SAN FRANCISCO--(BUSINESS WIRE)--Wells Fargo & Company (NYSE:WFC) announced record growth for its Global Remittance Services. Wells Fargo reported year over year remittance transaction volume growth of 27% and dollar value growth of 28% from 2010 to 2011. Total value remitted in 2011 totaled more than $1.8 billion to 15 countries.
During fourth quarter 2011, overall remittance transaction volume growth was 23% over fourth quarter 2010 and total dollar value remitted growth was 22%. Eastern states (legacy Wachovia) made up 37% of the fourth quarter year over year dollar volume growth. Eastern states (legacy Wachovia) made up 16% of the 2011 year over year dollar volume growth.
The Wells Fargo distribution includes over 35,800 remittance payout locations with 43 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.
“The addition of 17 remittance network members and 8,200 payout locations combined with our cross-sell focus in the legacy Wachovia markets in the East Coast has had a significant impact on our growth,” said Daniel Ayala, EVP and head of Wells Fargo Global Remittance Services. “Our customers appreciate our economical, convenient and dependable way to send money home and it shows by their continued business.”
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 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 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.
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 more than 270,000 team members, Wells Fargo serves one in three households in America. Wells Fargo & Company was ranked No. 23 on Fortune’s 2011 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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