SAN FRANCISCO - January 26, 2010
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 1560 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.
NEW NETWORK MEMBER BANKS/COUNTRIES
|Country||Network Member||Locations||Remittance Currency||Available Option||Transfer Fee|
|Argentina||BBVA Banco Frances||US Dollars|
|Bolivia||Banco Mercantil Santa Cruz||US Dollars|
|Colombia||BBVA Colombia||Colombian Pesos|
|Dominican Republic||Banco Hipotecario Dominicano (Banco BHD)||Dominican Pesos|
|Ecuador||Banco de Guayaquil||US Dollars|
|Honduras||Banco Financiero Comercial Hondureña (Banco Ficohsa)||Lempiras|
|Mexico (additional outlets)||Telecomunicaciones de México (Telecomm Telégrafos)||Mexican Pesos|
|Peru||BBVA Banco Continental||US Dollars|
ADDITIONAL NETWORK MEMBER BANKS/COUNTRIES
Wells Fargo also offers international remittance products to the top seven countries from the U.S. – Mexico, Guatemala, El Salvador, the Philippines, India, Vietnam, and China. Participating banks include:
Mexico – BBVA Bancomer, HSBC Mexico and Banorte
Guatemala – Banco Industrial S.A. and Banco de Desarrollo Rural, S.A.
El Salvador – El Salvador – Banco Agrícola, S.A. and HSBC Banco Salvadoreño
Philippines - Bank of the Philippine Islands (BPI)
India – ICICI Bank Ltd.
Vietnam - Vietnam Bank for Industry and Trade (VietinBank)
China - Agricultural Bank of China (ABC)
“We launched Wells Fargo ExpressSend in 2007 and it has proved to be a success for our company,” Ayala added. “We understand the lifelong connection that immigrants have to their extended family and friends in their country of origin and we want to help facilitate that connection by expanding our Wells Fargo ExpressSend remittance service to more countries each day.”
Wells Fargo & Company is a diversified financial services company with $1.2 trillion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 10,000 stores, over 12,000 ATMs and the internet (wellsfargo.com) across North America and internationally.