San Francisco - June 14, 2012
Wells Fargo & Company (NYSE: WFC) has doubled its ExpressSend® remittance network payout locations in India through an agreement with HDFC Bank. With the addition of HDFC Bank’s more than 2,500 branches and over 8,900 ATMs, Wells Fargo customers’ beneficiaries can now choose from a network in India of over 5,200 branches and more than 16,000 ATMs for remittances to India.
“India has one of the highest remittance volumes in the world according to the World Bank,” said Daniel Ayala, executive vice president and head of Wells Fargo's Global Remittance Services. “This is evident from high customer demand as well. We are glad we can make payout locations even more convenient now by expanding our remittance payout network in India with HDFC Bank.”
“While we’re a major player in the Gulf-India remittance market, this alliance with Wells Fargo will help us expand in the US-India sector, which has been growing exponentially. Given our reach and the web-based nature of the service, this will allow people to send money back home in one of the safest and fastest possible ways. HDFC Bank places great emphasis on use of technology to provide faster and better service and this remittance alliance is testament to the leadership position in technology the Bank is striving towards,” said Harish Engineer, executive director, HDFC Bank.
“Wells Fargo’s expansion of its remittance service over the years has been remarkable for its steadiness and success,” said Gwenn Bézard, Aite Group research director. “When other U.S. banks got distracted away from money transfers, Wells Fargo invested in improving the product. When private equity firms with grandiose plans to roll up the market threw the towel in, Wells Fargo continued to expand its network. The deal with HDFC Bank highlights once more the value of time and commitment over fast and furious in this market.”
Wells Fargo ExpressSend customers can send up to $5,000 per day to their beneficiary’s HDFC Bank account using the account-based ExpressSend service for a $5 fee. The fee for account-based transfers to HDFC Bank will be waived through August 31.
Remittances to HDFC Bank are denominated in Indian Rupees. Once a customer has set up the ExpressSend agreement and the beneficiary account information is verified with HDFC Bank, the customer needs to conduct their first transaction in a store. Subsequent account-based transactions can be conducted online through Wells Fargo.com, at a Wells Fargo banking location or through Wells Fargo Phone Bank. Funds are sent to HDFC Bank quickly for credit during HDFC Bank’s local processing hours Monday – Saturday, excluding India holidays.
Wells Fargo provides multiple channels for transferring money, including by Wells Fargo Phone Bank (800-556-0605 or 1-800-TO-WELLS), at one of Wells Fargo’s more than 6,000 banking locations and online at wellsfargo.com– more channels to serve customers than most competitors. The Wells Fargo ExpressSend customer experience is consistent among all channels.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and other distribution channels across North America and internationally. With more than 272,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 26 on Fortune’s 2012 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.
About HDFC Bank
Promoted in 1995 by Housing Development Finance Corporation (HDFC), India's leading housing finance company, HDFC Bank is one of India's premier banks providing a wide range of financial products and services to its 25.9 million customers across hundreds of Indian cities using multiple distribution channels including a pan-India network of branches, ATMs, phone banking, net banking and mobile banking. Within a relatively short span of time, the bank has emerged as a leading player in retail banking, wholesale banking, and treasury operations, its three principal business segments. Leading Indian and international publications have recognized the bank for its performance and quality.
Wells Fargo Media
Head, Corporate Communications
HDFC Bank Ltd., Mumbai.
Tel: +91 - 22 - 6652 1308 (D) / 6652 1000 (B)
Fax: +91 - 22 - 2490 3168