Wells Fargo Bank Expands Remittances

PRESS RELEASE

[Excerpts] Wells Fargo will extend its consumer remittance payout network distribution to 9 additional financial institutions and alternative financial services companies in Guatemala, Colombia, Ecuador, Honduras, Peru, Philippines and Vietnam. Wells Fargo now has one of the largest number of payout locations for a U.S. bank-managed remittance service, creating added convenience for its customers and their family and friends.

“The diversity of Latino and Asian customers and growing demand for our service as a result of the Wachovia store conversions on the East Coast is driving our remittance network expansion efforts,” said Daniel Ayala, Executive Vice President and head of Wells Fargo’s Global Remittance Services. “By expanding our remittance network we are enhancing our customers’ beneficiaries experience through a more diverse set of remittance payout channels and expanded hours of operation. Our goal is to offer a remittance service that is economical, dependable and convenient. Our new payout locations further enhance our ability to offer just that.”

“ExpressSend is a very popular service in Florida, and converted states across the East coast,” said Shelley Freeman, Regional President, Florida Community Banking. “The added payout locations reflect the countries where we’ve experienced high demand and growth, particularly with our Hispanic customers in the East coast.”

“Wells Fargo’s latest initiative not only expands its network but is moving ahead of the curve at a time when immigrants are seeking to use their transactions to increase the financial capabilities of their families,” Dr. Manuel Orozco, Remittances and Development Program, Inter-American Dialogue. “The alliance with UniTeller, one of the oldest and well established companies in the industry, will bring migrants and families closer and add value to their transfers by offering alternative payment opportunities.”

Wells Fargo added Honduras remittance network members Banco Atlantida and BAC | Honduras, nearly tripling the payout locations in the country. Banco Atlantida has 179 branches and 130 ATMs. BAC | Honduras (previously known as Banco Mercantil) has 98 locations and 643 ATMs. Both banks are open Monday through Saturday. Customers can send up to $1,500 a day for $7 if originated from an eligible Wells Fargo account ($9 if originated from cash). Honduras received $2.5 billion in 2010, equivalent to 18% of the country’s GDP in 2010 (1).

Customers may qualify for a discounted fee based on their account relationship with Wells Fargo. Customers can send money by signing on to Wells Fargo Online(R), by calling 1-800 –TO-WELLS or by visiting a Wells Fargo store location, making Wells Fargo the only U.S. commercial bank to offer all three channels for remitting funds.

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