse customer base in the United States."
The Global remittance market is estimated at $110 billion, including India-bound remittances of almost $11 billion. Approximately half of the transfers to India originate from the 1.5 million Asian-Indians living in the United States.
Partnering with ICICI Bank Limited allows Wells Fargo customers' beneficiaries to access a remittance distribution channel of 470 banking stores and 1790 ATMs in India.
Customers can safely transfer funds directly from Wells Fargo to ICICI Bank. Once they open an account, clients can use the Wells Fargo store, phone, online banking, or ATM channels to conveniently transfer funds from their Wells Fargo account to their beneficiary's ICICI Bank account in India. Once the transfer is complete, funds are available in Indian Rupees the following banking day in India.
"The wide reach of Wells Fargo in the U.S. and ICICI Bank in India means that money-transfer options are available to both the remitter as well as the beneficiary at a stone's throw from their home or office," said Mr. Gopakumar P, head of Non Resident Indian Business at ICICI Bank Limited. "Add to that a 24-hour delivery period and a very affordable charge, and this is easily one of the best money-transfer solutions available to non-resident Indians today."
In 1995 Wells Fargo launched its InterCuenta Express(R), the money transfer product between the U.S. and Mexico, and last June, with its partner banks, created the largest consumer remittance distribution network by a U.S. bank in Mexico. Earlier last month, Wells Fargo announced its launch of the International ATM Remittance Account to the Philippines.
"This program, designed and launched in close collaboration between Wells Fargo and ICICI Bank, provides our mutual customers with a much-needed, safe, and reliable service," said Gene Gutierrez, product development manager for Wells Fargo's cross border payments. We are confident that the strength of our two brands will allow for a successful entry into the fast-growing Asian Indian market segment."