SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Company (NYSE:WFC) is celebrating 20 years of serving the remittance needs of the Latino community in the U.S. Wells Fargo initially launched the InterCuenta Express® service in 1995, giving its customers the ability to send money to friends and family in Mexico. In 2007, Wells Fargo launched the ExpressSend® service, expanding its remittance payout network in Mexico to become one of the nation’s largest bank-managed remittance payout networks.
“Our ExpressSend customers send more money to family and friends in Mexico than to any other country,” said Daniel Ayala, head of Global Remittance Services at Wells Fargo. “We know our customers rely on our service because it is economical, convenient and dependable, and our remittance network includes more than 9,300 locations in Mexico to make it easier for their family and friends to receive their money.”
With the ExpressSend service, customers can send money at competitive exchange rates and low transfer fees. Customers can send up to $1,500 per day from an eligible Wells Fargo account for a $5 fee to Mexico. Customers may also qualify for fee discounts based on their account relationship with Wells Fargo. The company’s network of payout locations has become one of the largest in Mexico, with more than 9,300 locations including Banco Santander, Bancomer, Banorte, Bansefi, Grupo FAMSA, Scotiabank, SORIANA and Telecomm Telegrafos.
“Wells Fargo’s contribution in providing remittance services to millions of immigrants in the United States is important to financial inclusion and development,” said Manuel Orozco, Senior Director at Inter-American Dialogue. “For two decades, Wells Fargo has now served many consumers whose transfers represent half of their relatives’ total income. In connecting beneficiaries to thousands of locations, this service brings families closer to more affordable financial solutions.”
As Wells Fargo has expanded its remittance network, it has also added a number of convenient options for ExpressSend customers to initiate remittance transactions. ExpressSend customers can send money by calling Wells Fargo Global Remittance Services at 1-800-556-0605, going online at wellsfargo.com, or visiting a Wells Fargo banking store. Wells Fargo is the only U.S. commercial bank to offer all three channels for remitting funds. The first remittance for a service agreement must be completed in person at a banking store.
“Wells Fargo has been a leader in serving the financial needs of Latinos for more than 160 years, and we’re proud to mark this anniversary, and to continue providing this service that is so important to our Latino customers,” said Mariela Ure, head of Hispanic Segment Strategy at Wells Fargo.
In addition to Mexico, Wells Fargo’s ExpressSend network has payout locations in 12 other countries - the Dominican Republic, El Salvador, Guatemala, Honduras, Nicaragua, Colombia, Ecuador, Peru, China, India, the Philippines and Vietnam. In recent years, Wells Fargo has expanded its ExpressSend network to keep pace with the growth of the remittance industry. The network now encompasses more than 39,000 payout locations at 44 Remittance Network Members.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.8 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through 8,700 locations, 12,800 ATMs, the internet (wellsfargo.com) and mobile banking, and has offices in 36 countries to support customers who conduct business in the global economy. With approximately 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 30 on Fortune’s 2015 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy our customers’ financial needs and help them succeed financially. Wells Fargo perspectives are also available at Wells Fargo Blogs and Wells Fargo Stories.