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)
Were 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.
Earlier this year, Wells Fargo announced record growth for its Global Remittance Services and reported total consumer remittance value remitted in 2011 at $1.8 billion.
Wells Fargo is celebrating this industry accolade by extending its end of year holiday free transfer offer campaign to January 31, 2013. Wells Fargo is giving a fee rebate to all customers remitting over $300 from an eligible checking or savings account when sending money to friends and family. More details can be located at https://www.wellsfargo.com/jump/credit/grs_expresssendholidayrebate?mplx=6878-37455-3408-27.
ExpressSend customers can send funds to their beneficiaries in most countries through their choice of four remittance alternatives account to account, account to cash, cash to cash, or cash to account. Customers can send money to Mexico, Guatemala, El Salvador, Honduras, Nicaragua, Dominican Republic, Bolivia, Colombia, Ecuador, Peru, Philippines, India, Vietnam, and China. The Wells Fargo
ExpressSend service is available via most key customer channels including all Wells Fargo Bank store locations, https://www.wellsfargo.com/per/intl_remittance/ and the Wells Fargo Phone BankSM at 1-800-TO-WELLS (1-800-556-0605).
Wells Fargo has been active in the international remittance market since 1994 when we began offering the Philippines ATM remittance account for customers sending money to the Philippines and in 1995 when we launched the InterCuenta Express® consumer remittance product to Mexico. In subsequent years we have improved customer choice and convenience by introducing new ways of remitting money using the Wells Fargo ExpressSend service and extending our remittance capabilities to include 14 countries in Latin America and Asia.
Wells Fargo was the first bank in the United States to promote the use of the Matricula Consular as a form of identification to help Mexican Nationals move from the risky cash economy to secure, reliable financial services. Since then with the active support of the U.S. Treasury Department and hundreds of local police departments and municipalities Wells Fargo expanded the program to include immigrants from Argentina, Colombia, El Salvador and Guatemala.
About The Inter-American Dialogue
The Inter-American Dialogue is the leading U.S. center for policy analysis, communication and exchange on Western Hemisphere affairs. Since 1982, in successive Republican and Democratic administrations and through many changes of government in Latin America and the Caribbean, the Dialogue and its 100 members from throughout the Americas have helped shape the agenda of issues and choices in hemispheric relations. The Dialogue seeks to promote informed debates on hemispheric problems, advance opportunities for regional economic and political cooperation, expand channels of communication among the countries of the Americas, and bring fresh, practical proposals for action to the attention of governments, international institutions, and private organizations.
About Wells Fargo
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.4 trillion in assets. Founded in 1852 and headquartered in San Francisco, Wells Fargo provides banking, insurance, investments, mortgage, and consumer and commercial finance through more than 9,000 stores, 12,000 ATMs, the Internet (wellsfargo.com), and has offices in more than 35 countries to support the banks customers who conduct business in the global economy. With more than 265,000 team members, Wells Fargo serves one in three households in the United States. Wells Fargo & Company was ranked No. 26 on Fortunes 2012 rankings of Americas largest corporations. Wells Fargos vision is to satisfy all our customers financial needs and help them succeed financially.