Source: Wells Fargo
To help illustrate the importance of remittances on the global economy, Wells Fargo & Company (NYSE:WFC) announced record growth for its Global Remittance Services business on the opening day of the World Bank Group's Financial Infrastructure Week 2011.
Wells Fargo reported year over year remittance transaction volume growth of 43% and dollar value growth of 41% from 2009 to 2010. Total value remitted in 2010 totaled more than $1.41 billion to 15 countries. The number of customers using the service increased 41% from 2009 to 2010.
During fourth quarter 2010, overall remittance transaction volume growth was 43% over fourth quarter 2009 and total dollar value remitted growth was 49%. Wachovia financial centers that converted to Wells Fargo stores drove 31% of the total dollar growth during the fourth quarter of 2010.
"All Wachovia financial centers will be converted to Wells Fargo stores by the end of 2011 and will be able to offer the ExpressSend service," said Daniel Ayala, EVP and head of Wells Fargo Global Remittance Services. "Very soon, diverse communities across America will be able to better support their loved ones abroad through Wells Fargo Global Remittance Services, a leader in helping customers send money to family and friends in 15 countries."
The Wells Fargo distribution includes over 27,000 remittance payout locations with 26 remittance network companies in 15 countries, including: Mexico, Guatemala, El Salvador, Honduras, Nicaragua, Dominican Republic, Colombia, Ecuador, Peru, Bolivia, Argentina, the Philippines, India, Vietnam and China. Once all the Wachovia financial centers have all been converted to Wells Fargo stores, Wells Fargo's remittance corridor opportunity from the US to Latin America will increase from 54% to 88% of the potential remitter population.
"Adding new remittance network members, countries and the online channel have really contributed to our exponential growth," added Ayala. "Our customers asked for more payout locations, destinations and ways to remit, and we listened to them."
Wells Fargo ExpressSend customers can send funds to their beneficiaries in most countries through their choice of four remittance alternatives- account to account, account to cash, cash to cash, or cash to account.