Financial services provider Wells Fargo & Company has enhanced its money transfer service, Wells Fargo ExpressSend and, as a result, will offer its customers more choices in how they remit money to Mexico, El Salvador, Guatemala, China, Vietnam, India and the Philippines.
Wells Fargo customers with qualifying accounts can now benefit from a discounted remittance transaction fee or even have it waived if they send money directly from their eligible Wells Fargo checking or savings account.
Customers will also have greater flexibility in remittance transfer methods, which enables them to remit funds faster, safer and more conveniently to friends and families overseas. The remittance transfer options now include account to account, account to cash, cash to cash, and cash to account.
Those receiving funds in Mexico, El Salvador and Guatemala can now receive their money on the same sending day, while recipients in China, India, Vietnam, and the Philippines will be able to receive their money as early as the next business day.
In addition, customers will receive increased information when they complete a transaction in a Wells Fargo banking store, including details about the remitter, the beneficiary, how and where funds are sent, the fee, how much money the beneficiary will receive, and the foreign exchange rate, if applicable, for the transaction.
Most Latin American and Asian countries have significantly large unbanked consumer populations and eliminating the bank account requirement for the receiving country makes it much easier for recipients to get their money, said Daniel Ayala, head of Wells Fargo’s global remittance services. Based on our tests and pilots, account-to-cash will be the preferred choice for our customers. This opens the service for use by a large number of remitters whose friends and family overseas (beneficiaries) do not have bank accounts in their home country.