The Inter-American Dialogue released a study today naming Wells Fargo & Company (NYSE:WFC) a top ranking consumer remittance services provider. Wells Fargo tied for first place with two other companies, out of a field of 37. This is the only industry study focused on evaluating remittance services providers based on price, foreign exchange rates, convenience, distribution and quality of service.
Daniel Ayala, head of Wells Fargo Global Remittance Services (Photo: Business Wire)
“We’re thrilled that the Inter-American Dialogue has acknowledged Wells Fargo for being a leader in providing remittance services,” said Daniel Ayala, head of Wells Fargo Global Remittance Services. “Despite the pending regulations that are causing some large banks and traditional remittance companies to exit the business or reevaluate their strategy, we want our customers to know that Wells Fargo is committed to meeting all of their financial needs and that means continuing to provide an economical, convenient and dependable way to send money home to key remittance receiving countries in Latin America, the Caribbean and Asia.”
The Inter-American Dialogue is the leading U.S. center for policy analysis, communication and exchange on Western Hemisphere affairs. The study was prepared by Dr. Manuel Orozco, Remittances and Development Program, Inter-American Dialogue, and the research was conducted between April 2012 and October 2012. Dr. Orozco is the senior associate and director of remittances and development at the Dialogue. He has conducted extensive research, policy analysis and advocacy on issues relating to global flows of remittances, and migration and development worldwide.
“In 2010, Wells Fargo was named the top bank-managed remittance provider,” said Dr. Orozco. “Since the last study, Wells Fargo has managed to increase its transparency, breadth of service and the number of locations, making it well deserved of being named among the top three companies of all remittance providers, not just banks.”