Wells Fargo expands ExpressSend remittance service to new countries

Source: Wells Fargo

Wells Fargo & Company (NYSE:WFC) has more than doubled the number of countries that can receive Wells Fargo ExpressSend remittance transactions - expanding to Honduras, Nicaragua, Dominican Republic, Colombia, Ecuador, Peru, Bolivia, and Argentina.

Additionally, Wells Fargo has added Telecomunicaciones de Mexico (Telecomm Telegrafos) - one of the largest telecommunications companies in Mexico - as a new paying agent. Customers can now remit to an additional 1,560 new payout locations in Mexico, bringing the total payout locations in Mexico to more than 5,500 locations.

"The expansion of our consumer remittance network in Latin America reflects on our long-standing commitment to satisfying all of our customers financial services needs," said Daniel Ayala, executive vice president and head of Wells Fargo's Global Remittance Services. "Our Hispanic customer base is made of immigrants from a number of Latin American countries. Wells Fargo wants to be the bank of choice for this increasingly important high growth consumer segment."

Wells Fargo remittance services are economical, convenient and dependable. Customers can send money directly to their beneficiary for one low transfer fee. Customers may also qualify for 50 or 100 percent fee discounts based on their account relationship with Wells Fargo. Customers can send money by signing on to Wells Fargo Online®, by calling 1-800-TO-WELLS or by visiting a Wells Fargo store location.

"Mexico is one of the largest remittance corridors and a key driver for our remittance business," Ayala said. "Our remittance network expansion with Telecomm Telegrafos will provide our customers with an alternative remittance distribution network that reaches a more diverse set of remittance locations in the Mexican territory."

"This expansion strengthens competition in Latin America and the Caribbean as the bank's presence links up with important financial institutions, expands and extends payment networks, offers more competitive fees, and facilitates the opportunity to remittance recipients to use other financial services provided by its partners," said Dr. Manuel Orozco, Remittances and Development Program, Inter-American Dialogue.

Comments: (1)

A Finextra member
A Finextra member 26 January, 2010, 13:40Be the first to give this comment the thumbs up 0 likes

Interesting... It is important to provide cheaper and convenient options for remittances and I am glad that Banks have understood that point and started implementing them.