Wells Fargo expands remittance network in Mexico

Source: Wells Fargo & Company

Wells Fargo & Company (NYSE:WFC) has expanded its ExpressSend remittance network in Mexico through an agreement with Houston-based Transnetwork Corporation, adding more than 4,000 payout locations in Mexico for a total of more than 9,000 locations.

Soriana and Famsa are the two new retailers added and Banco Santander and Banco del Ahorro Nacional y Servicios Financieros (Bansefi) are the latest bank additions to the Wells Fargo ExpressSend remittance network in Mexico. These additional outlets significantly expand Wells Fargo's remittance payout network in Mexico. The remittance payout network in Mexico also includes BBVA Bancomer, HSBC Mexico, Banorte and Telecomm Telegrafos. Wells Fargo now offers more payout locations than any other U.S. bank-managed remittance service in Mexico.

"We understand our remittance service can be an important lifeline between our customers and their family and friends in Mexico. By expanding our remittance network in Mexico we are enhancing our customers' beneficiaries experience through a more diverse set of remittance payout channels and expanded hours of operation in the case of the retail locations," said Daniel Ayala, executive vice president and head of Wells Fargo's Global Remittance Services. "Our goal is to offer a remittance service that is economical, dependable and convenient. Our new payout agents further enhance our ability to offer just that. The two retailers also add additional convenience with longer hours and weekends."

"These agents will expand Wells Fargo's payment network in Mexico, stretching opportunities for families to access financial institutions with more ease and have the opportunity to bring their savings to them," Dr. Manuel Orozco, Remittances and Development Program, Inter-American Dialogue.


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