RIO DE JANERIO--(BUSINESS WIRE)--To help illustrate the importance of remittances on the global economy, Wells Fargo & Company (NYSE: WFC) announced record growth for its Global Remittance Services business on the opening day of the World Bank Group’s Financial Infrastructure Week 2011. Wells Fargo reported year over year remittance transaction volume growth of 43% and dollar value growth of 41% from 2009 to 2010. Total value remitted in 2010 totaled more than $1.41 billion to 15 countries. The number of customers using the service increased 41% from 2009 to 2010.
During fourth quarter 2010, overall remittance transaction volume growth was 43% over fourth quarter 2009 and total dollar value remitted growth was 49%. Wachovia financial centers that converted to Wells Fargo stores drove 31% of the total dollar growth during the fourth quarter of 2010.
“All Wachovia financial centers will be converted to Wells Fargo stores by the end of 2011 and will be able to offer the ExpressSend service,” said Daniel Ayala, EVP and head of Wells Fargo Global Remittance Services. “Very soon, diverse communities across America will be able to better support their loved ones abroad through Wells Fargo Global Remittance Services, a leader in helping customers send money to family and friends in 15 countries.”
The Wells Fargo distribution includes over 27,000 remittance payout locations with 26 remittance network companies in 15 countries, including: Mexico, Guatemala, El Salvador, Honduras, Nicaragua, Dominican Republic, Colombia, Ecuador, Peru, Bolivia, Argentina, the Philippines, India, Vietnam and China. Once all the Wachovia financial centers have all been converted to Wells Fargo stores, Wells Fargo’s remittance corridor opportunity from the US to Latin America will increase from 54% to 88% of the potential remitter population.
“Adding new remittance network members, countries and the online channel have really contributed to our exponential growth,” added Ayala. “Our customers asked for more payout locations, destinations and ways to remit, and we listened to them.”
Wells Fargo 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. The Wells Fargo ExpressSend customer experience is consistent among all channels – including Online, Phone Bank (800-556-0605 or 1-800-TO-WELLS) and in the stores.
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 ExpressTM 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 15 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.
World Bank Group - Financial Infrastructure Week 2011
For the first time, the World Bank and IFC will gather financial infrastructure practitioners from around the world for Financial Infrastructure Week in Rio de Janeiro, Brazil, March 14-17, 2011 to discuss three key streams: payment systems, credit reporting, secured transactions.
The World Bank Group is a leader in financial infrastructure development in emerging markets, including payment systems and remittances, credit reporting and secured lending/collateral registries.
The event is expected to draw more than 250 senior representatives from over 80 countries worldwide, and it could be considered as a turning point in the financial infrastructure reform agenda.
Wells Fargo & Company
Wells Fargo & Company (NYSE: WFC) is a nationwide, diversified, community-based financial services company with $1.3 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 wachovia.com), and other distribution channels across North America and internationally. With approximately 280,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 19 on Fortune’s 2009 rankings of America’s largest corporations. Wells Fargo’s vision is to satisfy all our customers’ financial needs and help them succeed financially.
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