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Tagged: Banking, El Salvador, family, Guatemala, insurance, latin america, Mexico, non-profit, population, remittance, remittances
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“Wells Fargo & Company (NYSE:WFC) said today that Wells Fargo ExpressSend(SM) customers with qualifying accounts now can have transaction fees discounted or waived and have more choices in how they remit money to Mexico, El Salvador, Guatemala, China, Vietnam, India and the Philippines.
Key features of the new Wells Fargo ExpressSend service are:
– Wells Fargo customers can have the remittance transaction fee discounted or even waived if they send money directly from their eligible Wells Fargo checking or savings account. All customers using the account-based service can have zero dollar transaction fees as part of the new service introduction through September 30, 2007.
– Customers will have greater flexibility in remittance transfer methods, which enables them to remit funds faster, more conveniently and safer to friends and families overseas. The remittance transfer choices 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 as soon as the same day it is sent. Recipients in China, India, Vietnam, and the Philippines can now receive their money as soon as the next business day.
– Customers will also receive increased information when they complete a transaction in a Wells Fargo’s banking stores, including details about the remitter, the beneficiary, how and where funds are sent, the fee, how much money the beneficiary will receive, foreign exchange (FX) rate (if applicable) for the transaction and the Foreign Exchange Margin (estimate of the amount of revenue Wells Fargo earns on the foreign currency conversion).
“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.”
“Appleseed commends efforts to provide consumers with more complete pricing and transaction information,” said Betsy Cavendish, executive director of Appleseed, a network of public interest law centers in the U.S. and Mexico advocating for improved financial access for consumers. “It’s only fair that people sending money know how much their relatives will be able to pick up and when the funds will be available.” Wells Fargo is a participant in Appleseed’s initiative to create a “Fair Exchange” brand, which would make it easier for consumers to shop for the best remittance deals by providing upfront pricing disclosure.
“Remitters have generally benefited from a sharp reduction in remittance costs in the past few years. Yet, the lack of pricing transparency has remained a cause of frustration among them,” said Gwenn Bézard, Aite Group research director. “By overcoming some of the technical and risk issues related to disclosing the foreign exchange fee upfront, Wells Fargo is making an important contribution to making the remittance industry truly consumer-friendly. By introducing account-to-cash remittances, Wells Fargo is also sharply increasing the relevance of banks to remittance senders.”
Wells Fargo offers international remittance services to the top seven (Mexico, El Salvador, Guatemala, India, the Philippines, Vietnam, and China.) immigrant remitting segments in the Wells Fargo banking states. It began offering the International ATM Remittance Account for customers sending money to the Philippines in 1994 and launched the InterCuenta Express(R) consumer remittance product to Mexico the following year.
Wells Fargo ExpressSend is a patent pending service.
About Wells Fargo
Wells Fargo & Company is a diversified financial services company with $486 billion in assets, providing banking, insurance, investments, mortgage and consumer finance through more than 6,000 stores and the internet (wellsfargo.com) across North America and internationally. Wells Fargo Bank, N.A. is the only bank in the U.S., and one of only two banks worldwide, to have the highest credit rating from both Moody’s Investors Service, “Aaa,” and Standard & Poor’s Ratings Services, “AAA.”About Appleseed
Appleseed, a non-profit network of 16 public interest law centers in the United States and Mexico, identifies and addresses social injustices. Appleseed Centers bring together volunteers from the legal, business and academic professions to devise structural solutions to problems in such areas as education, health care and immigrant rights. For more information, visit: www.appleseednetwork.orgAbout Aite Group
Aite Group is a leading independent research and advisory firm focused on business, technology and regulatory issues and their impact on the financial services industry. It was founded by leading industry experts in Banking and Securities & Investments. Aite Group brings together a team of business strategy, technology and regulatory experts to deliver comprehensive, timely, and actionable advice to financial institutions and technology vendors. It seeks to become a true partner, advisor, and catalyst by exchanging ideas and challenging basic assumptions to ensure that our clients always stay one step ahead of the competition.* Cash pick is not available in China and India.
Note: Wells Fargo ExpressSend Fact Sheet and images available upon request. “
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Knowledge is Power and this page is just the start. Hispanics/Latinos are a growing diverse force in this country. Check out some of the 53,938 items found on this site below or dig into the Site Map
Best of the Rest
- November 7, 2009
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- November 5, 2009
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- Deal to restore Manuel Zelaya in Honduras at risk – Supporters of ousted Honduran President Manuel Zelaya say lawmakers are stalling efforts to bring him back to office before a Nov. 29 election.
- November 4, 2009
- Study finds Lehigh Valley’s Hispanic students are progressing – But struggles persist in areas such as reading. Valley area review is called ‘eye-opening’ – Pennsylvania
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- November 2, 2009
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Latest Essentials
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- November 6, 2009
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- November 5, 2009
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- November 4, 2009
- Walking a mile in an immigrant’s moccasins – Ben Reed married Deyanira Escalona in Mexico after she was deported at LAX while en route to their planned wedding in Idaho. They live in Mexico now. “I’ve been radicalized by the whole experience,” Reed says.
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- The debate over health care for illegal immigrants continues to percolate in Congress despite the Obama administration’s efforts to put it to rest, with lawmakers in both houses also wrangling over how much coverage to provide for immigrants who have settled in the country legally.
- Lawrence elects Massachusetts’ first Latino mayor – William Lantigua
- November 2, 2009
- Latinos need more than lip service – Families are being torn apart by America’s broken immigration system. President Obama needs to show leadership and fix it – (the view from England)
- The Newest Face in the Late-Night Party – The arrival of “Lopez Tonight” on TBS is breaking up what Jay Leno likes to call “the parade of nine white men” on the late-night talk shows.
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- Immigrant Jail Tests U.S. View of Legal Access – City Bar Justice Center is calling for all immigrant detainees to be provided with counsel.
- The Hispanic Market Is Set to Soar – The 2010 Census will radically alter the demographic map and the rules of engagement between Hispanic and general-market shops
- October 30, 2009
- Song banned, band pulls out of Luna Awards TV show – Los Tigres del Norte is initially barred from playing its latest drug-trade lyrics. – “La Granja”
- Mexican emigrants sent home $16.4 billion during the first nine months of this year, down 13.4% from the same period in 2008
- Sanchez sisters eyed by House ethics panel for alleged collusion – Linda and Loretta CA Democrats
- U.S. May Be Open to Asylum for Spouse Abuse – Immigration lawyers said the administration had taken a major step toward clarifying a murky area of asylum law and defining the legal grounds on which battered and sexually abused women in foreign countries could seek protection here.
- Did a resolution honoring Hispanic media trigger a silent boycott among the GOP?
