MIAMI--(BUSINESS WIRE)-- Wells Fargo & Company (NYSE:WFC - News) has expanded its ExpressSend® remittance network through an agreement with UniTeller Financial Services, Inc., the U.S. money transfer company of Grupo Financiero Banorte (BMV:GFNORTE.mx - News). Through this agreement, Wells Fargo will extend its consumer remittance payout network distribution to 9 additional financial institutions and alternative financial services companies in Guatemala, Colombia, Ecuador, Honduras, Peru, Philippines and Vietnam. Wells Fargo now has one of the largest number of payout locations for a U.S. bank-managed remittance service, creating added convenience for its customers and their family and friends.
“The diversity of Latino and Asian customers and growing demand for our service as a result of the Wachovia store conversions on the East Coast is driving our remittance network expansion efforts,” said Daniel Ayala, Executive Vice President and head of Wells Fargo's Global Remittance Services. “By expanding our remittance network we are enhancing our customers’ beneficiaries experience through a more diverse set of remittance payout channels and expanded hours of operation. Our goal is to offer a remittance service that is economical, dependable and convenient. Our new payout locations further enhance our ability to offer just that.”
“ExpressSend is a very popular service in Florida, and converted states across the East coast,” said Shelley Freeman, Regional President, Florida Community Banking. “The added payout locations reflect the countries where we’ve experienced high demand and growth, particularly with our Hispanic customers in the East coast.”
Wells Fargo also is enhancing its current payment services in Mexico with Banorte as a result of this new agreement with UniTeller. Banorte is Mexico’s third largest bank and one of the largest players in the payment of remittances. Wells Fargo’s customers can send funds to more than 1,146 Banorte branches throughout Mexico, (open Monday through Saturday), which can be accessed by Banorte customers at over 6,200 ATMs. This enhancement allows for 24/7 processing of transactions to Banorte, allowing the remitters and beneficiaries to experience a more efficient processing of transactions and an improved customer service for both the remitter and the beneficiary.
"Wells Fargo's latest initiative not only expands its network but is moving ahead of the curve at a time when immigrants are seeking to use their transactions to increase the financial capabilities of their families,” Dr. Manuel Orozco, Remittances and Development Program, Inter-American Dialogue. “The alliance with UniTeller, one of the oldest and well established companies in the industry, will bring migrants and families closer and add value to their transfers by offering alternative payment opportunities."
Wells Fargo added Guatemala remittance network member G&T Continental, one of the country’s leading banks. G&T Continental is open seven days a week and has 297 branches and 494 ATMs. ExpressSend customers can send up to $1,500 a day for $7 if originated from an eligible Wells Fargo account ($9 if originated from cash). Remittance flows to Guatemala were estimated at $4.1 billion in 2010. Remittances are the principal source of foreign currency and equaled 11.4% of the country’s GDP in 2010 (1).
Wells Fargo added Colombia remittance network member Bancolombia. Bancolombia is the largest commercial bank serving more than 6.9 million customers through the country’s largest distribution network. Bancolombia is open Monday through Saturday and has 650 branches and 2,555 ATMs. Customers can send up to $1,000 a day for $7 if originated from an eligible Wells Fargo account ($9 if originated from cash). Remittance flows to Colombia were estimated at $4.0 billion in 2010 (1).
Wells Fargo added remittance network member Banco del Austro in Ecuador, which is open seven days a week. Banco del Austro has 75 branches and 210 ATMs. Customers can send up to $1,000 a day for $8 if originated from an elegible Wells Fargo account ($10 if originated from cash). Remittance flows to Ecuador were estimated at $2.3 billion in 2010 (1).
Wells Fargo added Honduras remittance network members Banco Atlantida and BAC | Honduras, nearly tripling the payout locations in the country. Banco Atlantida has 179 branches and 130 ATMs. BAC | Honduras (previously known as Banco Mercantil) has 98 locations and 643 ATMs. Both banks are open Monday through Saturday. Customers can send up to $1,500 a day for $7 if originated from an eligible Wells Fargo account ($9 if originated from cash). Honduras received $2.5 billion in 2010, equivalent to 18% of the country’s GDP in 2010 (1).
Wells Fargo added Peru remittance network member Banco de Credito del Peru, doubling the payout locations in the country. Banco de Credito del Peru is open Monday through Saturday and has 328 branches and 1,287 ATMs. ExpressSend customers can send up to $1,000 a day for $8 if originated from an eligible Wells Fargo account ($10 if originated from cash). Remittance flows to Peru were estimated at $2.5 billion in 2010 (1).
Wells Fargo added remittance network member Metrobank, the third largest bank in terms of assets and overseas presence, and Cebuana Lhuillier, one of the country’s largest alternative financial services providers in the Philippines. Metrobank is among the top four Philippine banks that receive the most inbound remittances. Both are open Monday through Saturday and 70 percent of Cebuana Lhuillier’s locations are open seven days a week. Metrobank has 575 branches and 1,000 ATMs and Cebuana Lhuillier has 1,500 locations. ExpressSend customers can send up to $3,000 to Metrobank branches and up to $1,000 a day to Cebuana Lhuillier locations for $5 if originated from an eligible Wells Fargo account ($7 if originated from cash). Remittances to the Philippines for the whole of 2010 reached a record $18.76 billion, up 8.2 percent from a year earlier (2).
Wells Fargo added Vietnam remittance network member Vietcombank with 314 branches and 1,800 ATMs. ExpressSend customers can send up to $3,000 a day for $12 if originated from an eligible Wells Fargo account. ($14 if originated from cash). Unlike the other countries listed above, Vietnam is a relatively newcomer to the remittance stage. In 2009, Vietnam received a total of $8 billion in remittances and has been rising in double digits each year since 2000 (2).
Customers may qualify for a discounted fee based on their account relationship with Wells Fargo. Customers can send money by signing on to Wells Fargo Online®, by calling 1-800 –TO-WELLS or by visiting a Wells Fargo store location, making Wells Fargo the only U.S. commercial bank to offer all three channels for remitting funds.
Wells Fargo & Company
Wells Fargo & Company (NYSE:WFC - News) 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 275,000 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.
UniTeller Financial Services, a subsidiary of Banorte USA, is the money transfer company of Grupo Financiero Banorte (BMV:GFNORTE.mx - News). Besides being a money transfer company, UniTeller has become a leading international payment processor. UniTeller is licensed in 41 states in the United States, and has processing agreements with more than 28 license remittance institutions, providing them a network of more than 30,000 payment points in Mexico, Latin America and Asia. (www.uniteller.com)
Grupo Financiero Banorte
Grupo Financiero Banorte is one of the leading financial institutions in Mexico. Its bank subsidiary, Banco Mercantil del Norte is the third most important bank in Mexico, in terms of deposits and loans. After the merger with Ixe, it has a network of more than 1,300 branches, over 6,200 ATMs and more than 73,000 POS terminals. GFNorte offers banking services, premium banking, Wholesale banking, and through its correspondent agreements with Telecomm-Telegraph and 7-Eleven Mexico, serves more than 9.1 million customers, while 8 million additional customers are served by the Group’s pension fund manager (AFORE) and Insurance companies. GFNorte also offers the following products and services: Brokerage House, private banking, mutual funds, leasing and factoring, warehousing, insurance, pensions and retirement savings. Banorte also has presence in Southern Texas, through Inter National Bank as well as in New Jersey and California, through the remittance companies of UniTeller and Motran; and in New York through Banorte Securities International.
Grupo Financiero G&T Continental (www.gytcontinental.com.gt)
G&T Continental is a financial group with more than US$5,167 million dollars in assets, over 1.8 million clients and users, 4,000 service points throughout the country that gives jobs to more than 6,000 collaborators. This infrastructure turns it into an economic development engine for Guatemala with operations also in the U.S., El Salvador, Costa Rica and Panama markets.
G&T Continental has 17 service points in the United States that are strategically located in New York, California and New Jersey, through which thousands of Guatemalans abroad are able to transfer the fruit of their work to their relatives in Guatemala.
One of G&T Continental’s major social responsibility endeavors is “UNETE”. This is the most successful corporate fund-raiser; it focuses on improving the health of Guatemalan children with cancer. G&T Continental’s commitment with “UNETE” has been in place for ten consecutive years.
With over 130 years of experience, BANCOLOMBIA (NYSE:CIB - News) is the largest bank in Colombia, offering a wide range of banking products and services to a diversified individual and corporate customer base of more than 6.9 million customers. BANCOLOMBIA delivers its products and services via its regional network comprised of Colombia´s largest non-government owned banking network, El Salvador´s leading financial conglomerate (Banagricola S.A), off-shore banking subsidiaries in Panama, Cayman and Puerto Rico, as well as an agency in Miami. Together, BANCOLOMBIA and its subsidiaries provide stock brokerage, investment banking, leasing, factoring, consumer finance, fiduciary and trust services, asset management, pension fund administration, and insure, among others.
Banco de Austro
Banco del Austro has over 34 years in the Ecuadorian market; its majority shareholder is the Family Eljuri, one of the most important economic groups in the country. As of December 2010, Banco del Austro remained the seventh largest bank with a market share of about 4.8% of total financial system. Banco del Austro serves different types of customers but especially the business sector (Small and Medium Business), consumer banking and credit vehicle financing through credit cards Visa and Mastercard. We are also leaders in services for migrants and their families, especially the payment of remittances through partnerships with leading money transfer companies in the world. We maintain correspondent relationships with several major international banks.
The "Analisis Semanal" by Walter Spurrier awarded Banco del Austro as the "most profitable Private Bank of Ecuador" in 2007, according to figures published by the Superintendence of Banks and Insurance (SBS). In addition, Banco del Austro was nominated by the magazine EKOS as the second best medium bank in Ecuador in 2008 after Citibank.
Banco Atlantida is the leading company of the largest independent financial group in Honduras, serving individual consumers as well as small and large enterprises with a full range of banking and financial services. With the use of innovative technology and world-class standards, the bank provides over 400,000 customers with industry-leading products and services, and offers unparalleled convenience in Honduras, through the largest network of branches in the country. For more information, visit www.bancatlan.hn.
BAC | Honduras
BAC| Honduras is a member of Bac Credomatic Network, a regional network with more than 50 years of experience in Central America, with over 700 branches in Remittances in the region and a wide range of modern services with a service attitude and a strong and respected management team. We are proud and satisfied with this leadership, and to offer now as a regional group of a Latin American financial leader, higher profits and unrestricted support to the economic and social development.
Banco de Credito del Peru
Banco de Crédito BCP is the largest institution in the Peruvian banking system. At the end of June 2011, it held 34.8% of the direct loan market. BCP is a multiple service bank and possesses a significant share of all loan segments: commercial, consumer and mortgage. BCP is Credicorp’s main subsidiary and accounts for the majority of the holding’s total loans, assets and net income. The Banco de Crédito has an extensive customer service network with more than 5,700 points of access including offices, ATMs and BCP Agents. The bank currently has over 3.8 million clients.
Metrobank is the Philippines
Metrobank is the Philippines’ premier universal bank with an extensive consolidated network that spans over 1,400 automated teller machines (ATMs) nationwide, over 760 local branches, and 38 foreign branches, subsidiaries and representative offices. For inquiries, please contact Metrobank 24/7 Customer Hotline at 8700-700, or log on to www.metrobank.com.ph. For provincial areas, call toll-free 1-800-1888-5775.
Bank for Foreign Trade of Vietnam (Vietcombank)
Vietcombank is Vietnam’s leading financial institution. Established in 1963, Vietcombank provides commercial banking, consumer finance, insurance, securities services and investments through nearly 400 branches and subsidiaries nationwide, 2000 ATMs, e-banking (VCB Money) and the internet (vietcombank.com.vn). Vietcombank is the bank of choice for all major Vietnamese corporates and nearly 6 million individuals. Throughout its 50-year history, the bank has always maintained significant market shares of credits, payments, and international banking services. Vietcombank is proud to be The Leading Bank for a Prosperous Vietnam.
1. Multilateral Investment Fund. Remittances to Latin American and the Caribbean 2010: Stabilization after the Crisis, 2011
2. http://remittancesgateway.org/ and the World Bank’s Migration And Remittances Factbook 2011.