Wells Fargo & Company (NYSE:WFC) is celebrating the 10 year anniversary of its Global Remittance Services unit by offering new Wells Fargo ExpressSend customers a fee waiver on their first transfer if they enroll in the service and make their first transfer from a Wells Fargo linked account between February 1 and June 30, 2013. Ten years ago, Wells Fargo revamped its legacy remittance service to the Philippines (service originated in 1994) by creating a new business unit in 2003 that focused on serving the needs of a growing diverse population. Today, Wells Fargo offers remittance services to 14 countries, including Mexico, Guatemala, El Salvador, Honduras, Nicaragua, Dominican Republic, Bolivia, Colombia, Ecuador, Peru, the Philippines, India, Vietnam, and China and has more than 39,500 payout locations.
Daniel Ayala, head of Wells Fargo Global Remittance Services (Photo: Business Wire)
“A decade ago, our leadership team recognized that with the changing demographics of our nation, there was a need to differentiate ourselves from other major banking institutions by offering relevant and useful financial services products to our diverse customers,” said Daniel Ayala, head of Wells Fargo Global Remittance Services. “Many of our competitors also entered this business in 2003, yet today we are one of the few major banks in the U.S. that remains focused on this business. We are pleased with our success and the continued demand we’ve seen from our diverse communities who have benefited from the economical, convenient and dependable way to send money to their home countries in Latin America, the Caribbean and Asia with Wells Fargo.” Wells Fargo remains committed to offering remittance services despite pending regulations that are causing some large banking institutions and traditional remittance companies to exit the business or reevaluate their strategy.